Advertisements
Advertisements
प्रश्न
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.
उत्तर
As the ITC Ltd. has not acknowledged the claim as debts, it will be shown as under notes to Account as:
Heading: Contingent Liabilities
Subheading: Contingent Liabilities
APPEARS IN
संबंधित प्रश्न
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 |
Show how are the following items dealt with while preparing the final accounts for the year ended 31st March, 2019 of a Not-for-profit Organisation:
Case I
Expenditure on construction of Pavilion is ₹ 6,00,000. The construction work is in progress and has not yet completed. Capital Fund as at 31st March, 2018 is ₹ 20,00,000.
Case II
Expenditure on construction of Pavilion is ₹ 6,00,000. The construction work is in progress and has not yet completed. Pavilion Fund as at 31st March, 2018 is ₹ 10,00,000 and Capital Fund as at 31st March, 2018 is ₹ 20,00,000.
Case III
Expenditure on construction of Pavilion is ₹ 6,00,000. The construction work is in progress and has not yet completed. Pavilion Fund as at 31st March, 2018 is ₹ 10,00,000, and Capital Fund as at 31st March, 2018 is ₹ 20,00,000. Donation Received for Pavilion on 1st January, 2019 is ₹ 5,00,000.
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.
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 |
