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Answer in one sentence only.
What is Receipts and Payments Account?
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Find odd one:
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Find odd one:
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Find the incorrect pair from group A and B.
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Find the incorrect pair from group A and B.
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From the following Receipts and Payments Account of Bharati Vidyapeeth College, Kolhapur for the year ending 31st March, 2019 and additional information, Prepare Income and Expenditure Account for the year ended 31st March, 2019 and a Balance Sheet as on that date.
| Dr. | Receipts and payment Account for the year ended 31st March, 2019 |
Cr. | |
| Receipts | Amount ₹ | Payments | Amount ₹ |
| To Balance b/d: | By Salaries to: | ||
| Cash | 12,000 | Teaching Staff | 15,00,000 |
| Bank | 2,00,000 | Office Staff | 8,55,000 |
| To Interest | 60,000 | By Printing & Stationery | 27,000 |
| To Donation | 7,00,000 | By Books | 88,000 |
| To Tuition Fees | 15,00,000 | By Furniture (Purchased on 1-1-2019) | 78,000 |
| To Admission Fees | 65,000 | By Drama Expenses | 90,000 |
| To Term Fees | 4,00,000 | By Postage | 7,000 |
| To Drama Receipts | 1.00,000 | By Telephone Charges | 6,000 |
| To Rent from use of Hall | 6,000 | By Electricity | 61,000 |
| To Legacies (Capital) | 60,000 | By Magazines and Newspaper | 6,500 |
| By Balance c/d : | |||
| Cash | 62,000 | ||
| Bank | 3,23,000 | ||
| 31,03,000 | 31,03,000 | ||
Additional information:
| Particulars | 01.04.2018 | 31.03.2019 |
| Books | 9,00,000 | 8,88,000 |
| Furniture | 3.26.000 | 3,00,000 |
| Building Fund | 8,27,000 | ? |
| Capital Fund | 6,11,000 | ? |
- 60 % Donations are for Building Fund and Balance is to be treated as Revenue Income.
- Outstanding Office Staff Salaries ₹ 70,000
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From the following Receipts and Payments Account of Bharati Vidyapeeth College, Kolhapur for the year ending 31st March, 2019 and additional information, Prepare Income and Expenditure Account for the year ended 31st March, 2019 and a Balance Sheet as on that date.
| Dr. | Receipts and payment Account for the year ended 31st March, 2019 |
Cr. | |
| Receipts | Amount ₹ | Payments | Amount ₹ |
| To Balance b/d: | By Salaries to: | ||
| Cash | 12,000 | Teaching Staff | 15,00,000 |
| Bank | 2,00,000 | Office Staff | 8,55,000 |
| To Interest | 60,000 | By Printing & Stationery | 27,000 |
| To Donation | 7,00,000 | By Books | 88,000 |
| To Tuition Fees | 15,00,000 | By Furniture (Purchased on 1-1-2019) | 78,000 |
| To Admission Fees | 65,000 | By Drama Expenses | 90,000 |
| To Term Fees | 4,00,000 | By Postage | 7,000 |
| To Drama Receipts | 1.00,000 | By Telephone Charges | 6,000 |
| To Rent from use of Hall | 6,000 | By Electricity | 61,000 |
| To Legacies (Capital) | 60,000 | By Magazines and Newspaper | 6,500 |
| By Balance c/d : | |||
| Cash | 62,000 | ||
| Bank | 3,23,000 | ||
| 31,03,000 | 31,03,000 | ||
Additional information:
| Particulars | 01.04.2018 | 31.03.2019 |
| Books | 9,00,000 | 8,88,000 |
| Furniture | 3.26.000 | 3,00,000 |
| Building Fund | 8,27,000 | ? |
| Capital Fund | 6,11,000 | ? |
- 60 % Donations are for Building Fund and Balance is to be treated as Revenue Income.
- Outstanding Office Staff Salaries ₹ 70,000
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Do you agree or disagree with the following statements:
All receipts are the items of revenue income.
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Do you agree or disagree with the following statements:
All receipts are the items of revenue income.
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Under Single Entry System, additional capital brought in during the year is _____ closing capital in order to calculate profit.
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Answer in one sentence only.
How is the closing capital calculated under Single Entry System?
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Select the most appropriate answer the alternatives given below and rewrite the Sentence
Further capital introduced during the year is _______________ from closing capital in order to find-out the correct profit.
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Select the most appropriate answer the alternatives given below and rewrite the Sentence
In statement of profit or loss interest on Capital in shown as _____________.
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Select the most appropriate answer the alternatives given below and rewrite the Sentence.
If Opening Capital is Rs 40,000, Closing Capital is 90,000 Rs, Withdrawals is Rs 5,000 and additional Capital brought in is Rs 10,000 Profit is Rs ______________.
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(b) credit
(c) asset
(d) liability
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State, whether the following statements is True or False.
In private placement shares are issued to public through prospectus.
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State, whether the following statements is True or False.
Private placement method saves time and cost.
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State True or False.
Drawings made during the year decreases the profit under single entry system.
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Form the following Receipts and payments Account of A. S. C. College of Commerce, Ramanand Nagar, for the year ending 31st March, 2016 and additional information, prepare Income and Expenditure Account for the year ending 31st March, 2016 and Balance Sheet as on that date.
Receipts and Payments Account
for the year ended on 31 March, 2016
Dr. Cr.
| Receipts | Amount | Payments | Amount |
| To Balance b/d | By Salaries | 67,000 | |
| Cash in hand | 7,950 | By Electricity | 26,200 |
| Cash in bank | 50,800 | By Books | 41,300 |
| To Life membership fees | 20,500 | By Furniture | 45,000 |
| To Donations | 1,00,000 | By Stationery | 18,300 |
| To Tuition fees | 1,30,000 | By Fixed deposits | 2,00,000 |
| To Term fees | 1,00,000 | By Balance c/d | |
| To Admission fees | 40,000 | Cash | 1,450 |
| Bank | 50,000 | ||
| 4,49,250 | 4,49,250 |
Additional information :
| Particulars | 01.04.2015 Amount (Rs) | 31.03.2016 Amount (Rs) |
| Furniture | 40,000 | 75,000 |
| Building Fund | 1,50,000 | ............ |
| Fixed deposits | 1,60,000 | ............ |
| Capital Fund | 1,20,750 | ............ |
(2) 50% of donations are received for building fund.
(3) Life membership fees are to be capitalised.
(4) Tuition fees includes Rs 12,000 received for the last year.
(5) Outstanding tuition fees for the current year amounted to Rs 4,200.
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Give one word/phrase/term which can substitute the following statement:
Fees charged by Notary Public for getting the fact of dishonour noted.
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