Comprehension
Read the following information provided by a school and attempt Question 46-50
The Trial Balance of a school as on 31.3.2017 is
Additional Information :
The book value of the furniture sold was ₹ 50,000 on April 1, 2016 was sold for ₹ 20,000.
The Trial Balance of a school as on 31.3.2017 is
| Debit Balance | Amount (₹) | Credit Balance | Amount (₹) |
| Building | 6,25,000 | Admission fees | 12,500 |
| Furniture | 50,000 | Tuition fees received | 5,00,000 |
| Library books | 1,50,000 | Creditors for supplies | 15,000 |
| Investment @ 12% (14.16) | 5,00,000 | Rent for the school hall | 10,000 |
| Salaries | 5,00,000 | Miscellaneous receipes | 30,000 |
| Stationery | 40,000 | Legacies (general) | 3,50,000 |
| General expenses | 18,000 | General fund | 10,00,000 |
| Sports expenses | 15,000 | Donation for library books | 62,500 |
| Cash at bank | 1,00,000 | Sale of old furniture | 20,000 |
| Cash in hand | 2,000 | ||
| 20,00,000 | 20,00,000 |
The book value of the furniture sold was ₹ 50,000 on April 1, 2016 was sold for ₹ 20,000.
Question: 1
What amount of Interest on investment will be credited to Income and Expenditure account ?
What amount of Interest on investment will be credited to Income and Expenditure account ?
Updated On: Sep 19, 2024
- ₹ 60,000
- ₹ 30,000
- ₹ 1,20,000
- ₹ 50,000
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The Correct Option is A
Solution and Explanation
The correct option is (A) :₹ 60,000.
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Question: 2
Tuition Fees Received will be ______
Tuition Fees Received will be ______
Updated On: Sep 19, 2024
- Shown as liabilities in Balance Sheet
- Shown as Expense and debited to Income and Expenditure A/c
- Shown as Income and credited to Income and Expenditure A/c
- Shown as payments in Receipt and Payment Account
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The Correct Option is C
Solution and Explanation
The correct option is (C) :Shown as Income and credited to Income and Expenditure A/c.
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Question: 3
General Fund is also known as
General Fund is also known as
Updated On: Sep 19, 2024
- Restricted Fund
- Assets Fund
- Capital Fund
- Surplus or Deficit
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The Correct Option is C
Solution and Explanation
The correct option is (C) :Capital Fund.
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Question: 4
Furniture of Book value ₹ 50,000 was sold for ₹ 20,000. Loss on Sale of Furniture of ₹ 30,000 will be ________
Furniture of Book value ₹ 50,000 was sold for ₹ 20,000. Loss on Sale of Furniture of ₹ 30,000 will be ________
Updated On: Sep 19, 2024
- Credited to Receipt and Payment A/c
- Debited to Receipt and Payment A/c
- Credited to Income and Expenditure A/c
- Debited to Income and Expenditure A/c
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The Correct Option is D
Solution and Explanation
The correct option is (D) :Debited to Income and Expenditure A/c.
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Question: 5
Excess of Sports Expenses over Sports Funds will be
Excess of Sports Expenses over Sports Funds will be
Updated On: Sep 19, 2024
- Debited to Income and Expenditure A/c
- Credited to Income and Expenditure A/c
- Shown on Assets side
- Shown as Negative balance on Liabilities side
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The Correct Option is A
Solution and Explanation
The correct option is (A) :Debited to Income and Expenditure A/c.
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