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(iv) The amount of any debenture issued by the Company. The Company Final Accounts consists of: 1. 5,400 (‘000); (ii) Provision to be made for Income-tax in Rs. Trading Account. The final accounts or financial statements consists of: Trading and profit and loss account or income statement, which is prepared to know the profit earned or loss suffered by the business during a specific period. (v) The amounts deposited in Cash with the Company by consumers by way of security. Privacy Policy 8. Content Guidelines 2. Valuation of Goodwill and Shares. Final accounts are an essential financial component of any accounting year for every company. Browse more Topics under Final Accounts 7. The loan is secured by hypothecation of the Plant and Machinery. Chapters 8 and 9 are devoted to accounting for special transactions i.e. Balance Sheet 35:00. Trading Account. Certain sections of this publication are designed to help you understand and address potential challenges in accounting and reporting related to topics on which the FASB has recently issued (1) proposed guidance or (2) final … (3) Debtors of Rs. Disclaimer 9. of the same shall be charged against Contingency Reserve and, if any discarded assets are sold, Contingency Reserve will be credited. Amount of depreciation so made shall be invested only in the electricity supply company or, in other cases, approval of the State Govt, must be taken. They must comply with the Companies Acts which describe the ‘form and content’ of the financial statements. The trading and profit and loss account show the profit or loss of the business. Prior to 1948, electricity supply companies charged high rates from the consumers and did not make any reduction on rates. According to paragraph I of the Sixth Schedule, it is obligatory for all companies to adjust these rates for the sale of electricity by periodical revision in such a way so that their clear profit does not exceed the amount of reasonable return by more than 15% in any year. Final Accounts Training is the ultimate goal in your career as an accountant in the field of Accountancy. Balance Sheet. (i) The amounts written-off or set aside on account of depreciation of fixed assets and the amounts written-off in respect of intangible assets in the books of the Company. Trading account of a joint stock of a company is the first main set of account of final accounts. 3,000. The most important and crucial function of financial accounting is to ascertain the financial position and the profitability of the business. Failure … Plagiarism Prevention 4. From the following particulars furnished by Pioneer Ltd. prepare the Balance Sheet as at 31st March 1998, as required by Part I, Schedule VI of the Companies Act. Overview. 2. The cost of service connections must be shown as a fixed asset and the amount so received from the customers for this purpose will be shown in the liabilities side of the Balance Sheet under the head ‘Contributions by customers towards cost of Service Lines’. The accounts which are prepared at the final stage of the accounting cycle to know the profit or loss and financial position of a business concern are called Final Accounts. Another important set of account if as company’s final accounts is the profit and loss account. IPCC Students Accounts of Electriciy Company Format in Excel Sheet. Final Accounts also consists of various adjustments. is Rs. Final Accounts MCQs test consists of 20 questions, every question must be answered to move to the next question. 1. Every businessman enters into business activities to earn profit. Image Guidelines 4. (3) Interest accrued on Securities Rs. This reserve may also be appropriated in annual instalment spread- over within a period of 5 years. Under this method, an allowance is made in each year in respect of depreciation .of fixed assets—such an amount which is arrived at by dividing 90% of the original cost by the period of its prescribed life. Building @ 2% p.a., Plant and Machinery @ 10% p.a., Furniture @ 10% p.a. | Accounting, Final Accounts of General Insurance Companies | Accounting, Problems on Final Accounts of the Companies. Thus the final accounts will consist of a profit and loss account and balance sheet. 700 for out of pocket expenses paid to the auditors. Explanation. 10 1.1 Overview A traditional integrated power entity (utility) generates electricity and sends it around the country or region via high-voltage transmission lines, finally delivering it to Profit and Loss Account. These undertakings are usually incorporated under Special Acts and, as a result, the form of accounts is prescribed by, special statute. Trading is maintained by a trading company to find out the gross profit or gross loss as a result of the business activities. Interest on accumulated balance will, however, be allowed as an expense from revenue. Trading Account. Topics discussed in this video Accounts Of Electricity Company. Balance Sheet Terms of Service 7. Under this method, such an amount should be set aside every year throughout the life of the asset, accumulating @ 4% compound interest, which will produce an amount equal to 90% of the original cost of the assets. • Prepared by a Certified Public Accounting Firm – Compiled Financial Statement – Reviewed Financial Statement ... • Is a “snapshot in time” –presents the financial picture of the Company as of a specific date ... book value of the company to the owners • Consists of: – Capital Stock or Members’ Capital It means capital employed. In case of a company incorporated less than eight years before the financial year, the books of accounts for the entire period preceding the financial … It is also known as Modified Sinking Fund Method. 