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प्रश्न
Give a word, term, or phrase which can substitute the following statement:
Statement of Assets & Liabilities.
उत्तर
Balance Sheet
APPEARS IN
संबंधित प्रश्न
Give a word, term, or phrase which can substitute the following statement:
An additional information provided below the Trial Balance.
Select the most appropriate alternatives given below and rewrite the sentence :
____________ is excess of assets over liabilities
Select the most appropriate alternatives given below and rewrite the sentence :
Outstanding expenses are shown on the ____________ side of Balance Sheet.
Select the most appropriate alternatives given below and rewrite the sentence :
______________ is a statement which shows the financial position of business on a specific date.
State True or False with reasons :
Goodwill is not a fictitious asset
Fill in the blank :
Income Receivable appears on __________ side of Balance Sheet.
Do you agree or disagree with the following statement :
Balance Sheet is a statement as well as an account.
Do you agree or disagree with the following statement:
Capital is excess of Liabilities over Assets.
Bank overdraft should be shown ______.
What are fixed assets?
Mention any two differences between trial balance and balance sheet.
“Balance sheet is not an account” – Explain.
What is meant by grouping and marshaling assets and liabilities?
From the following particulars, prepare balance sheet in the books of Bragathish as on 31st December, 2017:
| Particulars | ₹ | Particulars | ₹ |
| Capital | 80,000 | Cash in hand | 20,000 |
| Debtors | 12,800 | Net profit | 4,800 |
| Drawings | 8,800 | Plant | 43,200 |
Prepare trading and profit and loss account in the books of Ramasundari for the year ended 31st December, 2017 and balance sheet as on that date from the following information:
| Particulars | ₹ | Particulars | ₹ |
| Opening stock | 2,500 | Sales | 7,000 |
| Wages | 2,700 | Purchases | 3,300 |
| Closing Stock | 4,000 | Salary | 2,600 |
| Discount received | 2,500 | Capital | 52,000 |
| Machinery | 52,000 | Cash at Bank | 6,400 |
| Creditors | 8,000 |
Prepare trading and profit and loss account and balance sheet in the books of Deri, a trader, from the following balances as of March 31, 2018.
| Particulars | ₹ | Particulars | ₹ |
| Stock | 10,000 | Sales | 1,22,500 |
| Cash | 2,500 | Creditors | 5,000 |
| Bank | 5,000 | Bills payable | 2,000 |
| Freight inwards | 750 | Capital | 52,000 |
| Purchases | 95,000 | ||
| Drawings | 4,500 | ||
| Wages | 27,500 | ||
| Machinery | 50,000 | ||
| Debtors | 13,500 | ||
| Postage (office) | 150 | ||
| Sundry expenses | 850 | ||
| Rent paid | 2,500 | ||
| Furniture | 17,250 | ||
| 2,29,500 | 2,29,500 |
Closing stock (31st March, 2018) ₹ 8,000.
Chennai tennis club had a Match fund showing a credit balance of ₹ 24,000 on 1st April, 2018. The receipt to the fund during the year was ₹ 26,000. Match expenses incurred during the year was ₹ 33,000. How these items will appear in the final accounts of the club for the year ended 31st March, 2019?
How will the following appear in the final accounts of Karaikudi sports club for the year ending 31st March, 2019?
| Particulars | ₹ |
| Tournament fund on 1st April 2018 | 90,000 |
| Tournament fund investment on 1st April 2018 | 90,000 |
| Interest received on tournament fund investment | 9,000 |
| Donation to tournament fund | 10,000 |
| Tournament expenses | 60,000 |
Following is the Receipts and Payments account of Neyveli Science Club for the year ended 31st December, 2018.
| Dr. | Receipts and Payments Account for the year ended 31st December, 2018 | Cr. | ||
| Receipts | ₹ | Payments | ₹ | ₹ |
| To Balance b/d | By Balance b/d | |||
| Cash in hand | 2,400 | Bank overdraft | 1,000 | |
| To Subscription | 8,700 | By Postage expenses | 200 | |
| To Life membership fees | 5,000 | By Science equipments purchased | 10,000 | |
| To Exhibition fund receipts | 7,000 | By Laboratory expenses | 2,400 | |
| To Sale of science equipments (Book value ₹ 5,000) | 6,000 | By Secretary’s honorarium | 5,000 | |
| To Miscellaneous income | 500 | By Audit fees | 3,600 | |
| By General charges | 1,800 | |||
| By Exhibition expenses | 5,000 | |||
| By Balance c/d | ||||
| Cash in hand | 200 | |||
| Cash at bank | 400 | 600 | ||
| 29,600 | 29,600 | |||
Additional information:
- Opening capital fund ₹ 6,400
- Subscription includes ₹ 600 for the year 2019
- Science equipment as on 1.1.2018 ₹ 5,000
- Surplus on account of exhibition should be kept in reserve for new auditorium.
