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M.208 An Aid to Accountancy—CBSE XII

shares were forfeited immediately after allotment. Afterwards the first and final call
was made. Satyam, the holder of 500 shares, failed to pay the first and final call. His
shares were also forfeited. Out of the forfeited shares, 1,000 shares were reissued at
` 50 per share as fully paid-up. Before forfeiting the shares it issued notices as provided
in law and by visiting the given address of the shareholder.
The reissued shares included all the shares of Satyam.
Pass necessary Journal entries for the above transactions in the books of Kailash Ltd.
Also show how “Share Capital” will appear in the Balance Sheet of the company. (8)

PART B
ANALYSIS OF FINANCIAL STATEMENTS
18. Give one example of an activity which is classified as Operating Activity in case of all
enterprises. (1)
19. When is interest received considered as Financing Activity? (1)
20. (a) One of the limitations of Financial Statement Analysis is that it is not free from
bias of the analyst, State any other two limitations of it.
(b) List any two items are shown under Non-current Liabilities as per Schedule III of
the Companies Act, 2013. (2 + 2)
21. (a) What is Comparative Income Statement?
(b) From the following information, prepare Comparative Statement of Profit and Loss:

Particulars 31st March, 31st March,
2018 2017
Revenue from Operations ` 40,00,000 ` 32,00,000
Employee Benefit Expenses ` 20,00,000 ` 16,00,000
Other Expenses ` 2,00,000 ` 4,00,000
Tax Rate 40% 40%
(1 + 3)
Or
From the following Statement of Profit and Loss, prepare Common-size Statement of Profit
and Loss of Jayant Ltd. for the year ended 31st March, 2018:
STATEMENT OF PROFIT AND LOSS OF JAYANT LTD. for the year ended 31st March, 2018

Particulars `
Income
Revenue from Operations 25,38,000
Other Income 38,000
Total Revenue 25,76,000
Expenses
Cost of Materials Consumed 14,00,000
Other Expenses 5,00,000
Total Expenses 19,00,000
Tax 3,38,000
(4)