Financial Statements

Nature/Structure

Easy

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 :

Rs. 10,000 on the receipts side

Rs. 7000 on the receipts side

Rs. 3000 on the payment side

Rs. 3000 on the receipts side

✅ Correct Option: 2

Receipts and Payments Account records actual cash transactions only. Therefore, the actual amount received on sale, Rs. 7,000, is shown on the receipts side. Book value and loss on sale are irrelevant to this account.

Note: This NPO-related question has been classified under Financial Statements / Nature-Structure as NPO accounting is not a listed subtopic.

2022: 20 July Shift 1

The Receipts and Payments Account of Lead Sports Club showed payment for sports materials as Rs. 46,000 for the year ended 31st March 2022.

Additional Information provided is as follows :

Details	31st March 2021	31st March 2022
Stock of sports Materials	Rs. 8,000	Rs. 6,000
Creditors	Rs. 18,000	Rs. 5,000

Calculate the amount of Sports Materials consumed during the year ended 31st March 2022.

2025: 26 May Shift 2

An annual report is issued by a company to its --------------.

2023: 20 June Shift 2

The closing value of Building as on 31.3.2017 was:

2026: 29 May Shift 1

The financial statements of a business enterprise does not include:

2025: 3 June Shift 2

Which among the following item does not appear on the balance sheet of a company?

2025: 31 May Shift 1

Which of the following is not the nature of financial statements-

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 :

Solution

Related questions:

Keyboard Shortcuts

CUET Accountancy Past Year Questions (Topic-Wise)