IFRS chapter 2 questios

1. Chapter 2 – Presentationof financial Statements
Problems on Statementof Profit and loss
1) You are required give the following extract of ledger, balance take from Shankar Ltd for
the year ending 31.3.2021 Prepare a statement of profit and loss
Particulars Amnt
Revenue from Operations 98,000
Other Income 2000
Advertising 5250
salaries 27,000
Depreciation 2800
Insurance 1000
Interest on debentures 1000
Preliminary exp written off 1000
Bad Debts 500
Discount 500
Printing and Stationery 1000
Cost of Materials Consumed 25,000
2) From the following XYZ Co prepare a statement of P&L A/C for the year end 31/3/2021
as per schedule III companies Act 2013
Particulars Amnt
Revenue from Operations 39,000
Cost of Materials Consumed 24,500
Other Income 6000
Changes in inventory 2500
Changes in W I P 1500
Finance Cost 1000
Employees Benefit 2000
Depreciation and Amortisation 3000
Other expenses 500
Income tax expenses 1200
Non- Controlling Interest 4000
3) From the following prepare a statement of profit and loss A/C for the year ended
31.03.2021 as per Companies act 2013
+
Particulars Amnt
Revenue from operation 12,00,000
Salaries & allowances 1,40,000
stationery 30,000
Interest on term loans 50,000
Publicity 80,000
Raw materials consumed 2,20,000
Discount allowed 20,000
Depreciation 20,000
Rent received 80,000

2. 4) Prepare a statement of profit or loss under companies act 2013 from the following details
of Kavya Ltd for year ended 31.03.2021
Particulars Amt
Sales 16,00,000
Purchase of raw Materials 7,00,000
Commission received 3,00,000
Carriage inwards 1,00,000
Returns outwards 40,000
Opening R M 1,80,000
Closing R M 1,00,000
Rent received 40,000
Salaries to employees 2,00,000
PF contribution to employess 50,000
Interest o bank loan 30,000
Interest on debentures 30,000
Sundry expenses 10,000
Depreciation 40,000
Income tax paid 75,000
Excise duty 50,000
Consumable 60,000
5) From the following particulars of M/s Ravindran Ltd. Prepare a statement of P/L a/c for
the year ended 31/03/2021 as per schedule III of Companies Act 2013
Particulars Amnt
Revenue from operations 1,00,000
Printing and stationery 2,000
Advertisement 4000
Salaries and allowances 6000
Interest on long term loans 4500
Goodwill written off 1500
Material Consumed 35,000
Discount allowed 1000
Interest on investment 1500
Depreciation on fixed asset 2000
6) The particulars are given from sachidananda Ltd for the year ending 31.12.2020
Particulars Amnt
Goods Acquired 6,00,000
Stock on 1.1.2020 80,000
Stock on 31.12.2020 90,000
Sales 10,00,000
Depreciation 10,000
Preliminary expenses written off 8000
Salaries to the employees 19,000
Rent of showroom 12,000
Interest on loan 10,000

3. Discount received from suppliers 5000
Office expenses 2000
Printing stationery 1800
Carriage outwards 1200
Advertisement 800
Income tax at 40%
From the above, prepare the statement of P & L as per the scheduled companies act
2013
Problems on Statementof Financial Position.
1) From the following Trial Balance of MN Co. Ltd as on 31.3.2021,
prepare Statement of financial position as per Ind As-1 (Schedule III
Companies Act 2013)
Debit Amnt Credit Amnt
Plant Property, Equip
8,00,000
Equity share capital
5,00,000
Intangible Assets 3,00,000 Capital redemption
reserve 50,000
Current Assets 1,00,000 Non-current liabilities
8,00,000
Other non-current
assets 2,00,000
P & L A/C 40,000
Inventories 90,000 Current liabilities 6,00,000
Cash and Cash
equivalents 4,00,000
Trade receivables 1,00,000
19,90,000 19,90,000
2) From the following prepare a statement of financial position on
31.03.2021, Under companies act 2013
Debit Amnt Credit Amnt
Tangible Assets 12,00,000 Equity share capital
10,00,000
Intangible assets 4,00,000 General reserve 6,00,000
Current Investment 4,00,000 P & L A/C 6,00,000
Other Non- current
investment 4,00,000
Non- Current
Liabilities 10,00,000
Trade receivables 5,00,000 Current Liabilities 7,00,000
Stock 8,00,000
Cash 2,00,000
39,00,000 39,00,000

