Sponsor Area
Name the financial statement prepared by a Not-For-Profit Organisation on accrual basis.
The financial statement prepared by a Not- For- profit organisation on accrual basis is Income and Expenditure Account.
Sponsor Area
State the provisions of Indian Partnership Act regarding the payment of remuneration to a partner for the services rendered.
Under Indian Partnership Act 1932, Unless there is a provision in the partnership deed, no partner is entitled to get salary or other remuneration for taking part in the conduct of the business of the firm.
For which share of Goodwill a partner is entitled at the time of his retirement?
At the time of retirement, a partner is entitled to his share of goodwill as per his profit share in the business. It is valued as per agreement among the partners and the retiring partner is compensated for his share of goodwill by the continuing partners in their gaining ratio.
State any two occasions on which a firm can be reconstituted.
A firm can be reconstituted on
1) Retirement or
2) Death of a partner.
From the following information, calculate the amount of income from subscriptions to be shown in the Income and Expenditure Account for the year ended 31-3-2011:
|
Subscriptions received during the year 2010-2011 |
Rs |
3,40,000 |
|
Subscriptions outstanding as on 31-3-2011 |
Rs |
47,000 |
|
Subscriptions received in advance as on 31-3-2011 |
Rs |
35,000 |
|
Subscriptions outstanding as on 1-4-2010 |
Rs |
28,000 |
|
Subscriptions received in advance as on 1-4-2010 |
Rs |
25,000 |
Calculation of Income from Subscription:
|
Details |
Amount (Rs.) |
|
|
Subscriptions Received during the year 2010-2011 Add: Subscriptions outstanding on 31.3.2011 47,000 Add: Subscriptions received in advance on 1.4.2010 25,000 |
3,40,000
72,000 |
|
|
4,12,000
63,000 |
||
|
Less: Subscriptions outstanding on 1.4.2010 28,000 Less: Subscriptions received in advance on 31.3.2011 35,000 |
||
|
Income from subscription for the year 2010-11 |
3,49,000 |
|
Sponsor Area
Mock Test Series
