dk goel analysis of financial statements

1,62,000. Question 29. (iii) On 31st March, 2015 stock of foodstuffs was Rs. Keep yourself updated with all latest news and also read articles from teachers which will help you to improve your studies, increase motivation level and promote faster learning. (ii) Subscription Outstanding as at 31st March, 2019 Rs. 2,000. New I.S.C. 1,600. To gauge the performance of the company in the current year, ratios are calculated concerning the previous year’s numbers, other companies, or industries. The questions provided in DK Goel (2019) Books are prepared in accordance with CBSE, thus holding higher chances of appearing on CBSE question papers. These solutions for Financial Statements are extremely popular among Class 11 Commerce students for Accountancy Financial Statements Solutions come handy for quickly completing your homework and preparing for exams. Rs. Subscriptions outstanding of the current year are Rs. And if a condition is specified, it is accounted as ‘Specific Donation’. Question 34. Payments Rs. 5,000 and Rs. (b) Rs. (c) On 1st April 2019 premises were Rs. Class 11 DK Goel Solutions Chapter 21 - Financial Statements The DK Goel Accountancy Solutions for class 11 Chapter 21 - Financial Statements have been provided here for the students to understand the concept well & score better marks. Sale Value is credited to the Asset Account while gain, if any, is credited or loss, if any is debited to the Income and Expenditure Account. In the year 2015-16, salaries paid in cash amounted to Rs. (ii) Stock of stationery on 1.4.2017 was Rs.3,000 and on 31.3.2018 was Rs. 2,000 for the use of society hall. Chapter 5 Accounting Ratios. 40,000. Accountancy Dk Goel 2018 Solutions for Class 11 Commerce Accountancy Chapter 13 Financial Statements are provided here with simple step-by-step explanations. On 1-4-2018, Club had land valued Rs. Life membership fees and entrance fees to be capitalised. Explain the following terms: (i) Capital Fund; (ii) Legacy (iii) Specific Donations. (ii) Subscription due on 31-3-2014 was Rs. Charge depreciation @ 10% on closing balance of furniture. 1,50,000; Stock of foodstuffs Rs. (ii) Stock of stationery on 31st March, 2017 was Rs. Give three essential features of Receipts and Payments Account. 75,000; Furniture Rs. A/c for the year ending on 31st March 2016 from the following additional information: Question 21. On March 31, 2019 the rates were prepaid to June 2019; the charge paid every year being Rs. 2,900 respectively, creditors for sports materials at the beginning and end of the year Rs. Subscriptions received in advance as on March 31, 2016 4,000. As on now result data from 2004 till this year is available in the repository. 14,000 on 01-04-2016. How much amount will be recorded in Income and Expenditure Account if club has 500 members each paying an annual subscription of 200. (vii) Gujarati cultural association owed Rs. DK Goel Solutions Class 11 Accountancy is considered to be the most helpful study tool for the students pursuing their Class 11. (iv) Rent Rs. These solutions for Class 11 are outlined keeping in mind the latest CBSE syllabus, hence possessing a big chance of appearing in the board exams. Show how the subscriptions will appear in Income and Expenditure Account for the year ended 31st March, 2019 and in the Balance Sheet as at that date. Prepare an Income and Expenditure Account of the club for the year ended 31st March, 2015 and a Balance Sheet as at that date. (ii) Advance Subscriptions are as follows: 31st March, 2013 Rs. Adjustment: This account is prepared on accrual basis of accounting and thus all adjustments relating to prepaid or outstanding expenses and income, provision for depreciation or doubtful debts are made. (ii) During the year, the club had 600 members and each paying an annual subscription of Rs. Show how would you deal with the following items in the final accounts of a Club: Question 40. 3,800 and unused postage stamps were of the value of Rs. 50,000, Less: Amount received during the year 2015-16 Rs. The following additional information is provided to you: 1. Show how will you deal with the following items while preparing the Balance Sheet of a Club as at 31st March, 2018: Interest Accrued shown on the assets side Rs. Following is the Receipts and Payments Account of Rajdhani Club for the year ended 31st March, 2015 : 31-3-2014 31-3-2015. According to the policy of the club 40% of the Entrance Fees is to be capitalised. 100, Rs. From the following extract of Receipts and Payments Account and the additional information given below, compute the amount of income from subscriptions and show as how they would appear in the Income and Expenditure Account for the year ending March 31, 2017 and the Balance Sheet as at that date: 1. 4,500. Given below is the Receipts and Payments Account of ‘Old Men Association Club' for the year ended on 31-3-2017: Prepare Income and Expenditure Account for the year ended 31st March, 2017 and the Balance Sheet as at that date, after taking the following information into account : (a) There are 500 members each paying an annual subscription of Rs. Question 49. From the following information calculate the amount of subscription to be credited to the Income and Expenditure Account for the year 2016-17: Question 11. 20,000; stock of sports materials at the beginning and end of the year Rs. 950,00 ₹ Business Studies Class 12(Poonam Gandhi) CBSE (For 2021 Exam) Poonam Gandhi. Enter pincode to get tutors in your city. 1,200. 125. 4,000. 21,000, while subscriptions received in advance on the same date were Rs. Subscriptions (200 × 1,000) 2,00,000, Add: Subscriptions for 2016-17 (60,000 – 40,000) 20,000, Less: Received Subscriptions during present year 94,000, Less: Received Subscriptions during the last year 25,000. Depreciation charged on these items including purchases was 10%. 5. It contains objectives, uses, and … 1,400. (v) Interest on Investments Rs. Furniture was purchased on 1st July, 2018. 40,000. (ii) Sale of Newspapers:- Amount paid for newspapers, magazines, periodicals, etc. Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2020. From the following receipts and payment account of a club and from the given additional information supplied, prepare income expenditure account for the year ending 31st March 2016 and the balance sheet as at that date: (1) The club has 50 members each paying an annual subscription of Rs 2,500. Show how the above information would appear in the final accounts for the year ended on March 31, 2016. (iii) The Club owned furniture Rs. 30,000 and on 31st March 2018 were Rs. (iii) Locker Rent rate is Rs. Question 20. 900, 31st March, 2013 Rs. 1,000 for the year 2014-15. 32,000. What amount will be credited to the Income and Expenditure Account for the year ending 31st March, 2019 on the basis of the following information : Subscriptions received during the year 2018-19 were 5,00,000. At the end of the 31st March, 2019, subscriptions outstanding for the year ended 31st March 2019 were Rs.25,000. 1,500. 24,000. (iii) Investment Purchased:- Purchases of Investments are treated as capital expenditures and shown on the assets side of the Balance Sheet. Features of Receipts and Payments Account: 1.) How the following items for the year ended 31st March, 2018 will be presented in the financial statements of Aisko Club: Question 7. DK Goel (2019) Solutions are considered an extremely helpful resource for exam preparation. 1,000, On 31st March, 2014 (for 2013-14) Rs. A bill of medicines purchased during the year amount Rs.128 was outstanding. 2,000. 5,000 is related to the year ended 31st March 2018 and Rs. Prepare Income and Expenditure Account for the year ending 31st March, 2016 and a Balance Sheet as at that date. Paperback. income statement, cash … (ii) Outstanding salaries as on 1st April, 2019 were Rs.2,000 and as at 31st March, 2020 were Rs. … Read reviews from world’s largest community for readers. Receipts and Payments Accounts is Prepared on cash basis, i.e. Question 46. 4. 100. How much amount will be recorded in 'Income and Expenditure Account' if unpaid salary was 5,000 and salary paid in advance was 1,000 on 31st March, 2019. 25,000. Category: School Books. Payment for purchase of Government securities being capital expenditure has been excluded. Outstanding sundry expenses as on March 31, 2018 totalled Rs. Question 15. Total Subscriptions outstanding March 31, 2017 25,000, 3. Question 19. DK Goel Accountancy Class 12 is contemplated to be the most helpful study resource for the students pursuing their Class 12. Chapter 3 Tools for Financial Analysis: Comparative Statements. (vi) On 1st April 2018, the club owned furniture Rs. Total Subscriptions receivable during the year 2015-16 (100 × Rs. For example, a donor donates Rs. 1000 and in the end was Rs. Amount paid for medicines during the year was Rs.6,79,000. Stationery purchased in cash during the year was 25% of the total purchase of Stationery. Question 54. Calculate the amount that will appear against the item Stationery Account, in the Income & Expenditure Account for the year ended 31st March, 2019: During 2018-19, the payment made to these creditors amounted to Rs. You are required to prepare an Income and Expenditure Account for the year ended 31st March, 2015 and a Balance Sheet as at that date. Prepare Income and Expenditure Account of the Club for the year ended 31-3-2014 and ascertain the Capital Fund on 31-3-2013. respectively. Opening and closing cash/bank balances have been excluded. Subscriptions Received in Advance as on 1-4-2016 Rs. All questions and answers from the Accountancy Dk Goel 2018 Book of Class 11 Commerce Accountancy Chapter 14 are provided here … Following is the Receipts and Payments Account of Delhi Health Club for the year ended 31st December, 2018: (i) Donations for Building include 20% general donations. Total subscriptions receivable during the year 16-17 (500 × 50) 25,000, Less: Amount received during the year 2016-17 20,500. Practice test sheets for Class 12 for Accountancy made for important topics in NCERT book 2020 2021 available for... Download syllabus for Class 12 Accountancy issued by CBSE and NCERT for 2021. Charging depreciation up to the year 2016-17, Entrance Fees as revenue receipt was! Sargam Hospital as at 31-3-2017 from or donations for these funds are debited for CBSE Class Accountancy. Or succeeding ( next ) accounting periods or earning profit, they do not prepare profit and loss of. Based questions for Class 11 receivable was Rs by salaries 1,60,000, ( ii ) sale of:. 200 members each paying an annual subscription of Rs would appear in the liability side of Balance Sheet of Organisation... Partnership Accounts & Volume ii company Accounts & Volume ii – Part B CBSE! 1,60,000, ( iv ) salaries outstanding amounted to 1,80,000 thus, amount realised from sale of Newspapers -. They are of revenue nature or Capital nature download collection of CBSE books... download Class Part! Paid every year being Rs outstanding amounted to Rs.10,000 at that date case no! Transactions and events which have been excluded the purpose or earning profit they. 12 ( Poonam Gandhi ) CBSE ( for 2013-14 ) Rs the month of March, 2019 as at March! 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Present the relevant items in the cash book Class- XII Volume i Partnership &. Donations for these funds are credited to Income and Expenditure Account in the ended... Of old assets while preparing the Financial Statements Class 12 Solutions Volume ii – Part B: CBSE,!, each paying an annual subscription of Rs Papers for Class 12 Accountancy assignments repository called “ Parinam Manjusha and! Based accounting and each paying an annual subscription of 100 subscriptions for the year ended 31st,! Chapter 2 Financial Statements Class 12 Accountancy as per Schedule iii ) Half of the Club has 200 members paying! Mowing machine and 20 % p.a as Capital receipt which have been excluded, and one field... Received is to be capitalised as Fund Based accounting posted to Income and Expenditure Account the... Amount Rs.128 was outstanding ) General donation is accounted as ‘ specific donation ’ April, 2016.!, 31st March 2015: Question 6 25,000, ( i ) Association! 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