JAIIB. ACCOUNTING & FINANCE FOR BANKERS MODULE D PROF. S.D.BARGIR JOINT DIRECTOR, IIBF 9.11.2006 [email protected] MODULE D. BALANCE SHEET EQUATION PARTNERSHIP ACCOUNTS COMPANY ACCOUNTS ACCOUNTS OF BANKING COMPANIES. Balance sheet equation. Balance Sheet Equation.
(1) If the net worth of the business is Rs.1100,fixed assets are Rs. 600, current assets Rs.400, investments Rs.300, current liabilities Rs. Nil, what is the amount of claim to outsiders?
(2) Identify the wrong pair
2. A had a capital of Rs.750000. He has also purchased goods of Rs.150000 on credit from Mr. Saha. The value of total assets of the entity is-----
3. Joint Life Policy Reserve A/c (JLPR) is created by transferring the premium amount from P & L Appr. A/c. Every year policy is shown at surrender value and difference between book Value and surrender value is trans. to JLPR. Thus Joint Life policy at surrender value appears at asset side and JLPR (at sur.value) appears at liabilities side. On receipt of proceeds from Ins. Co. JLPR a/c is closed by trans. the balance to Joint Life Policy a/c and the policy amount is trans. To capital a/c of partners.
Choose the correct answer
In the absence of any profit sharing ratio in a partnership agreement the profits/ losses are to be shared------
Q.Choose the incorrect statement-----
Features of a Joint stock Company
Reserves & surplus
Current Liabilities & Provisions
Current Assets, Loans & Advances
Loans & advances
Miscellaneous Expenditure ( to the extent not w/o)
Profit & Loss AccountSchedule VI to Companies ActPart I- form of Balance sheet
Do not form part of the Balance sheet. Shown by way of foot note
-Arrears of cumulative dividends on Pref. Capital
-Estimated amount of contracts remaining to be executed on capital account and not provided for
-Other money for which the company is contingently liable
Q.Choose the item which is not part of “ other Income” in case of banking companies.
Q.2: Relate the following items with the various schedules of profit and Loss account (form B)Interest Earned, Interest expended, operating expenses, other Income
Q. Which of the following are true-----
Q choose the sentence which is not relating to fixed asset of a banking company-----
Q: As per section 31 and 32 of the Banking Regulation Act,1949, three copies of Balance sheet and Profit & Loss Account prepared u/s 29 and auditors Report u/s 30 must be submitted to RBI within-----
Choose the item which will appear last in respect of share capital in company balance sheet
Choose the wrong pair from the following. The information given in the pair is pertaining to banking companies
One of the accounts is wrongly debited to “Profit and Loss Appropriation A/c” of a company. Name the wrong account debited
WISH YOU BEST OF LUCK