Related InterviewSolutions

• State with reasons whether the following statements are TRUE or FALSE: Donations for specific purposes are always capitalized.
• Receipt and Payment Account of Shankar Sports club is given below, for the year ended March 31, 2017 Receipt and Payment Account for the year ending March 31, 2017 Prepare Income and Expenditure Account and Balance Sheet with help of following Information: Subscription outstanding on March 31, 2016 is Rs.1, 200 and Rs.2, 300 on March 31, 2017, opening stock of postage stamps is Rs.300 and closing stock is Rs. 200, Rent Rs.1, 500 related to 2015 and Rs.1, 500 is still unpaid. On April 1, 2016 the club owned furniture Rs.15, 000, Furniture valued at Rs. 22,500 On March 31, 2017, the club took a loan of Rs.20,000 (@ 10% p.a) in 2017.
• State with reasons whether the following statements are TRUE or FALSE: Opening balance sheet is prepared when the opening balance of capital fund is not given.
• Receipt and Payment Account of Maitrey Sports Club showed that Rs. 68,500 were received by way of subscriptions for the year ended on March 31, 2017. The additional information was as under: 1. Subscription Outstanding as on March 31, 2016 were Rs. 6,500. 2. Subscription received in advance as on March 31, 2016 were Rs. 4,100, 3. Subscription Outstanding as on March 31, 2017 were Rs. 5,400 4. Subscription received in advance as on March 31, 2017 were Rs. 2,500. Show how that above information would appear in the final accounts for the year ended on March 31, 2017 of Maitrey Sports Club.
• As at March 31, 2015 the following balances have been extrated from the books of the Indian Chartered Accountants Recreation Club and you are asked to prepare (1) Trading Account for ascertaining gross profit derived from running resturant and dining room and (2) Income and Expenditure Account for the year ended March 31, 2017 (3) and a Balance Sheet as at that date. On March 31,2016 stock of restaurant consisted of Rs. 900 and Rs. 60 respectively. Provide depreciations Rs. 60 on fixtures and fittings, Rs. 390 on billiard table and Rs. 560 on furniture.
• From the following particulars taken from the Cash Book of a health club, prepare a Receipts and Payments Account.
• State with reasons whether the following statements are TRUE or FALSE: The balancing figure on credit side of Income and Expenditure Account denotes excess of expenses over incomes.
• From the following Receipt and Payment Account of Jan Kalyan Club, prepare Income and Expenditure Account and Balance Sheet for the year ending March 31, 2017. Receipt and Payment Account for the year ending March 31, 2017 Additional Information:
• Prepare Income and Expenditure Account and Balance Sheet for the year ended March 31, 2016 from the following Receipt and Payment Account and Balance Sheet of culture club: Receipt and Payment Account for the year ending March 31, 2016 Balance Sheet for the year ending March 31, 2016
• From the following particulars , prepare Income and Expenditure account: