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Give word / term or phrase for the following statement.
Excess of income over expenditure of a ‘not for profit’ concern.
Concept: Not for Profit Concerns
Write the Word/Term/Phrase which can substitute the following statement:
Debit balance of revaluation Account.
Concept: Reconstitution of Partnership (Death of Partner)
Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
Following is the Receipts and Payments Account of Chamber of Commerce, Amaravati for the year ending 31st March 2012 and some additional information.
| Receipts and Payments Account For the year ended March 31, 2012 | |||
| Receipts | Amount | Payment | Amount |
| To balance b/d (Cash at bank) | 11,960 | By Printing and Stationery | 6,950 |
| To Subscription (Including Rs. 2,500 for 2010–11) | 36,500 | By Repairs | 2,100 |
| To Sale of furniture (Books value Rs. 18,000) | 12,000 | By Rent | 8,500 |
| To Donation for building fund | 27,000 | By Books | 20,000 |
| To Admission fees (Revenue) | 5,050 | By Travelling expenses | 2,000 |
| By Investments | 40,000 | ||
| By Insurance | 1,700 | ||
| By Balance c/d (Cash at bank) | 11,260 | ||
| 92,510 | 92,510 | ||
| Particulars | 1.04.2011 | 31.03.2012 |
| Outstanding Subscription |
3,000 | 5,000 |
| Furniture | 32,000 | 12,600 |
| Building Fund | 1,45,000 | |
| Capital Fund | 1,51,960 | |
| Investment | 2,50,000 |
Prepare Income and Expenditure A/c for the year ended 31st March, 2012 and Balance Sheet as on that date.
Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
State whether the following statement is True or False with reasons.
Not for Profit Concerns do not have profit motive.
Concept: Accounts of “Not for Profit” Concerns
Give a word/term/phrase which can substitute the following statement:
A person who represents the deceased partner.
Concept: Reconstitution of Partnership (Death of Partner)
State whether the following statement is True or False with reasons.
Not for Profit concerns do not prepare Balance Sheet.
Concept: Accounts of “Not for Profit” Concerns
Dissolution expenses are credited to ______.
Concept: Dissolution of Partnership Firm
If an asset is taken over by partner from firm his capital account will be ___________.
Concept: Dissolution of Partnership Firm
Concept: Preparation of Statements for Single Entry System
Answer in one sentence only.
What is statement of affairs?
Concept: Preparation of Statements for Single Entry System
State whether the following statement is True or False.
On dissolution Cash or Bank Account is closed automatically.
Concept: Dissolution of Partnership Firm
Write the word/phrase/term/ which can substitute the following statement.
Expenses incurred on dissolution of firm.
Concept: Dissolution of Partnership Firm
Answer the following question in one sentence only.
What are Noting Charges?
Concept: Basic Term of Bills of Exchange - Noting Charges
The inland bill which is drawn in and payable in the same country.
Concept: Important Terms of Bills of Exchange - Term of Bill
A bill can’t be deposited into a bank for collection.
Concept: Accounting Treatment of Bill - Sending the Bill to the Bank for Collection, Honour Or Dishonour and Insolvency
State whether the following statement is True or False.
A bill of exchange can be endorsed only once.
Concept: Accounting Treatment - Endorsement of the Bill, Honour/ Dishonour and Also Insolvency of Acceptor
Answer in one sentence only.
Who is a Drawer?
Concept: Accounting Treatment of Bill by the Drawer Or Holder and Drawee
Write True or False
Noting charges are payable to the Notary public on honour of a bill.
Concept: Basic Term of Bills of Exchange - Noting Charges
The due date of the bill drawn for 2 months on 23rd Nov. 2019 will be ____________.
Concept: Contents of Format of Bill of Exchange
