NCERT Solutions for Class 12 Accountancy Part 2 Chapter 3 Financial Statements of a Company: Chapter three in Part two of Accountancy for CBSE Class 12 is about the Financial Statements of a Company. You can get NCERT Solutions for Class 12 Accountancy Part 2 Chapter 3 in PDF format from the below article. It also provides students with a host of practice questions that allow them to evaluate their knowledge in the subject and the chapter. So, by combining different resources, such as solutions, revision notes, and model and previous year question papers, students can best prepare themselves to write the exams.
- All you need to know about NCERT Solutions for Class 12 Accountancy
NCERT Solutions for Class 12 Accountancy Part 2 Chapter 3 PDF- Financial Statements of a Company
Download Class 12 Accountancy Part 2 Chapter 3 NCERT Solutions PDF
This chapter discusses varied topics related to a company’s balance sheet, such as its nature and evaluation. Those who design NCERT solutions are experts with extensive knowledge in Accountancy. So, you can rest assured that they are as per the latest syllabus prescribed by the board.
NCERT Solutions for Accountancy also have questions for practice at the end of each chapter, including the chapter on Financial Statements of a Company. And if you answer them, you will get enough preparation for the exams. You will also know where you stand in terms of the amount of syllabus that you have covered.
Class 12 Accountancy Part 2 Chapter 3 Financial Statements of a Company – Overview
The chapter starts by explaining financial statements and their implications. Financial statements are annual reports that give information about the transactions that the company does during a year. Owners, investors, tax authorities, and the Government are the ones who may want such information.
According to Section 2(40) of the Companies Act, 2013, a financial statement must include things like the company’s balance sheet, the profit or loss or the income statement, and the cash flow statement. Now, let us look at what each of them means.
A balance sheet is typically a statement of the company’s assets, liabilities, and equities, and shows its financial stance.
Statement of Profit and Loss
The statement of profit and loss shows the financial results of the company during the year. It also offers the performance of the company in the markets and the revenue it has generated.
Companies must also show all their inventories at the market price or the current price, whichever is lower.
Balance sheets and other such financial statements of a company are necessary information that the shareholders and other external parties look for to know its economic stance and business situation.
So, companies should ensure that their financial statements are as per the guidelines of Section 2(40) of the Companies Act, 2013. They should also give all the details of their assets and liabilities so that investors or shareholders can make decisions accordingly.
Concepts covered in NCERT Solutions for Class 12 Accountancy Part 2 Chapter 3
- Meaning of financial statements
- Nature of financial statements
- Objectives of financial statements
- Types of financial statements
- Limitations of financial statements
Highly Important Links For CBSE Class 12 Accountancy
NCERT books and solutions are available for download as PDF. So, you can download them here, and start preparing for the exams:
Benefits of NCERT Class 12 Accountancy Part 2 Chapter 3 Solutions
In the section below, you will find the benefits of following NCERT Solutions for Class 12 Accountancy Part 2 Chapter 3.
1. They Help you to Prepare for the Exams
All chapters carry a set of marks in the exams. The only difference is the marks. Likewise, the third chapter, Financial Statement of a Company, also has marks in the exams. So, you should make sure that you go through chapter three in Accountancy from NCERT solutions. By doing so, you will be able to score well.
2. They Have Concepts that are Essential for Higher Studies
Chapter three in Accountancy for CBSE class 12 is Financial Statements of a Company. It tells students about things like balance sheets and the accounting of the finances of a company. Additionally, you will also learn to look at and evaluate a company’s balance sheet and profit and loss statements. So, the techniques you learn here will help you when you pursue higher education if you choose to study Accountancy.
3. They are Easy to Understand
When you study chapter three in Accountancy from NCERT solutions, you will understand all the concepts in a better way. The solutions make use of simple language, enabling students to grasp all the topics quickly.
4. They are Free of Cost
NCERT solutions are free of cost and are available for download in PDF format. So, you can download them from partner websites and start preparing for the exams.
We have covered the detailed guide on CBSE NCERT Solutions for Class 12 Accountancy Part 2 Chapter 3. Feel free to ask any questions in the comment section below.
FAQs on NCERT Solutions for Class 12 Accountancy Part 2 Chapter 3
NCERT Solutions for Class 12 Accountancy Part 2 Chapter 3 contains how many questions?
There are a total of 18 questions, including ones that explain the ideas as well as balance sheets and mathematical problems.
What are the benefits of the CBSE NCERT Solutions for Class 12 Account Part 2 Chapter 3?
Go through the above blog for the benefits of solving NCERT Solutions for Class 12 Accountancy Part 2 Chapter 3.
Is it possible to get the NCERT Solutions for Class 12 Accountancy Part 2 Chapter 3 for free?
Yes, students can get the NCERT Solutions for Class 12 Accountancy Part 2 Chapter 3 in PDF format for free from the above article.
What does the Balance Sheet mean?
A balance sheet typically details a company’s assets, liabilities, and equity, and reflects its financial stance.
What are the concepts required for higher studies to get from Chapter 3 Financial Statement of a company?
Chapter Three in Accounts for CBSE Class 12 is the financial statement of a company. It tells the students about the balance sheet of the company and things in terms of finances.