The accounting treatment of depreciation is not recorded in$............$
- ✓Receipt payment account
- BIncome-Expenditure account
- CBalance sheet
- DAll of the above three
Answer: A.
View full solution →Question types
P2 C9 Accounts ol‘Non—trading Concerns question types
78 questions across 5 question groups — pick any mix to generate a Account paper with step-by-step answer keys.
78
Questions
5
Question groups
5
Question types
01
MCQ .(1 Marks)
10 Q→02Answer In One Or Two Sentence .(1 Marks)
27 Q→03questions in two to three sentences . (2 Marks)
5 Q→04Give Answer As Asked . (3 Marks)
17 Q→05Give Answer As Asked .(6 Marks)
19 Q→Sample Questions
P2 C9 Accounts ol‘Non—trading Concerns questions
One sample from each question group in this chapter. Select any group above to see the full set with answer keys.
The Credit balance of receipt and payment account of non-trading concern is$...........$
- ABank balance
- BCash balance
- ✓Bank overdraft
- DExcess of income over expenditure
Answer: C.
View full solution →Where will the prizes distribution recorded?
- ADebited to Income - Expenditure Account
- BDebited to Receipt Payment Account.
- ✓Deducted from prize fund in Balance Sheet
- DDeducted from prize fund investments in Balance Sheet.
Answer: C.
View full solution →In which account interest on investments of permanent fund will be recorded?
- AWill be added to permanent fund in Balance Sheet
- BWill be added to capital fund in balance sheet.
- CWill be added to investments of permanent fund in balance sheet.
- ✓Will be recorded at the credit side of the Income - Expenditure Account
Answer: D.
View full solution →What is credit balance of Income - Expenditure Account?
- ✓Excess of income over expenditure
- BExcess of expenditure over income
- COpening cash / bank balance
- DClosing cash / bank balance
Answer: A.
View full solution →Where is revenue income disclosed?
Which capital incomes are disclosed separately in the Balance Sheet?
Which account does Non-Trading Concerns prepare instead of Cash Account / Bank Account?
Which account is prepared by the Non-Trading Concerns for finding out Surplus or Deficit of the financial year?
Which ‘Final Accounts’ do the Non- Trading Concerns prepare?
Write Short notes: $(1)$ Subscription:
View full solution →Write Short notes: $(1)$ Income-Expenditure Account:
View full solution →Write Short notes: (1) Receipt Payment Account:
Write Short notes: $(1)$ Deferred Revenue Expense:
View full solution →Write Short notes: $(1)$ Specific purpose fund:
View full solution →There are $150$ members of Mirazapur Gymkhana Club; every member pays annual subscription of $₹ 400.$ During the year $2013-14, 20$ members have paid subscription for $2014-15.$ Subscription outstanding for $2013-14$ was $₹ 12,000. ₹ 45,000$ received for current year. Prepare Income — Expenditure Account for the year ending $31-3-2015.$
View full solution →The following balances of $31-3-2015$ are disclosed in the balance sheet of Ahmedabad cricket club.
View full solution →Disclose the following information in Income — Expenditure Account for the year ending $31-3-2015.$
View full solution →Income of subscription $Rs.45,000$ is disclosed in the Income-Expenditure account for the year ending $31-3-2015.$ Other details of subscription are as follows:
Disclose the amount of subscription in the receipt payment account for the year ending $31-3-2015.$
View full solution →| Particulars | $31-3-2014$ Amt.(Rs.) | $31-3-2015$ Amt.(Rs.) |
| Subscription outstanding | $2700$ | $3600$ |
| Subscription received in advance | $1800$ | $900$ |
Disclose the following information in the Income-Expenditure Account ending on $31-03-2015$ and Balance Sheet as of that day. Subscription received in the year $2014-15$ is $Rs. 80,000.$
View full solution →| Particulars | $1-4-2014$ Amt.(Rs.) | $31-3-2015$ Amt.(Rs.) |
| Subscription outstanding | $12,000$ | $15,000$ |
| Subscription received in advance | $8,000$ | $6,000$ |
From the following details of Vishmay Sports club, prepare Income — Expenditure Account for the year ending $31-3-2015$ and Balance Sheet as at that date.
