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प्रश्न
Choose the appropriate alternative from the given options:
The Balance Sheet provides information about financial position of an enterprise :
पर्याय
over a period of time
during a period of time
for a period of time
at a point of time
उत्तर
at a point of time
Explanation:
Balance sheet is also known as a ‘Position statement’ as it provides information about the financial position of an enterprise ‘at’ a point of time.
Hence, the correct answer is at a point of time.
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संबंधित प्रश्न
Following is the Receipt and Payment Account of Indian Sports Club, prepared Income and Expenditure Account, Balance Sheet as on December 31, 2017:
Receipt and Payment Account
for the year ending December 31, 2017
| Receipts | Amount (Rs) | Payments | Amount (Rs) |
| Balance b/d | 7,890 | Salary | 11,000 |
| Subscriptions | 52,000 | Electric charges | 5,500 |
| Life member ship fee | 2,200 | Billiard Table | 17,500 |
| Entrance fee |
3,200 |
Office expenses | 4,100 |
| Tournament fund | 26,000 | Printing and Stationery | 2,300 |
| Locker Rent | 1,250 | Tournament expenses | 18,500 |
| Sale of old sports goods (Costing Rs 2,200) | 2,500 | Repair of ground | 2,000 |
| Sale of Old Newspaper |
750 |
Furniture purchased | 7,700 |
| Legacy |
37,500 |
Sports equipments | 12,000 |
| Cash in Hand | 12,690 | ||
| Cash at Bank | 10,000 | ||
| Fixed Deposit (on 1.10.17 for 10% p.a) | 30,000 | ||
| 133290 | 133290 |
Other Information:
Subscription outstanding was on December 31, 2016 Rs 1,200 and Rs 3,200 on December 31, 2017. Locker rent outstanding on December 31, 2017 Rs 250. Salary outstanding on December 31, 2017 Rs 1,000.
On January 1, 2017, club has Building Rs 36,000, furniture Rs 12,000, Sports equipments Rs 17,500. Depreciation charged on these items @ 10% (including Purchase).
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 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:
Jaipur Club has a prize fund of ₹ 6,00,000. It incurs expenses on prizes amounting to ₹ 5,20,000. The expenses should be
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 ________.
The following information is given by Alchemy Medical College, Library department for the year 2020-21.
| Particulars | Amount (₹) |
| Books and Journals Fund as on 1.4.2020 | 4,50,000 |
| 7% Books and Journals Fund Investments as on 1.4.2020 | 4,00,000 |
| Interest on Books and Journals Fund Investments | 13,000 |
| Donations for Books and Journals | 20,000 |
| Books Purchased | 70,000 |
| General Fund as on 1.4.2020 | 10,00,000 |
Show the accounting treatment of the above-mentioned items in the Balance Sheet of the Alchemy Medical College as at 31st March,2021.
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.
Outstanding expenses and the incomes received for next year will be shown under ______.
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.
