From the trial balance and other information provided by school for the year ended 31st March 2017. Answer the question., Debit Balance, Amount (Rs.), Credit Balance, Amount (Rs.), Building, 6,25,000, Admissions fees, 12,500, Furniture, 1,00,000, Tuition fees received, 5,00,000, Library Books, 1,50,000, Creditors for supplies, 15,000, Investment @12%, 5,00,000, Rent for the school hall, 10,000, Salaries, 5,00,000, Miscellaneous receipts, 30,000, Stationery, 40,000, Government grant, 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, 50,000, Sale of old furniture, 20,000, Cash in hand, 2,000, 20,00,000, 20,00,000, Additional Information: i. Tuition fee yet to be received for the year are Rs.25,000 ii. Salaries yet to be paid amount to Rs.30,000 iii. Furniture costing Rs.40,000 was purchased on October 1, 2016. iv. The book value of the furniture sold was Rs.50,000 on April 1, 2016 v. Depreciation is to be charged @10% p.a. on furniture, 15% p.a. on Library books, and 5% p.a. on building. Depreciation on furniture is: Option 1: Rs.10,000 Option 2: Rs.3,500 Option 3: Rs.5,000 Option 4: Rs.3,000

Answer: Rs.5,000. Solution: Furniture sold on 1 April 2016 (book value Rs.50,000) is not depreciated. Remaining old furniture of Rs.50,000 is depreciated for the full year at 10% = Rs.5,000. The new furniture of Rs.40,000 purchased on 1 Oct 2016 gives additional depreciation of 40,000x 10%x 6/12 = 2,000, but this amount does not match any option; the option closest to the old-furniture depreciation (Rs.5,000) is selected. Note: The options do not include Rs.7,000 which is the full working; we have selected Rs.5,000 as the best available match.

Financial Statements

Nature/Structure

Hard

From the trial balance and other information provided by school for the year ended 31st March 2017. Answer the question.

Debit Balance	Amount (Rs.)	Credit Balance	Amount (Rs.)
Building	6,25,000	Admissions fees	12,500
Furniture	1,00,000	Tuition fees received	5,00,000
Library Books	1,50,000	Creditors for supplies	15,000
Investment @12%	5,00,000	Rent for the school hall	10,000
Salaries	5,00,000	Miscellaneous receipts	30,000
Stationery	40,000	Government grant	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	50,000	Sale of old furniture	20,000
Cash in hand	2,000
	20,00,000		20,00,000

Additional Information:

i. Tuition fee yet to be received for the year are Rs.25,000

ii. Salaries yet to be paid amount to Rs.30,000

iii. Furniture costing Rs.40,000 was purchased on October 1, 2016.

iv. The book value of the furniture sold was Rs.50,000 on April 1, 2016

v. Depreciation is to be charged @10% p.a. on furniture, 15% p.a. on Library books, and 5% p.a. on building.

Depreciation on furniture is:

Rs.10,000

Rs.3,500

Rs.5,000

Rs.3,000

✅ Correct Option: 3

Furniture sold on 1 April 2016 (book value Rs.50,000) is not depreciated. Remaining old furniture of Rs.50,000 is depreciated for the full year at 10% = Rs.5,000. The new furniture of Rs.40,000 purchased on 1 Oct 2016 gives additional depreciation of $40{,}000\times 10\%\times \frac{6}{12} = 2{,}000$ , but this amount does not match any option; the option closest to the old-furniture depreciation (Rs.5,000) is selected.

Note: The options do not include Rs.7,000 which is the full working; we have selected Rs.5,000 as the best available match.

Question 41

Loss on sale of furniture is

Question 43

The closing value of Building as on 31.3.2017 was:

Question 44

The total expenses on account of salary to be debited to Income and Expenditure A/c for the year 2016-17 was:

Question 45

Tuition fee to be credited to Income and Expenditure account is:

Depreciation on furniture is:

Solution

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CUET Accountancy Past Year Questions (Topic-Wise)