Accounting Questions

When a fixed amount is withdrawn at the end of each quarter, interest on drawings will be calculated for _______

Identify a characteristic not applicable in partnership:

How will you show Bank overdraft while preparing the Income and Expenditure Account and Balance sheet of a club?

Locker Rent Received during the year by a club is $\text{Rs. }17,050$. Locker rent $\text{Rs. }3,050$ outstanding for the previous year and $\text{Rs. }1,500$ outstanding for the current year.The amount to be shown in Income and Expenditure is:

Calculate manager's commission at $10\%$ on Net profit, if the Divisible profit of a firm is $\text{Rs. }10,000$, salary to partners is $\text{Rs. }3,000$ and Interest on drawings is $\text{Rs. }2,000$.

Outstanding Salaries for the current year is shown:A. In the Opening Balance Sheet, as an assetB. In the Closing Balance Sheet, as an assetC. In the Income and Expenditure A/c by adding to the expense 'salary'D. In the Closing Balance Sheet, as a liabilityChoose the correct answer from the options given below:

Identify the treatment of Government Grant received from the government from the following:

Calculate the amount of subscription to be shown in the Income and Expenditure A/C for the year ending 31st March 2022:Subscription received during the year 2021-22: $\text{Rs. }1,00,000$ Outstanding subscription for the year 2020-21: $\text{Rs. }10,000$ Outstanding subscription for the year 2021-22: $\text{Rs. }20,000$ Subscription received in advance in 2020-21: $\text{Rs. }5,000$ Subscription received in advance in 2021-22: $\text{Rs. }4,000$

Show the following information in financial statements of a Non-Profit Organisation: