Following is the Receipts and Payments Account of a Star Club for the year ending Dec. 31, 2015: Receipts Rs. Payments Rs. To Balance b/d 1,90,000 By Salaries 4,40,000 To Subscriptions 6,70,000 By Sports Equipment 4,00,000 To interest on investments @8% p.a. for full year 40,000 By Balance c/d 1,60,000 Additional information: i. The club had received Rs.30,000 for subscription in 2014 for 2015. ii. Salaries had been paid only for 11 months iii. Stock of sports equipment on 31st December 2014 was Rs.3,50,000 and on 31st December 2015 Rs.7,00,000. Prepare Income and Expenditure Account.

CBSE 11-commerce - Accountancy Part II

i. From the following calculate operating profit : Rs. Net profit 2,00,000 Rent received 20,000 Gain on sale of machine 30,000 Interest on loans 40,000 Donation 4,000 ii. State whether the cost of obtaining license to carry out business is a capital or revenue expenditure.

Asked by Topperlearning User | 01 Jul, 2016, 04:01: PM

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CBSE 11-commerce - Accountancy Part II

How will you treat the following items: Receipt and Payment 31-12-2006 Receipts Rs. Payments Rs. By Salaries: 2005 20,000 2006 2,80,000 2007 18,000 Additional Information: i. Salaries outstanding on 31st December, 2005 Rs.25,000. ii. Salaries outstanding on 31st December, 2006 Rs.45,000 iii. Salaries paid in advance on 31st December, 2005 Rs.10,000.

Asked by Topperlearning User | 01 Jul, 2016, 03:14: PM

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CBSE 11-commerce - Accountancy Part II

Given below is the receipts and payments account of Mahesh Sports Club for the year 31.12.2008 Receipts Amount Rs. Payments Amount Rs. Balance of cash 400 Salaries 10,000 Balance of bank 3,600 Billiard Table 8,000 Subscriptions 11,000 Office Expenses 3,400 Life Membership Fee 8,000 Stationery 2,700 Tournament Fund 15,000 Tournament Expenses 1,000 Locker Rent 2,000 Furniture purchased 5,000 Sale of old sports material (Costing Rs.5,000) 3,000 Sports Equipment purchase 6,000 Sale of old newspapers 2,000 Fixed deposit on 1.1.2008 @12% p.a 5,900 Legacy 10,000 Balance of cash 200 Entrance fee 5,000 Balance of bank 2,800 60,000 60,000 a. On 1.1.2008 subscriptions outstanding were Rs.800 and on 31^st December 2008 Rs.900. b. On 1.1.2008 the club had building Rs.50,000;furniture Rs.20,000 and Sports Equipment Rs. 14,000 charge depreciation 10% on these items. (including purchases) Prepare Income and Expenditure Account.

Asked by Topperlearning User | 01 Jul, 2016, 03:14: PM

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CBSE 11-commerce - Accountancy Part II

From the following Trial Balance of M/s. Sam and Sons as on 31^st March 2014, prepare Trading and Profit and Loss Account and Balance Sheet. Particulars Rs. Particulars Rs. Office expenses 300 Stock (opening) 9,000 Selling expenses 11,100 Plant and Machinery (1.4.2011) 20,000 General expenses 1,000 Plant and Machinery (addition 1.10.2011) 5,000 Sundry debtors 20,600 Drawings 6,000 Furniture and Fixtures 5,000 Capital 75,000 Return inwards 13,000 Reserve for doubtful debts 800 Printing and stationery 400 Rent for Premises Sublet 1,600 Rent, Rates and taxes 4,600 Insurance charges 700 Sundry creditors 15,000 Administrative expenses 11,000 Sales 1,31,000 Cash in hand 8,500 Return outwards 1,000 Cash at Bank 18,200 Purchases 90,000 Adjustments: i. Stock in hand at the endRs.14,000. ii. Write off Rs.600 as bad debts. iii. Create 5% provision for bad and doubtful debts. iv. Depreciate furniture and fixtures at 5% p.a. and Plant and Machinery at 20% p.a. v. Insurance prepaid was Rs.100. vi. A fire occurred in the godown and stock of the value of Rs.5,000 was destroyed. It was insured and the insurance company admitted full claim.

Asked by Topperlearning User | 01 Jul, 2016, 03:14: PM

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CBSE 11-commerce - Accountancy Part II

Where will you record a specific donation received, while preparing accounts for Non- profit organisation.

