Analysis of Financial Statements (CBSE Class-12 Accountancy): Questions 20 - 22 of 43

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Question number: 20

» Analysis of Financial Statements » Liquidity Ratios

Short Answer Question▾

Write in Short

Current Ratio is 2.5, working capital is Rs. 60, 000/-. Calculate the amount of Current Assets and Current Liabilities.

Question number: 21

» Analysis of Financial Statements » Financial Statements of a Company

Short Answer Question▾

Write in Short

Define subscription, donation and grant?

Question number: 22

» Analysis of Financial Statements » Financial Statements of a Company

Essay Question▾

Describe in Detail

Following is the receipts and payment account of recreation club for the year ended 31st march 2007.

RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 07

table shows the receipts and payment of various transaction

Receipts

Amount ( Rs. )

Payments

Amount ( Rs. )

To cash in hand

8320

By rent of hall

3640

To subscription

26000

By salaries

5200

To entrance fees

3900

By purchase of sports equipments

16640

To sale of refreshments

9880

By dance expenses

4940

To sale of dance tickets

5850

By supply of refreshment

6760

To interest on investments@7%

4550

By honorarium

1040

By sundry expenses

3250

By electricity changes

1820

By cash at bank

15210

58, 500

58, 500

Following additional information’s are also provided to you:

1. Following were the assets and liabilities on 31st March, 2006:

Sports equipment Rs. 6, 760, subscription in arrears Rs. 1, 950, Furniture Rs. 12, 480 Liabilities-Accrued rent Rs. 780 and subscription received in advance Rs. 520.

2. ‘Following were the assets and liabilities on 31st March 2007:

Sports equipments Rs. 19, 760, Subscription in arrear Rs. 1, 690, Furniture Rs. 11, 180, Liabilities-accrued rent Rs. 390, subscription received in advance Rs. 2, 340.

3. Entrance Fees is to be capitalised.

You are required to prepare income and expenditure account for the year ended 31st March, 2007 and balance-sheet as on that date.

Explanation

INCOME AND EXPENDITURE ACCOUNT OF RECREATION CLUB FOR THE YEAR ENDED 31ST MARCH 07

Table shows various transaction related to income and expenditure

Expenditure

Dr. Rs.

Income

Cr. Rs.

To rent of hall

Add: accrued rent (credit year)

Less: accrued rent (previous year)

3640

390

780

3250

By subscription… (196 more words) …

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