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प्रश्न
Write a short note on life membership fees.
उत्तर
Life membership fee is accounted as a capital receipt and added to capital fund on the liabilities side of the Balance sheet. It is non-recurring in nature.
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संबंधित प्रश्न
Answer in one sentence only.
What is Surplus?
Write the word/phrase/term, which can substitute the following sentence.
An account which is prepared by Not for Profit concern instead of Profit and Loss Account.
State whether the following statement is True or False with reasons.
Excess of Assets over liabilities is called Capital Fund.
Income and Expenditure Account is a ______ account.
Which of the following should not be recorded in the income and expenditure account?
From the following receipts and payments account and the additional information given below, calculate the amount of subscription to be shown in the Income and expenditure account for the year ending 31st December, 2018.
| Receipts | ₹ | ₹ | Payments | ₹ |
| To Subscription | ||||
| 2017 | 28,000 | |||
| 2018 | 1,72,000 | |||
| 2019 | 12,000 | 2,12,000 | ||
Additional information: Subscription outstanding for the year 2018 is ₹ 8,000.
Complete the following table:
| Sr. No |
Income (₹) |
Expenditure (₹) |
Surplus/Deficit (₹) |
| 1. | 10,000 | ? | 5,000 (Deficit) |
Complete the following table:
Rent received during the year
| Total Received (₹) |
Rent received in Advance/Accrued |
(₹) | Income for the Year |
| 1,700 | Accrued | ? | 2,150 |
Mumbai University prepares ______ Account instead of a Profit and Loss account.
Mumbai University prepares ______ Account instead of a Profit and Loss account.