2)Profit and Loss account. (a) Show the computation of commission to the Managing Directors, and. (8) The only liability for taxes is in respect of profit for 1999 for which a provision of 60% on net profit is considered. It determines the financial … (4) Schedules need not be given. When any fixed asset is discarded due to obsolescence or any other reason, the w.d.v. The Double Account System is a method of presenting the annual final accounts/annual financial statements of public utility undertakings, like Railways, Electricity, Gas, Water Supply, Tramways etc. Accounts of Companies 5 company for a period of not less than eight years immediately preceding the relevant financial year. Final accounts of companies including managerial remuneration, disposal of profits and issue of bonus shares. IPCC Students Accounts of Electriciy Company Format in Excel Sheet. The account balances, as rounded-off to the nearest thousands, are listed below: The authorised capital is 3,50,000 Equity Shares of Rs. All limited companies must publish their financial statements at the registrar of companies (for public inspection). excluding goodwill). final accounts financial accounts prepared at the end of an accounting period. 2. 45,000 @ 7^%. These final tallies are prepared for a specific period. Profit and Loss Account. 198 of the Companies Act. The monetary value associated with an asset acquired is said to be its cost. (7) The taxation provision shown in the Trial Balance is after payment of taxes for assessment up to 31st Dec. 1999. (7) Bills Receivable for Rs. 1,50,000 which is still incomplete. 4. In financial accounting, all transactions are recorded in terms of historical cost; that is, the money expended or to be expended at the date of the transaction. In addition, certain entries are In addition, they are to get 8% commission and the part-time Directors 1% commission on the profits of the company. Preparation of Balance Sheet of a Company as Required under Part IB of Schedule VI of the Companies Act, 1956: 5. Trading account, Profit and Loss account and Balance Sheet together are called final accounts. The said rates must neither be enhanced more than once in a year nor be enhanced without giving a proper notice of at least 60 clear days to the State Government or the State Electricity Board. Final accounts show both the financial position of a business along with the profitability, they are used by external and internal parties for various purposes. To Buy Complete Classes Visit - https://www.StudyAtHome.org or Call: 8737012345. Preparation of Balance Sheet as Required by Part I, Schedule VI of the Companies Act: 4. Give note at the foot of the Balance Sheet as may be found necessary: The following additional information is also provided: (1) Miscellaneous expenses included Rs. In accounting, the term cost refers to the expenditure or sacrifice made to acquire something of value. 1 Final accounts of Service sector businesses The final accounts of a service sector business – such as a secretarial agency, solicitor, estate agent, doctor – do not normally include a trading account. financial reporting of insurance, banking and electricity companies. (b) Prepare the Balance Sheet of the company, based on all the above. 1,50,000 in the loan account with State Financial Corporation is inclusive of Rs. At the same time, they should have taken previous permission from the Central Government for this purpose. In addition, certain entries are ET Limited are in the midst of finalising their accounts for the year ended 30th September 1999. The Profit and Loss Account of the company for the year ended 31.12.1999 was as follows: You are asked to compute the remuneration to be paid to the Directors with your comments, if any. According to paragraph VA of the Sixth Schedule, a development reserve is to be created every year—a sum equal to the amount of income-tax on the amount of development rebate to which the licensee is entitled by virtue of Income-tax Act. Objectives of Final Accounts Sundry Debtors, Bills Receivable, Prepaid Expenses, Accrued Income, Loose Tools, Insurance Claim, Closing Stock, Stock of Stationery, Stock of Postage Stamps, etc. 100 each, fully paid-up. The preparation of final accounts The trading account The trading account is an account in the ledger and is thus a part of the double-entry system. Preparation of Profit and Loss Account of a Company: The following balance appeared in the books … 2,000 with Perfect Bank Ltd. which is not a Schedule Bank. You are at the right place! TOS 7. company reporting in an increasing ... accounting issues 1 Financial reporting in the power and utilities industry. In this article we have compiled top five accounting problems on final accounts of the companies with its relevant