Advertisements
Advertisements
प्रश्न
What are fixed assets?
Advertisements
उत्तर
- Fixed assets are those assets which are acquired or constructed for continued use in the business and last for many years such as land and building, plant and machinery, motor vehicles, furniture, etc.
- It is classified into a. Tangible Assets and b. Intangible Assets.
APPEARS IN
संबंधित प्रश्न
Answer in One Sentence:
What is Depreciation?
Give a word, term, or phrase which can substitute the following statement:
The accounts prepared at the end of the accounting year to know the profit or loss and Financial position of business
Select the most appropriate alternatives given below and rewrite the sentence :
______________ is a statement which shows the financial position of business on a specific date.
State True or False with reasons :
Every item of Trial Balance has only one effect.
State True or False with reasons :
Goodwill is not a fictitious asset
Bank overdraft should be shown ______.
Balance sheet shows the ______ of the business.
“Balance sheet is not an account” – Explain.
From the following particulars, prepare balance sheet in the books of Bragathish as on 31st December, 2017:
| Particulars | ₹ | Particulars | ₹ |
| Capital | 80,000 | Cash in hand | 20,000 |
| Debtors | 12,800 | Net profit | 4,800 |
| Drawings | 8,800 | Plant | 43,200 |
Prepare trading and profit and loss account in the books of Ramasundari for the year ended 31st December, 2017 and balance sheet as on that date from the following information:
| Particulars | ₹ | Particulars | ₹ |
| Opening stock | 2,500 | Sales | 7,000 |
| Wages | 2,700 | Purchases | 3,300 |
| Closing Stock | 4,000 | Salary | 2,600 |
| Discount received | 2,500 | Capital | 52,000 |
| Machinery | 52,000 | Cash at Bank | 6,400 |
| Creditors | 8,000 |
Chennai tennis club had a Match fund showing a credit balance of ₹ 24,000 on 1st April, 2018. The receipt to the fund during the year was ₹ 26,000. Match expenses incurred during the year was ₹ 33,000. How these items will appear in the final accounts of the club for the year ended 31st March, 2019?
How will the following appear in the final accounts of Karaikudi sports club for the year ending 31st March, 2019?
| Particulars | ₹ |
| Tournament fund on 1st April 2018 | 90,000 |
| Tournament fund investment on 1st April 2018 | 90,000 |
| Interest received on tournament fund investment | 9,000 |
| Donation to tournament fund | 10,000 |
| Tournament expenses | 60,000 |
From the following Receipts and Payment account and from the information given below of Ramanathapuram Sports Club, prepare Income and Expenditure account for the year ended 31st December, 2018 and the balance sheet as on that date.
| Dr. | Receipts and Payments Account for the year ended 31st December, 2018 | Cr. | |||
| Receipts | ₹ | ₹ | Payments | ₹ | ₹ |
| To Balance b/d | By Rent | 11,000 | |||
| Cash in hand | 5,000 | By Entertainment expenses | 11,200 | ||
| Cash at bank | 10,000 | 15,000 | By Furniture | 10,000 | |
| To Subscription | By Sports materials purchased | 13,000 | |||
| 2017 | 12,000 | By Match expenses | 12,000 | ||
| 2018 | 33,000 | By Investments made | 28,000 | ||
| 2019 | 16,000 | 61,000 | By Balance c/d | ||
| To Entrance fees | 6,000 | Cash in hand | 1,300 | ||
| To General donations | 7,000 | Cash at bank | 4,000 | 5,300 | |
| To Sale of old sports materials | 1,000 | ||||
| To Miscellaneous receipts | 500 | ||||
| 90,500 | 90,500 | ||||
Additional information:
- Capital fund as on 1st January 2018 ₹ 30,000.
- Opening stock of sports material ₹ 3,000 and closing stock of sports material ₹ 5,000.
Following is the Receipts and payments account of Virudhunagar Volleyball Association for the year ended 31st December, 2018.
| Dr. | Receipts and Payments Account for the year ended 31st December, 2018 | Cr. | |||
| Receipts | ₹ | ₹ | Payments | ₹ | ₹ |
| To balance b/d | By Match expenses | 25,000 | |||
| Cash in hand | 5,000 | By Upkeep of pavilion | 17,000 | ||
| To Subscription | By Secretary’s honorarium | 18,000 | |||
| 2017 | 10,000 | By Bats and balls purchased | 22,000 | ||
| 2018 | 55,000 | By Grass seeds | 2,000 | ||
| 2019 | 5,000 | 70,000 | By Fixed deposit | 58,000 | |
| To Donations | 40,000 | By Sundry expenses | 3,000 | ||
| To Match fund receipts | 30,000 | By Balance c/d | |||
| To Interest on fixed deposit | 8,000 | Cash in hand | 7,000 | ||
| To Miscellaneous receipts | 5,000 | Cash at bank | 6,000 | 13,000 | |
| 1,58,000 | 1,58,000 | ||||
Additional information:
- On 1.1.2018, the association owned investments ₹ 10,000, premises and grounds ₹ 40,000, stock of bats and balls ₹ 5,000.
- Subscription ₹ 5,000 related to 2017 is still due.
- Subscription due for the year 2018, ₹ 6,000.
Prepare income and expenditure account for the year ended 31st December, 2018 and the balance sheet as on that date.
Calculate the Gross Profit/Gross Loss
Purchases A/c ₹ 15,500, Sales A/c ₹ 30,000, Carriage Inward ₹ 1,200, Opening Stock ₹ 5,000, Purchases Returns ₹ 500, Closing Stock ₹ 18,000
Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017.
| ₹ | |
| Opening stock | 50,000 |
| Net sales | 11,00,000 |
| Net purchases | 6,00,000 |
| Direct expenses | 60,0000 |
| Administration expenses | 45,000 |
| Selling and distribution expenses | 65,000 |
| Loss due to fire | 20,000 |
| Closing stock | 70,000 |
Which section does NOT appear on a balance sheet?
Which type of accounts appear on a balance sheet?
If cash at bank increases, which side of the balance sheet changes?
