CBSE Class-12 Accountancy: Questions 175 - 176 of 209

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Question number: 175

» Analysis of Financial Statements » Financial Statements of a Company

Essay Question▾

Describe in Detail

Following is the Receipt and Payment Account of Indian Sports Club for the year ended 31.12. 2006.

Receipt and Payment Account of Indian Sports Club for the year ended 31.12. 2006.

shows from where gets receipts and to whom payment is made

Receipts

Amount

Payments

Amount

To Balance b/d

10, 000

By Salary

15, 000

To Subscriptions

52, 000

By Billiards Table

20, 000

To Entrance Fee

5, 000

By Office Expenses

6, 000

To Tournament Fund

26, 000

By Tournament Expenses

31, 000

To Sale of old newspapers

1, 000

By Sports Equipment

40, 000

To Legacy

37, 000

By Balance c/d

19, 000

1, 31, 000

1, 3 1, 000

Other Information:

On 31.12. 2006 subscription outstanding was Rs. 2, 000 and on 31.12. 2005 subscription outstanding was Rs. 3, 000. Salary outstanding on 31.12, 2006 was Rs. 1, 500.

On 1.1. 2006 the club had building Rs. 75, 000, furniture Rs. 18, 000, 12 % investment Rs. 30, 000 and sports equipment Rs. 30, 000, Depreciation charged on these items including purchases was 10%.

Prepare Income and Expenditure Account of the Club for the year ended 31.12. 2006 and ascertain the Capital Fund on 31.12. 2005.

Explanation

INCOME & EXPENDITURE ACCOUNT for the year ended 31st December 2006

gives the detail of income and expenditure

Expenditure

Amt. ( Rs. )

Income

Amt ( Rs. )

To Salary

15, 000

By Subscription

52, 000

Add: Outstanding Salary

1, 500

16, 500

Add: Subscription Outstanding at the end… (172 more words) …

Question number: 176

» Accounting for Partnership Firms » Reconstitution and Dissolution » Admission of a Partner

One Liner Question▾

Write in Brief

State the ratio in which the old Partners share the amount of cash brought in by the new Partner as premium for goodwill.

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