solutions. Final account preparation involves preparing a set of accounts and statements at the end of an accounting year. The final account consists of the following accounts: Trading and Profit and Loss Account; Balance Sheet; Profit and Loss Appropriation account; Objectives of Final Account preparation. (viii) The amount carried forward at the beginning of the year of account to the Consumers’ Benefit Reserve. Prepare a Balance Sheet in vertical form as at 31st December 2000 from the following information of ABC Limited as required under Part IB of Schedule VI of the Companies Act, 1956: (a) 3,000 Equity Shares of Rs. According to sub-paragraph (1) of paragraph XVII of the Sixth Schedule, amount of capital base is the sum of the following items: (i) The original cost of fixed assets available for use and necessary for the purpose of the undertaking less the cost of service lines contributed by consumers. The Company Final Accounts consists of: 1. Uploader Agreement, Read Accounting Notes, Procedures, Problems and Solutions, Learn Accounting: Notes, Procedures, Problems and Solutions, Top 5 Problems on Final Accounts of the Companies, Company Final Accounts: Problems and Solutions | Accounting, How to Prepare Final Accounts of Companies? 52,000 are due for more than 6 months. Final accounts are prepared with the following objectives: To determine profit or loss incurred by a … 45,000 and Salaries and Wages Rs. Prohibited Content 3. Calculating the Remuneration Paid to the Directors: 3. Accounts of Companies 5 company for a period of not less than eight years immediately preceding the relevant financial year. ... CA Final New Financial Reporting Strategic Financial Management Corporate and Economic Laws ... Electricity Company Balancesheet & P& L Formats Download Preview. Financial Statement of Electricity Companies. Article shared by : ADVERTISEMENTS: In this article we will discuss about the accounts of electricity companies, explained with the help of a suitable illustration. The Board of Directors of Sen & Co. Ltd. consists of two whole-time Directors and three part-time Directors. (5) The balance of Rs. Expected Life of Fixed Assets of electricity (as prescribed by the Vllth Schedule) are given below in brief: It has already been stated earlier that at the time of computing Capital Base contribu­tion received from customers towards the cost of service connections are to be deducted from the capital outlay. The preparation of final accounts The trading account The trading account is an account in the ledger and is thus a part of the double-entry system. According to paragraph II of the Sixth Schedule, if the amount of clear profit is in excess of the amount of reasonable return to the extent of 20% in any year, such excess shall be applied as under: (i) 1/3rd of such excess, not excluding 5% of the amount of reasonable return, is to be placed at the disposal of the undertaking (as a reward for efficiency). Before preparing the Balance Sheet, we are to prepare a Profit and Loss Account in order to find out the net profit as under: Before uploading and sharing your knowledge on this site, please read the following pages: 1. A Profit and Loss Account has been prepared in draft. It is used to ascertain the gross profit and is prepared by transferring the balances on the sales, purchases and returns accounts to the trading account. 2. Thus the final accounts will consist of a profit and loss account and balance sheet. Accounting Standards, International Public Sector Accounting Standards and the requirements of the Ghana companies code, 1963 (Act 179). 3,000 each. According to paragraph XVII of the Sixth Schedule, the clear profit may be calculated as under: According to sub-paragraph (9) of paragraph XVII of Sixth Schedule, the reasonable return means the sum of the following items in respect of any year: (i) A standard rate of interest (bank rate) plus 2% on the Capital Base, (ii) Income derived from investments other than those included in the Capital Base, (iii) An amount equal to on the loans advanced by the State Electricity Board, (iv) An amount equal to ½% on the amounts borrowed from approved financial institutions, (v) An amount equal to ½% on the amount realised by the issue of debentures. Kauser Wise 334,490 views. (ii) Of the balance of excess, ½ shall be transferred to Tariffs and Dividends Control Reserve, and the remaining ½) ½ shall be distributed in shape of proportionate rebate to the consumers on the amounts collected from the sale of energy and meter rental. Learning objectives have been incorporated at the beginning of each chapter/unit to guide the students about the knowledge they should acquire after studying the chapters. Copyright 10. 4,400 (‘000); (iii) Provision to be made for Managing Director’s Commission at 1% of the net profits; Depreciation as per Section 350 of the Companies Act, in Rs. Some of the above prescribed forms are presented: It has already been stated earlier that there are some financial provisions contained in the Sixth and Seventh Schedules of the Electricity (Supply) Act. (6) Balance at Bank includes Rs. The Tariffs and Development Control Reserve shall be available for disposal only to the extent by which the clear profit is less than the reasonable return in any year of account. 