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प्रश्न
Choose the appropriate alternative from the given options:
Jaipur Club has a prize fund of ₹ 6,00,000. It incurs expenses on prizes amounting to ₹ 5,20,000. The expenses should be
विकल्प
debited to income and expenditure account.
presented on the asset side of the balance sheet.
debited to income and expenditure account and presented on the asset side of the balance sheet.
deducted from the prize fund on the liability side of the balance sheet.
उत्तर
Deducted from the prize fund on the liability side of the balance sheet.
Explanation:
Since the balance of the Prize Fund exceeds the expenses incurred so they shall be directly deducted from the Prize Fund on the liability side of the balance sheet. Hence, the correct answer is deducted from the prize fund on the liability side of the balance sheet.
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संबंधित प्रश्न
How are the following items shown in the accounts of a Not-for-Profit Organisation ?
Rs. | |
Tournament Fund | 50,000 |
Tournament Expenses | 15,000 |
Receipts from Tournament | 20,000 |
How are the following dealt with in the accounts of a Not-for-Profit Organisation ?
Case I
|
Dr. (₹)
|
Cr.(₹) |
Case II
|
Dr. (₹) | Cr. (₹) |
Prize Fund Prizes Paid Match Expenses |
12,000
15,000 |
50,000 | Match Fund Match Expenses Investments of Match Fund Interest on Match Fund Investments Prizes Paid |
35,000 60,000 19,000 |
1,00,000 3,000 |
How are the following dealt with while preparing the final accounts of a club?
TRIAL BALANCE as at 31st March, 2019 |
||
Particulars |
Dr.(₹)
|
Cr. (₹) |
Match Fund | ........ | 80,000 |
Match Fund Investments | 72,000 | ......... |
Match Fund Bank Balance | 35,000 | ....... |
Interest on Match Fund Investments | ......... | 2880 |
Match Expenses | 5,500 | ......... |
How are the following dealt with while preparing the final accounts for the year ended 31st , 2019?
RECEIPTS AND PAYMENTS ACCOUNT (AN EXTRACT) for the year ended 31st March, 2019 |
||||
Dr. | Cr. | |||
Receipts | ₹ | Payments | ₹ | |
By Payments for Sports Material | 1,40,000 |
BALANCE SHEET (AN EXTRACT) as at 1st April, 2018 |
||||
Liabilities |
₹ |
Assets |
₹ | |
Creditors for Sports Materials | 6,000 | Sports Materials | 8,000 |
Additional information :
Sports Materials in Hand on 31st March, 2019 – ₹ 22,000.
From the following information of a Not-for-Profit Organisation, show the 'Sports Materials' item in the Income and Expenditure Account for the year ended 31st March, 2019 and Balance Sheets as at 31st March, 2018 and 31st March, 2019:
Particulars | 31st March, 2018 ₹ |
31st March, 2019 ₹ |
Stocks of Sports Materials | 6,200 | 4,800 |
Creditors for Sports Materials | 9,800 | 7,200 |
Advance to Suppliers for Sports Materials | 11,000 | 19,000 |
Payment to suppliers for Sports Materials during the year was ₹ 1,02,000. There were no cash purchases made.
Choose the appropriate alternative from the given options:
The Balance Sheet provides information about financial position of an enterprise :
Fill in the blank.
'Prepaid Expenses' are presented in the Balance Sheet of a company under the sub-head ____________.
Fill in the blank.
'Interest accrued on investments' will be presented in the Balance Sheet of a company under the sub-head ________.
From the following information given by Modern Dance Academy, calculate the amount of Subscription received during the year 2020- 21.
- Subscription credited to Income & Expenditure A/c for the year ending 31st March ,2021 amounted to ₹3,00,000 and each member is required to pay an annual subscription of ₹ 3,000.
- Subscription in arrears as on 1st April 2020 amounted to ₹ 16,000
- During the year 2020-21, 10 members made partial payment of ₹26,000 towards subscription, 8 members failed to pay the subscription amount and 5 members paid the subscription amount for the year2021-22.
- During the year 2019-20, 12 members paid the subscription amount for the year 2020-21.
Youth Ltd. took a loan of ₹ 15,00,000 from State Bank of India against the security of tangible assets. In addition to principal security, it issued 10,000 11% debentures of ₹ 100 each as collateral security.
Pass necessary journal entries for the above transactions, if the company decided to record the issue of 11% debentures as collateral security and show the presentation in the Balance Sheet of Youth Ltd.
Complete the following sentence.
______ is the amount paid to the person who is not a regular employee of the institution.
Complete the following sentence.
______ is a fund arising from a bequest or gift, the income of which is devoted to a specific purpose.
Show the following information in the Balance Sheet of 'Dev Sports Club':
Particulars | ₹ |
Match Fund (as on 31st March, 2020) | 1,70,000 |
Match Expenses (paid during the year ended 31st 2,50,000 March, 2021) | 2,50,000 |
Donations for Match (Received during the year ended 31st March, 2021) | 90,000 |
Present the following information in the Balance Sheet of Wisdom Club as at 31st March, 2021:
Particulars | Amount (₹) |
Prize fund (1st April, 2020) | 4,80,000 |
Prize fund Investment (1st April, 2020) | 4,80,000 |
Prizes awarded | 1,50,000 |
The Annual Report of ITC Ltd., for the financial year 2021-22, showed Claims against the Company not acknowledged as debts of ₹ 880.58 crores including Third party claims arising from disputes relating to contracts aggregating ₹ 29.22 crores.
Mention the heading and the sub-heading under which this item would, have been shown in the Notes to Accounts accompanying the Balance Sheet of ITC Ltd. as at 31st March, 2022.