Cheat sheet · Class 12 · CBSE · Commerce Accountancy
Financial Statements of a Company cheat sheet
The whole chapter on one page: key formulas, facts and the points to remember, for quick revision before a test.
CBSE Class 12 · Accountancy
Cheat sheet
Chapter 7Financial Statements of a Company
Balance sheet per Schedule III: Equity & Liabilities = Assets.
1. Balance Sheet (Schedule III)
| Equity & Liabilities | Assets |
|---|---|
| Shareholders' funds (share capital, reserves & surplus) | Non-current: PPE & intangibles, non-current investments, long-term loans |
| Non-current liabilities (long-term borrowings, provisions) | Current: inventories, trade receivables, cash, short-term loans |
| Current liabilities (short-term borrowings, trade payables, short-term provisions) |
2. Statement of Profit & Loss
- Revenue from operations + other income.
- Expenses: materials, employee benefits, finance costs, depreciation, other.
- Profit before tax, tax, profit for the period.
3. Classification Tips
- Operating cycle decides current vs non-current.
- Calls in advance: other current liabilities.
- Debentures due within 12 months: current maturities.
4. Key Points
- Notes to accounts give details.
- Previous year figures shown too.
- Proposed dividend is a contingent item (notes).
- Goodwill is an intangible asset.
Remember: Schedule III headings | P&L items | current vs non-current
Financial Statements of a Company: questions and notes
More Class 12 · CBSE · Commerce Accountancy cheat sheets
- Accounting for Partnership Firms – Fundamentals
- Reconstitution of a Partnership Firm – Admission of a Partner
- Reconstitution of a Partnership Firm – Retirement/Death of a Partner
- Dissolution of Partnership Firm
- Accounting for Share Capital
- Issue and Redemption of Debentures
- Financial Statements of a Company
- Analysis of Financial Statements
- Accounting Ratios
- Cash Flow Statement
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