4. 3) From the following trial balance of Reddy prepare statement of
financial position of the company as on 31.3.2016
Debit Amnt Credit Amnt
Cash at bank 1,50,000 Equity share capital 2,50,000
Non-Current assets 1,00,000 Reserves and surplus
50,000
Land and Building 4,00,000 Non- current
liabilities 4,00,000
Non-Current
Investment 50,000
Current liabilities 1,00,000
Furniture 1,00,000 Staff provident fund
1,00,000
Office equipment 50,000 Deposit from public
1,00,000
Goodwill 1,00,000 Preference capital 2,50,000
Stock 2,00,000
Trade Receivables 1,00,000
12,50,000 12,50,000
4) From the following trial Balance of Krishna co Ltd, Prepare statement
of financial position of the company as on 31/03/2020 as on schedule
III of the company act 2013
Debit Amnt Credit Amnt
P & L A/C 2,00,000 Equity Share Capital
1,00,00,000
Lease hold Property 80,00,000 Staff welfare fund 8,00,000
Plant and Machinery 20,00,000 Capital redemption
reserve
20,00,000
Goodwill 30,00,000 General reserve 10,00,000
Non-current asset 20,00,000 Deposit from public
10,00,000
Non- current
Investment 10,00,000
Current liabilities 50,00,000
Stock 20,00,000
Cash 16,00,000
1,96,00,000 1,96,00,000
5) The Trial Balance of Mysore Ltd on 31.03.2021 was given as under:

5. Particulars Dr Cr
Share Capital 4,00,000
8% Mortgage Debentures 1,00,000
Plant and Machinery 4,50,000
Furniture 50,000
Land and Building 1,00,000
Accounts payable 1,20,000
Long term loans 2,00,000
Provision for depreciation 50,000
Inventories 1,80,000
Accounts receivables 20,000
Investments in flats 1,60,000
Technical Know- how 40,000
Cash and Cash equivalents 20,000
P&L a/c 1,30,000
Revenue received in advance 20,000
10,20,000 10,20,000
Prepare a statement of financial position of Mysore
6) Shruthi company limited information is provided to you, Prepare
balance sheet as at 31st December 2020
Particulars Amnt
Capital 50,000
Reserves 45,000
Secured Loan 75,000
Unsecured Loan 40,000
Gross block 2,30,000
Depreciation of total fixed assets 60,000
Capital work in progress 12,000
Investment 20,000
Incentives 60,000
Trade Debtors 75,000
Sundry Debtors 1500
Prepaid expenses 1000
Cash and Bank balance 1000
Other current assets 1500
Loans and advances 20,000
Trade Creditors 55,000
Accrued expenses 1000
Sundry Creditors 10,000
Provisions 86,000

6. 7) Prepare balance sheet of Venkatesh Ltd, from the following ledger
balance as on 31/03/2021
Particulars Amnt
Equity Share Capital 6,00,000
Plant and machinery 7,20,000
Preference Share Capital 4,80,000
Freehold Property 3,60,000
Goodwill 1,20,000
Debentures 4,80,000
Sundry Debtors 1,68,000
Closing Stock 2,40,000
Bank Overdraft 72,000
Sundry Creditors 72,000
Costof issue of Shares 48,000
Unclaimed dividend 60,000
Advertisement Suspense 1,08,000
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