Question

11. Give Three essential features of Income or Expenditure Account 3 Marks
OR
From the following information calculate the amount of subscription to be credited to
the income and expenditure account for the year 2018-19
Amount(Rs)
Subscription received during the year 60000
Subscription Outstanding on 31" March 26000
2018
Subscription Outstanding on 31" March 6000
2019
Subscription received in advance on 15000
31-3-18
Subscription received in advance on 10000
31-3-2019
Subscription are still in arrears for the 2000
year 2017-18
12. How will you deal with the following items while preparing relevant account?
Particulars
31" March 2018
31** March 2017
Oustanding Locker Rent 460
630
Advance Locker Rent 300
400
Locker Rent received during the yeur Rs 4200.
OR
Give any Four difference between not for profit organisation and profit earning
organisation
4 Marks
13. Anshul and Divya were partners sharing profits in the ratio of 2:1.Pass Journal
Entries for the following Transactions at the time of Dissolution of Firm:
1) Workmen Compensation Reserve stood at Rs 90000 in the Balance sheet and there
was no liability towards workmen compensation
2) Workmen compensation Reserve stood at Rs 90000 in the Balance sheet and
Liability in respect of it was ascertained at Rs 60000.
4 Marks
A and B are Partners sharing Profits in the ratio of 4:3. Their Balance sheet as at 31*
March 2019 stood as:
6 Marks
LIABILITIES AMOUNT
ASSET
AMOUNT
Sundry Creditors 28000
Cash
20000
Reserve
42000
Sundry Debtors
120000
Capital A/C:
360000
Stock
140000
A 240000
Fixed Assets
150000
B 120000
430000
4300000​

Answer 1

Explanation:

the income and expenditure account for the year 2018-19. Amount(Rs) Subscription received during the year 60000. Subscription Outstanding on 31" March 26000 2018