Prepare income and expenditure account for the year ended 31st December, 2018 and the balance sheet as on that date.
From the following Receipts and Payments account of Sivakasi Pensioner’s Recreation Club, prepare income and expenditure account for the year ended 31st March, 2018 and the balance sheet as on that date.
| Dr. | Receipts and Payments Account for the year ended 31st March, 2018 | Cr. | ||
| Receipts | ₹ | ₹ | Payments | ₹ |
| To balance b/d | By Rent and rates | 18,000 | ||
| Cash in hand | 10,000 | By Electricity charges | 17,000 | |
| Cash at bank | 20,000 | 30,000 | By Furniture purchased | 12,000 |
| To Subscription | By Billiards table purchased | 70,000 | ||
| 2016 – 2017 | 5,000 | By Repairs and renewals | 16,000 | |
| 2017 – 2018 | 25,000 | By Special dinner expenses | 4,000 | |
| 2018 – 2019 | 6,000 | 36,000 | By Special dinner expenses | 2,000 |
| To Legacies | 40,000 | By Balance c/d | ||
| To Rent from hall | 14,000 | Cash in hand | 1,000 | |
| To Lockers rent | 5,000 | |||
| To Collection for special dinner | 12,000 | |||
| To Balance c/d | ||||
| Bank overdraft | 3,000 | |||
| 1,40,000 | 1,40,000 | |||
Additional information:
- The club had 300 members each paying ₹ 100 as annual subscription.
- The club had furniture ₹ 10,000 on 1.4.2017.
- The subscription still due but not received for the year 2016 – 2017 is ₹ 1,000.
Following is the Receipts and payments account of Virudhunagar Volleyball Association for the year ended 31st December, 2018.
| Dr. | Receipts and Payments Account for the year ended 31st December, 2018 | Cr. | |||
| Receipts | ₹ | ₹ | Payments | ₹ | ₹ |
| To balance b/d | By Match expenses | 25,000 | |||
| Cash in hand | 5,000 | By Upkeep of pavilion | 17,000 | ||
| To Subscription | By Secretary’s honorarium | 18,000 | |||
| 2017 | 10,000 | By Bats and balls purchased | 22,000 | ||
| 2018 | 55,000 | By Grass seeds | 2,000 | ||
| 2019 | 5,000 | 70,000 | By Fixed deposit | 58,000 | |
| To Donations | 40,000 | By Sundry expenses | 3,000 | ||
| To Match fund receipts | 30,000 | By Balance c/d | |||
| To Interest on fixed deposit | 8,000 | Cash in hand | 7,000 | ||
| To Miscellaneous receipts | 5,000 | Cash at bank | 6,000 | 13,000 | |
| 1,58,000 | 1,58,000 | ||||
Additional information:
- On 1.1.2018, the association owned investments ₹ 10,000, premises and grounds ₹ 40,000, stock of bats and balls ₹ 5,000.
- Subscription ₹ 5,000 related to 2017 is still due.
- Subscription due for the year 2018, ₹ 6,000.
Prepare income and expenditure account for the year ended 31st December, 2018 and the balance sheet as on that date.
What is a balance sheet. What are its characteristics?
The machinery of ₹ 35,500 is purchased on 1st July 2018 and on the same day ₹ 4,500 are spent on the installation of the Machinery. The proprietor has decided to Depreciate Machinery at the rate of 7% p.a. Calculate the amount of depreciation, assuming that accounting year is ending on 31st March every year.
Calculate the Gross Profit/Gross Loss
Purchases A/c ₹ 15,500, Sales A/c ₹ 30,000, Carriage Inward ₹ 1,200, Opening Stock ₹ 5,000, Purchases Returns ₹ 500, Closing Stock ₹ 18,000
Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017.
| ₹ | |
| Opening stock | 50,000 |
| Net sales | 11,00,000 |
| Net purchases | 6,00,000 |
| Direct expenses | 60,0000 |
| Administration expenses | 45,000 |
| Selling and distribution expenses | 65,000 |
| Loss due to fire | 20,000 |
| Closing stock | 70,000 |
Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017.
| ₹ | |
| Opening stock | 50,000 |
| Net sales | 11,00,000 |
| Net purchases | 6,00,000 |
| Direct expenses | 45,000 |
| Administration expenses | 45,000 |
| Selling and distribution expenses | 65,000 |
| Loss due to fire | 20,000 |
| Closing stock | 70,000 |