Asked by Topperlearning User | 04 Jul, 2016, 08:16: AM

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CBSE 11-commerce - Accountancy Part II

In 2014 the subscriptions received were Rs.50,000. These subscriptions include Rs.300 for 2013 and Rs.400 for 2015. On 31^st December, 2014 subscription due but not received were Rs.500. The corresponding figure on 1^st January, 2014 wasRs.600. What amounts should be credited to the income and Expenditure account as subscription of the year 2014?

Asked by Topperlearning User | 04 Jul, 2016, 08:16: AM

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CBSE 11-commerce - Accountancy Part II

Following is the extract from a Trial Balance: Head of Accounts Dr. Rs. Cr. Rs. Machinery A/c 2,00,000 Provision for Depreciation on Machinery A/c 80,000 Depreciation on Machinery 20,000 Furniture A/c 24,000 Depreciation on Furniture 3,000 Show necessary extracts from the Profit and Loss Account and the balance Sheet.

Asked by Topperlearning User | 04 Jul, 2016, 08:47: AM

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CBSE 11-commerce - Accountancy Part II

Following is the Receipts and Payments Account of a Star Club for the year ending Dec. 31, 2015: Receipts Rs. Payments Rs. To Balance b/d 1,90,000 By Salaries 4,40,000 To Subscriptions 6,70,000 By Sports Equipment 4,00,000 To interest on investments @8% p.a. for full year 40,000 By Balance c/d 1,60,000 Additional information: i. The club had received Rs.30,000 for subscription in 2014 for 2015. ii. Salaries had been paid only for 11 months iii. Stock of sports equipment on 31st December 2014 was Rs.3,50,000 and on 31st December 2015 Rs.7,00,000. Prepare Income and Expenditure Account.

Asked by Topperlearning User | 04 Jul, 2016, 08:16: AM

ANSWERED BY EXPERT

CBSE 11-commerce - Accountancy Part II

From the following Trial Balance of M/s.Mehta and Sons as on 31st March. 2016, prepare Trading and Profit and Loss Account and Balance Sheet. Particulars Rs. Particulars Rs. Cash in Hand 50 Bank overdraft 2,850 Bank Balance 600 Creditors 2,500 Debtors 3,800 Capital 12,500 Bad debts 125 Provision for bad debts 200 Stock (opening) 3,460 Sales 15,450 Purchases 5,475 Purchase return 125 Sales return 200 Commission 375 Furniture and fittings 640 Motor vehicles 6,250 Buildings 7,500 Advertisement 450 Interest on bank overdraft 118 Taxes andinsurance 1,250 General expenses 782 Salaries 3,300 Adjustments: i. Stock in hand on 31-3-2016 Rs.5,750 ii. Depreciate building @ 5%, furniture and fittings @ 10% and motor vehicles @20%. iii. Rs.85 is due for interest on bank overdraft. iv. Salaries Rs.300 and taxes Rs.120 are outstanding. v. One third of the commission received is in respect of work to be done next year. vi. Further Bad Debts Rs.100 and make provision for doubtful debts @10%

Asked by Topperlearning User | 04 Jul, 2016, 08:16: AM

ANSWERED BY EXPERT

CBSE 11-commerce - Accountancy Part II

Shailesh Bros. providing you following information on 31^st March 2015. Show the treatment of following items in related accounts without doing calculation of profit and loss: Particulars Amount Rs. Amount Rs. Debtors 51,000 --- Bad debts 1,500 ---- Provision for doubtful debts ---- 800 Prepaid salaries 300 Outstanding Rent 400 Commission receieved 6,000 Additional information: a. Further bad debts were Rs. 1,000. b. Bad debts recovered Rs.600 c. Make provision of doubtful debts @5% Commission received includes 1/3 for the next year.

Asked by Topperlearning User | 04 Jul, 2016, 08:16: AM

ANSWERED BY EXPERT

Dr.			Cr.
Expenditure		Rs.	Income		Rs.
To Salaries	4,40,000		By Subscription	6,70,000
Add: outstanding	40,000	4,80,000	Add: Advance Subscription received (PY)	30,000	7,00,000
To Dep. on sports equipment:			By Interest on investments		40,000
Opening stock	3,50,000
Add: Purchases	4,00,000
	7,50,000
Less: closing stock	7,00,000	50,000

To Excess of income over expenditure, i.e., Surplus		2,10,000
		7,40,000			7,40,000

CBSE Class 11-commerce Answered

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