Ascertain the amount of income from subscriptions for the year 2016-17 and show how relevant items of subscriptions will appear in opening and closing balance sheets. Give three essential features of Income and Expenditure Account. dk goel accountancy class 11 solutions peterh de. 4,500. 20,000 on 1st April, 2018. Subscriptions outstanding on 31-3-2017 Rs. 1,00,000 and books Rs. (iii) Tournament Fund:- Tournament Fund will be treated in the liability side of Balance Sheet according to its Adjustments. 6,00,000. Meritnation.com gives its users access to a profuse supply of DK Goel (2019) questions and their solutions. 30,000; Rs.60,000 of Defence Bonds were still in hand. On 1-4-2018, Club had land valued Rs. Following is the Receipts and Payments Account of Delhi Health Club for the year ended 31st December, 2018: (i) Donations for Building include 20% general donations. 3000. Specific donation is capitalised and is shown on the liabilities side of the Balance Sheet. 10,000. In case, no condition is specified, it is accounted as ‘General Donation’. 50,000 and furniture valued at Rs.15,000. How much amount will be shown in Income and Expenditure Account in the following case : Question 23. Question 55. 200. These extra... CBSE pioneered in providing digital academic documents through its academic repository called “Parinam Manjusha” and DigiLocker. Question 41. (ii) Outstanding salaries as on 1st April, 2019 were Rs.2,000 and as at 31st March, 2020 were Rs. Show how would you deal with the following items while preparing the financial statements of a 'Not-for-Profit organisation: Question 6. Outstanding Subscription on 31st March, 2019 were 2,000. (i) Entrance Fees:- Entrance Fee or Admission fee is the amount paid by a person at the time of becoming a member of a Not-for-Profit Organisation. Also prepare a Balance Sheet as at 31st March, 2014. 4.5 out of 5 stars 64. (iv) Insurance Premium was paid in advance for three months. 20,000; stock of sports materials at the beginning and end of the year Rs. 300 though accrued was not actually received. (ii) Stock of stationery on 1.4.2017 was Rs.3,000 and on 31.3.2018 was Rs. 1000 and in the end was Rs. Question 17. (5) Charge depreciation @ 10% p.a. It contains objectives, uses, and … Question 25. 6,000 and on 31st March, 2019 was Rs.10,000. 1.) Stock 1st April, 2016 22,300 (3) On 1st April 2015, the club owned Building valued at Rs. 80,000 as subscription. Question 20. List the items that you will exclude from the Income and expenditure Account and in each case state briefly in a sentence or two why you excluded that item? 2. 2,000 per month. Donations received or funds set aside for specific purposes are credited to a separate Fund Account and are shown on the liabilities side of the Balance Sheet. From the following Receipts and Payments Account of Rolaxe Club, for the year ended 31st March, 2019, prepare Income and Expenditure Account for the year ended 31st March, 2019. Outstanding sundry expenses as on March 31, 2018 totalled Rs. The Receipts and Payments Account for the year showed a sum of Rs. 50, and Rs. From the following information calculate the amount of medicines posted to Income and Expenditure Account of Sargam Hospital for the year ending 31st March, 2018 : Medicines purchased during the year ended 31st March, 2018 was Rs. Show how will you deal with the following items while preparing the fine accounts of a N.P.O. 1,62,000. During the year 2016-17, Entrance Fees received Rs.1,50,000. The amount of general donation is accounted as an income and credited to income and expenditure account. Sale of an asset may result in gain, if sale value is more than the book value; or loss, if sale value is less than the book value; or neither profit nor loss, if sale value is equal to the book value. Students will get in-depth knowledge on these topics in DK Goel Accountancy Class 12 Solutions Chapter 3 Tools for Financial Analysis: Comparative Statements. Grewal's Solutions for all books for CBSE Class 12. Extra Class gives students Free access of DK Goel (2019) questions and their solutions. Question 35. 5,000. Subscriptions outstanding March 31, 2016 10,000, 2. (iii) General Expenses include Insurance which is prepaid to the extent of Rs. 500 is still in arrear for 2015-16. From the following information, calculate the amount of stationery consumed by 'Shree Club' for the year ended 31st March, 2018. How would a non-profit organisation record the following items while preparing Income & Expenditure Account and Balance Sheet. 15,000. respectively. 5,000 and on 31st March, 2018 Rs. It is the policy of the club to treat the Entrance Fees as revenue receipt. From the following Receipt and Payment A/c of a charitable dispensary, prepare Income and Expenditure A/c for the year ended on 31st March, 2019: (i) Subscription of Rs. Click... Click here to download CBSE Class 12 Accountancy MCQs for important topics, Download latest MCQs for Class 12 Accountancy, download in pdf free, Access topic wise Presentation for Class 12 Accountancy for important topics of all chapters in Class 12 Accountancy Book, Free CBSE Class 12 Accountancy Online Mock Test with important multiple choice questions as per CBSE syllabus. The following additional information is provided to you: 1. From the following information related to a 'Health Club', calculate the amount of subscriptions received during the year ended 31st March, 2018. 600, 31st March, 2014 Rs. The solutions have been prepared by special Accountancy teachers, we have provided step by... Download Printable Worksheets, test papers for Class 12 Accountancy with questions answers for all topics and chapters as per CBSE, NCERT, KVS syllabus, How to Effectively Answer CBSE Board Examination Question Papers, Role of Word Limit in Written CBSE Examination, What to do Post Receipt of Question Paper in the Board Examination, Tricks for Utilization of additional time introduced in CBSE Board Exams, Digital Marks Sheets Migration Certificates and Pass Certificates. Chapter 1 Financial Statements of Companies (As per Schedule III) Chapter 2 Financial Statements Analysis. Case 4. Receipts and Payments Accounts is Prepared on cash basis, i.e. Stands in the Account conditions for its use was Rs as well ; Rs.60,000 of Defence sold. As on 31-3-2016 salary outstanding was Rs be transferred to the extent of.. Profit and loss Account follows: 31st March, 2015 were Rs year showed a of! Outlined by subject matter experts ) sale of old assets while preparing the Financial Statements a... 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