Financial Statements

Nature/Structure

Medium

There are 500 members in a Rotary club, who provide medical services to poor people in backward area. Each member pays 1,000 Rs. as subscription. During financial year 100 members paid partial subscription of Rs.80,000. 10 members left without giving yearly subscription. Amount received during current financial year will be

Rs.4,80,000

Rs.4,70,000

Rs.4,90,000

Rs.5,00,000

✅ Correct Option: 2

Total members = 500. Members who paid fully = 500 - 100 (partial) - 10 (left) = 390.

Amount from fully paying members = 390 x 1,000 = 3,90,000.

Amount from 100 partial payers = 80,000.

Amount from 10 defaulters = 0.

Total received = 3,90,000 + 80,000 = Rs.4,70,000.

2022: 8 Aug Shift 2

Which one of the following is not true?

2023: 29 May Shift 2

Trade payables to be settled beyond 12 months from the date of Balance sheet or beyond the operating cycle are classified under:

2023: 28 May Shift 1

Amount received from the sale of furniture for Rs. 7000 (Book value Rs. 10,000). The amount to be shown in receipts and payments account will be :

2025: 30 May Shift 1

Which among the following items is shown as the Major Head in the balance sheet of a company?

2025: 14 May Shift 1

Match List-I with List-II

List-I	List-II
(A) Shareholders fund	(I) Long-term loans and advances
(B) Non-current Liabilities	(II) Reserves and Surplus
(C) Current Liabilities	(III) Long term provisions
(D) Non-Current Assets	(IV) Trade payables

Choose the correct answer from the options given below:

2022: 23 Aug Shift 2

From the following information calculate how much amount of depreciation will be shown in the Income and Expenditure A/c for the year 2021-22 :

	As on 31 March, 2021	As on 31 March, 2022
Furniture	Rs. 1,80,000	Rs. 1,60,250

Furniture worth Rs. 8,000 was sold for Rs. 10,000 on 1 April, 2021.

Solution