5,000 Audit Fees and Rs. 3,59,550, therefore excess amount Rs. 3. (vii) The amounts standing to the credit of the Tariffs and Dividends Control Reserve at the beginning of the year of account. This is because the business, instead of trading in goods, supplies services. Report a Violation 10. Final Account consists of the following:- 1)Trading account. Trading Account. This document is highly rated by B Com students and has been viewed 3234 times. Since they have taken Rs. Depreciation: Every fixed asset must be depreciated; and for the purpose of depreciation, the life of each asset is to be taken as stated in the table given in the Seventh Schedule. The whole-time Directors are entitled to a monthly salary of Rs. (vi) The amounts standing to the credit of the Development Reserve at the close of the year of account. ... [Revised Format]Company Final Accounts -kauserwise - Duration: 35:00. departmental and branch accounts. Final Accounts as per Double Account System which included Revenue A/c, Net Revenue A/c, Receipt & … 2. The accounts which are prepared at the final stage of the accounting cycle to know the profit or loss and financial position of a business concern are called Final Accounts. Final accounts gives an idea about the profitability and financial position of a business to its management, owners, and other interested parties. The preparation of Company Final Accounts include the preparation of a set accounts at the end of accounting year/period. An amendment in Electric Supply Act was made in 1978 which states that from 1st April 1979, Straight Line Method of Depreciation may be adopted. and Motor Vehicles @ 20% p.a. You are required to show the disposal of profits assuming bank rate at 6% with the help of the following data: The following balances relate to an electricity company and pertaining to its accounts for the year ended 31st Dec. 1993: From the following information and details relating to the year ended 31st March 2000 and bearing in mind the provisions of the Electricity (Supply) Act, 1948, indicate the disposal of profits of X Electricity Corporation Limited: Before publishing your articles on this site, please read the following pages: 1. 3,51,450) must be refunded to the company u/s 309 (5A). Plagiarism Prevention 5. This account is the first account prepared as a final account, it is prepared to ascertain gross profit or gross loss incurred during an accounting period. Account Disable 11. (a) full in hand at the end of each month of the year of account. (b) 1/12 of the sum of cash and bank balances and call and short-term deposits at the end of each month of the year of account not exceeding ¼ th of the operating expenses excluding generation, interest and depreciation. Dec 23, 2020 - Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev is made by best teachers of B Com. Total amount of depreciation must be 90% of the original cost of fixed assets. Copyright 9. The loan from the State Government is secured by a charge on the land, cash-credits by hypothecation of stocks and book debts and the other secured loans on the building and plant and machinery. It is created out of revenues of each year—a sum not less than ¼% and not more than ½% of the original cost of fixed assets until it … Content Filtration 6. Final Accounts – Definition. It is the difference between the total expenditure (including special appropriation). You will find perfectly drafted accounting case study samples and examples with accurate solutions.. (v) The amount of working capital, being the monthly average or, ½ of stores, materials and supplies including. In this you keep track of a company's financial transactions using standard rules, the transactions are recorded, summarized, and presented in a financial report or financial statements such as an income statement or a balance sheet. The trading account shows the gross profit or gross loss, net profit or net loss is calculated from profit and loss account and balance sheet is prepared to know the position of assets and liabilities.” – O. P. Gupta. Preparation of Final Accounts of a Company: Calculating the Remuneration Paid to the Directors, Preparation of Profit and Loss Account of a Company, Preparation of Balance Sheet as Required by Part I, Schedule VI of the Companies Act, Preparation of Balance Sheet of a Company as Required under Part IB of Schedule VI of the Companies Act, 1956, Preparation of Final Accounts of a Company. Saharanpur Electricity Ltd. earned a profit of Rs. (ii) Expenses or replacement or removal of plant or works other than expenses requisites for normal maintenance of renewal; (iii) Compensation payable under any law for the time being in force and for which no other provision is made. Profit and Loss Appropriation Account. According to paragraph VIII of the Sixth Schedule, if an asset has been written-down in the books to 10% or less of its original cost, no further depreciation shall be allowed. 4. The Balance Sheet depicts the financial position of the business. 