Question

Q2  State whether the following statements are True or False:      5 marks

(i) It is compulsory for the directors of a company to present company's Statement of Profit and Loss Account and Balance Sheet in the annual general meeting of shareholders.

(ii) Contingent liabilities are shown in the Balance Sheet under the heading Current Liabilities.

(iii) The authorised capital is shown by way of Information in the Notes to Accounts. It is not added to the amount of Share capital to be shown in Balance Sheet.

(iv) It is not compulsory for a company to prepare Balance Sheet as per proforma given in Schedule VI of the Companies Act, 1956,

(i)             Interest accrued and due on debentures is shown under the heading Non-Current Liabilities.​

Answer 1

correct answer is one okk