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प्रश्न
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.
उत्तर
| An Extract of Balance Sheet as of 31st March, 2021 | |||||
| Liabilities | ₹ | Assets | ₹ | ||
| General Fund | 10,00,000 | 7% Books & Journals Fund | |||
| Add: Books and Journals Fund | 70,000 | 10,70,000 `(1/2)` | investment | 4,00,000 `(1/2)` | |
| Books & Journals Fund | 4,50,000 | Accrued Interest on Books and Journals Fund Investment | 5,000 `(1/2)` | ||
| Add: Donations for Books & Journals | 20,000 | Books | 70,000 `(1/2)` | ||
| Interest in Books & Journals | |||||
| Investment | 13,000 | ||||
| Accrued Interest | 15,000 | 28,000 | |||
| Less: Books purchased | 70,000 | 4,28,000(1) | |||
Working Note:
Interest on Books and Journals Investments
= `4,00,000 xx 7/100`
= 28,000
Accrued Interest
= 28,000 – 13,000
= 15,000
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संबंधित प्रश्न
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 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.
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:
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Choose the appropriate alternative from the given options:
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Fill in the blank.
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Fill in the blank.
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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.
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.