Additional Information :
$(1)$ There are total $150$ members of club, each member pays annual subscription of $₹ 300.$
$(2)$ Opening capital fund $₹ 67,500$
$(3)$ Salary outstanding : on $31-3-2014 ₹ 2500$ on $31-3-2015 ₹ 3750.$
$(4)$ Opening stock of stationery was of $₹ 250$, while closing stock was of $₹ 375.$
$(5)$ Sports equipments on $1-4-2014$ were of $₹ 25,000$, while their value on $31-3-2015$ was of $₹ 35,000.$
View full solution →Additional Information :
$(1)$ There are total $150$ members of club, each member pays annual subscription of $₹ 300.$
$(2)$ Opening capital fund $₹ 67,500$
$(3)$ Salary outstanding : on $31-3-2014 ₹ 2500$ on $31-3-2015 ₹ 3750.$
$(4)$ Opening stock of stationery was of $₹ 250$, while closing stock was of $₹ 375.$
$(5)$ Sports equipments on $1-4-2014$ were of $₹ 25,000$, while their value on $31-3-2015$ was of $₹ 35,000.$
From the Receipt — Payment Account for the year ending $31-3-2015$ and from other information of Andhjan Manda], prepare an Income — Expenditure Account for the year ending $31-3-2015$ and a Balance Sheet as on that day.
Other information :
$(1)$ Balances as on 0l$-01-2014:$ Building $₹ 30,000$, Furniture $₹ 4000$, Books $₹ 10,000,$ Investments $₹ 40,000,$ Subscription outstanding $₹ 1000$ and Permanent fund $₹ 88,000.$
$(2)$ Subscription received includes $₹ 500$ for the year $2015-16.$
$(3)$ Subscription outstanding $₹ 700$ for the year $2014-15.$
$(4)$ Interest outstanding on investment $₹ 500.$
$(5)$ Salary outstanding $₹ 600.$
$(6)$ On $31-3-2015,$ stationery stock was of $₹ 100.$
$(7)$ $10 \%$ provision of depreciation is to be made on the closing balance of building, furniture and books.
View full solution →Other information :
$(1)$ Balances as on 0l$-01-2014:$ Building $₹ 30,000$, Furniture $₹ 4000$, Books $₹ 10,000,$ Investments $₹ 40,000,$ Subscription outstanding $₹ 1000$ and Permanent fund $₹ 88,000.$
$(2)$ Subscription received includes $₹ 500$ for the year $2015-16.$
$(3)$ Subscription outstanding $₹ 700$ for the year $2014-15.$
$(4)$ Interest outstanding on investment $₹ 500.$
$(5)$ Salary outstanding $₹ 600.$
$(6)$ On $31-3-2015,$ stationery stock was of $₹ 100.$
$(7)$ $10 \%$ provision of depreciation is to be made on the closing balance of building, furniture and books.
From the following information of $R. K$. Sports, prepare an income — expenditure account for the year ending $31-3-2015.$
Additional information : $(1)$ Subscription outstanding is of $₹ 10,000.$
$(2)$ Total honorarium of secretary is payable of $₹ 14,100.$
View full solution →Additional information : $(1)$ Subscription outstanding is of $₹ 10,000.$
$(2)$ Total honorarium of secretary is payable of $₹ 14,100.$
From the following information of Shrey club, prepare Receipt-Payment account for the year ending $31-3-2014.$
View full solution →From the following information of Yusuf Yuva Club, prepare Receipt — Payments Account, Income — Expenditure Account for the year ending $31-3-2015$ and Balance Sheet as on that date.
$(A)$ Balance as on $1-4-2014$ : Capital Fund $₹ 80,000$, Building of club $₹ 40,000$, investments $₹ 15,000$, library books $₹ 20,000$, cash balance $₹ 4000$, salary outstanding $₹ 1000$. Subscription outstanding $₹ 2000.$
$(B)$ Cash Transactions for the year $2014-15$
$(C)$ Other information :
$(1)$ Subscription of $₹ 1000,$ for the year $2015-16$ is included in subscription received.
$(2)$ Subscription outstanding for current year $₹ 1500$
$(3)$ Salary outstanding $₹ 3000$
$(4)$ $50 \%$ of entrance fees is to be transferred to the capital fund.
$(5)$ Write off depreciation at $10 \%$ p.a. on building, furniture and books.
View full solution →$(A)$ Balance as on $1-4-2014$ : Capital Fund $₹ 80,000$, Building of club $₹ 40,000$, investments $₹ 15,000$, library books $₹ 20,000$, cash balance $₹ 4000$, salary outstanding $₹ 1000$. Subscription outstanding $₹ 2000.$
$(B)$ Cash Transactions for the year $2014-15$
$(C)$ Other information :
$(1)$ Subscription of $₹ 1000,$ for the year $2015-16$ is included in subscription received.
$(2)$ Subscription outstanding for current year $₹ 1500$
$(3)$ Salary outstanding $₹ 3000$
$(4)$ $50 \%$ of entrance fees is to be transferred to the capital fund.
$(5)$ Write off depreciation at $10 \%$ p.a. on building, furniture and books.
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