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प्रश्न
Annual Insurance Premium ₹ 8,000 is paid on 1st Dec 2018. Calculate the amount of Insurance Premium for the accounting year ending on 31st March 2019.
उत्तर
Annual Insurance Premium for 12 months = ₹ 8,000
Less: Prepaid for 8 months = ₹ 5,333
Insurance for 4 months (01.12.18 to 31.03.19) = ₹ 2,667
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संबंधित प्रश्न
Give a word, term, or phrase which can substitute the following statement:
Statement of Assets & Liabilities.
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The accounts prepared at the end of the accounting year to know the profit or loss and Financial position of business
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____________ is excess of assets over liabilities
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Do you agree or disagree with the following statement:
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From the following particulars, prepare balance sheet in the books of Bragathish as on 31st December, 2017:
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| Capital | 80,000 | Cash in hand | 20,000 |
| Debtors | 12,800 | Net profit | 4,800 |
| Drawings | 8,800 | Plant | 43,200 |
Prepare trading and profit and loss account in the books of Ramasundari for the year ended 31st December, 2017 and balance sheet as on that date from the following information:
| Particulars | ₹ | Particulars | ₹ |
| Opening stock | 2,500 | Sales | 7,000 |
| Wages | 2,700 | Purchases | 3,300 |
| Closing Stock | 4,000 | Salary | 2,600 |
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Chennai tennis club had a Match fund showing a credit balance of ₹ 24,000 on 1st April, 2018. The receipt to the fund during the year was ₹ 26,000. Match expenses incurred during the year was ₹ 33,000. How these items will appear in the final accounts of the club for the year ended 31st March, 2019?
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| Sports equipment | 30,000 | Prize fund | 10,000 |
| Computer | 25,000 | Prize fund investments | 10,000 |
| Subscription outstanding for 2018-19 | 5,000 | Cash in hand | 7,000 |
| Subscription received in advance for 2019-20 | 8,000 | Cash at bank | 21,000 |
From the following Receipts and Payment account of Yercaud Youth Association, prepare Income and expenditure account for the year ended 31st March, 2019 and the balance sheet as on that date.
| Receipts | ₹ | Payments | ₹ |
| To Balance b/d | By Salary | 14,000 | |
| Cash in hand | 9,600 | By Office expenses | 7,200 |
| To Government grants for purchase of books | 10,000 | By Books purchased | 15,000 |
| To Subscription | 24,800 | By Stationery purchased | 1,800 |
| To Admission fees | 2,000 | By Newspaper purchased | 2,100 |
| To Prize fund receipts | 6,000 | By Prizes awarded | 5,000 |
| To Bank interest | 1,500 | By Balance c/d | |
| To Sale of newspapers | 1,100 | Cash in hand | 9,900 |
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| Dr. | Receipts and Payments Account for the year ended 31st December, 2018 | Cr. | ||
| Receipts | ₹ | Payments | ₹ | ₹ |
| To Balance b/d | By Balance b/d | |||
| Cash in hand | 2,400 | Bank overdraft | 1,000 | |
| To Subscription | 8,700 | By Postage expenses | 200 | |
| To Life membership fees | 5,000 | By Science equipments purchased | 10,000 | |
| To Exhibition fund receipts | 7,000 | By Laboratory expenses | 2,400 | |
| To Sale of science equipments (Book value ₹ 5,000) | 6,000 | By Secretary’s honorarium | 5,000 | |
| To Miscellaneous income | 500 | By Audit fees | 3,600 | |
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| By Balance c/d | ||||
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| Dr. | Receipts and Payments Account for the year ended 31st December, 2018 | Cr. | |||
| Receipts | ₹ | ₹ | Payments | ₹ | ₹ |
| To balance b/d | By Match expenses | 25,000 | |||
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Discuss the need of preparing a balance sheet
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| Assets | (₹) | Liabilities | (₹) |
|
Building |
20,000 |
Bills Payable | 18,000 |
| Furniture | 15,000 | Creditors | 20,700 |
| Debtors | 30,000 | Outstanding Wages | 1,250 |
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| ₹ | |
| Opening stock | 50,000 |
| Net sales | 11,00,000 |
| Net purchases | 6,00,000 |
| Direct expenses | 60,0000 |
| Administration expenses | 45,000 |
| Selling and distribution expenses | 65,000 |
| Loss due to fire | 20,000 |
| Closing stock | 70,000 |
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| ₹ | |
| Opening stock | 50,000 |
| Net sales | 11,00,000 |
| Net purchases | 6,00,000 |
| Direct expenses | 45,000 |
| Administration expenses | 45,000 |
| Selling and distribution expenses | 65,000 |
| Loss due to fire | 20,000 |
| Closing stock | 70,000 |