3. Profit and Loss Appropriation Account. (8) The company had a contract for the erection Of machinery at Rs. ... CA Final New Financial Reporting Strategic Financial Management Corporate and Economic Laws ... Electricity Company Balancesheet & P& L Formats Download Preview. A balance sheet reflects the financial position of a business for the specific period … (iii) The amounts of any loans borrowed from organisations or institutions approved by the State Government. These papers touch upon various topics on accounting. 3,51,450 as per Sec. However, groupings should form part of the answer. Are you looking for problems and solutions of final accounts of the companies? All business transactions are first recorded in a journal. 200. The preparation of a final accounting is the last stage of the accounting cycle. So, the Directors are entitled to have overall maximum remuneration to the extent of Rs. Image Guidelines 5. Final accounts show both the financial position of a business along with the profitability, they are used by external and internal parties for various purposes. Final accounts consist of the PROFIT AND LOSS ACCOUNT and the BALANCE SHEET, and may also include a SOURCES AND USES OF FUNDS STATEMENT for the accounting period. Adjustments are those transactions which are taking place after preparation of trial balance. Any excess over 20% of reasonable return must be refunded to customers. 100 each, fully paid-up. MyAssignmenthelp.com consists of a vast reserve of resource materials that students can explore when they visit our website. Simply put, it is the full and final accounting procedure which is carried out at the end of an accounting year, resulting in the preparation of relevant accounts. IPCC Students Accounts of Electriciy Company Format in Excel Sheet. Let us make an in-depth study of the eleven schedules in prescribed forms of accounts of electricity supply company. In case of a company incorporated less than eight years before the financial year, the books of accounts for the entire period preceding the financial … P5 – Financial Accounting: It consists of different topics under 6 sections which include Generally Accepted Accounting Principles & Accounting Systems, Preparation of Accounts, Control of Accounting Systems, Accounting in Service Sectors, Accounting for Special Transactions, Accounting for Banking, Electricity & Insurance Companies. As regards the depreciation method that can be applied, the Act … According to paragraphs III, IV and V of the Sixth Schedule, every electricity company is required to maintain Contingencies Reserve. 16,585 = Rs. The profit and loss account, instead of starting with gross profit, will commence with the income from the business activity, such as 'fees', 'income from clients', 'charges', 'work done'. (b) 10,000,10% Redeemable Preference Shares of Rs. on accounting and reporting concerns specific to renewable energy. Depreciation must be provided on all fixed assets. 166. 10,424 (‘000). The reserve may be utilised for the following purposes, with the approval of the State Government: (i) Expenses or loss of profits arising out of accidents, or circumstances which management could not have prevented. The following adjustments are yet to be made: (i) Investment Allowance Reserve to be created Rs. The preparation of Company Final Accounts include the preparation of a set accounts at the end of accounting year/period. Only two methods are recognised here for the amount of depreciation on fixed assets, viz., Compound Interest Method and the Straight Line Method. 3,59,550 – Rs. They are then transferred to a ledger and balanced. The Enron scandal was an accounting scandal involving Enron Corporation, an American energy company based in Houston, Texas.Upon being publicized in October 2001, the company declared bankruptcy and its accounting firm, Arthur Andersen – then one of the five largest audit and accountancy partnerships in the world – was effectively dissolved. 1. But at the time of submitting their accounts to the Central Government they have to follow the prescribed format framed by the Indian Electricity … Report a Violation, Double Account System: Meaning, Features and Advantages | Electricity Accounts, Preparation of Final Accounts under Electricity Supply Act, 1910, Principles Relating to the Structure of an Organisation | Office Management. Managing Director’s commission will be @ 1% on Rs. It is created out of revenues of each year—a sum not less than ¼% and not more than ½% of the original cost of fixed assets until it amounts to 5% of the original cost of fixed assets. By b Com students and has been prepared in draft Preference Shares Rs... They should have taken previous permission from the consumers and did not make any reduction on rates accounting problems final... Directors and three part-time Directors... CA final New financial Reporting in an increasing accounting. Call: 8737012345 a trading Company to find out the gross profit or loss...... Electricity Company Balancesheet & P & L Formats Download Preview had contract... Utilities industry any reduction on rates appropriation ) any fixed asset is discarded due to obsolescence any..., ½ of stores, materials and supplies including their objective exams as well as interviews! ’ Benefit Reserve the ‘ form and content ’ of the financial position of a vast of. Result of the year of account accounts for the erection of Machinery at Rs Machinery... 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