1(a) A Club has 1440 members, each paying annual subscription of 200.Subscription outstanding as on 31.3.2020:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1(a) A Club has 1440 members, each paying annual subscription of 200.Subscription outstanding as on 31.3.2020: * 19,000.Subscription received in advance as on 31.3.2020: 6,000.Subscription received during 2020-2021 includes 17,000 for 2019-2020 and 10,000 for 2021-2022.Three Members died without paying annual subscription for the previous year and current year. Subscription outstanding for the year 2020-2021: 11,400. Calculate the Subscription received for the year 2020-2021. (4.33 Marks] (b) Balances as at 1.4.2020: Capital Fund 4,00,000.During the year Expenditure on Building 4,00,000, Prizes awarded 2,00,000, Interest Received on Investments 4,00,000.Investments were made against the Building, Prize and Reserve Funds commonly. Calculate the Balance of Capital Fund to be shown in the Closing Balance Sheet.[3 Marks) (c) Cost of goods available for sale 4,00,000, Total Sales 3.20,000, Opening stock of goods 80,000, Gross Profit Margin 25%. 1,80,00,000. Building Fund 24,00,000, Prize Fund 12.00,000, Reserve Fund Calculate the Closing stock of goods. [3 Marks) (d) On 1.04.2020, the balance of Machinery Account 9,28,000 . It was discovered during 2020-2021 that 1,00,000 being the cost of generator purchased on 1st Oct, 2018 had been written off to Stores. After rectification and depreciation @ 20% p.a. on reducing balances, Calculate the balance of Machinery Alc as at 31.03.2021. [4 Marks) (e) Give any four points of difference between Operating Lease and Finance Lease. [4 Marks) 1(a) A Club has 1440 members, each paying annual subscription of 200.Subscription outstanding as on 31.3.2020: * 19,000.Subscription received in advance as on 31.3.2020: 6,000.Subscription received during 2020-2021 includes 17,000 for 2019-2020 and 10,000 for 2021-2022.Three Members died without paying annual subscription for the previous year and current year. Subscription outstanding for the year 2020-2021: 11,400. Calculate the Subscription received for the year 2020-2021. (4.33 Marks] (b) Balances as at 1.4.2020: Capital Fund 4,00,000.During the year Expenditure on Building 4,00,000, Prizes awarded 2,00,000, Interest Received on Investments 4,00,000.Investments were made against the Building, Prize and Reserve Funds commonly. Calculate the Balance of Capital Fund to be shown in the Closing Balance Sheet.[3 Marks) (c) Cost of goods available for sale 4,00,000, Total Sales 3.20,000, Opening stock of goods 80,000, Gross Profit Margin 25%. 1,80,00,000. Building Fund 24,00,000, Prize Fund 12.00,000, Reserve Fund Calculate the Closing stock of goods. [3 Marks) (d) On 1.04.2020, the balance of Machinery Account 9,28,000 . It was discovered during 2020-2021 that 1,00,000 being the cost of generator purchased on 1st Oct, 2018 had been written off to Stores. After rectification and depreciation @ 20% p.a. on reducing balances, Calculate the balance of Machinery Alc as at 31.03.2021. [4 Marks) (e) Give any four points of difference between Operating Lease and Finance Lease. [4 Marks)
Expert Answer:
Answer rating: 100% (QA)
a Subscription recieved for the year ended Aubscription to be recieved 288000 1440200 Subscription u... View the full answer
Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
Posted Date:
Students also viewed these accounting questions
-
How is cost of goods available for sale determined for a merchandising company?
-
(Appendix) How is cost of goods available for sale calculated using the periodic inventory system?
-
Total assets turnover 15 Gross profit margin on sales SalesCost of goods soldSales 25 Total liabilitiestoassets ratio 40 Quick ratio 080 Days sales outstanding based on 365day year 365 days Inventory...
-
Can public works increase equilibrium wages?
-
South African Imports Company has assembled the (a) balance sheet and (b) income statement and change in retained earnings for 20X1 shown in Exhibit 16-23. On December 30, 20X1, South African Imports...
-
A large hospital required nurses to work 80 hours over two-week (14 day) pay periods. In addition, nurses were also considered to be "on-call" for an additional 20 hours during the pay period. While...
-
What is a TRR and what is it intended to accomplish?
-
Deitz Inc. has three divisions which are operated as profit centers. Actual operating data for the divisions listed alphabetically are as follows. Instructions (a) Compute the missing amounts. Show...
-
CompanyA is using the Copy Data from Company feature to populate datain several tables in CompanyB.You select source tables for the data transfer. You observe that several ofthe tables do not appear...
-
Tiana White has just finished a meeting with Tina Garr, her vice president, when she runs into Mary Briones, a peer departmental manager, in the hallway. Mary. Youre frowning. Whats wrong? Tiana....
-
What are some reasons you believe you need, or should receive, financial assistance, Scholarship to attend a college/university?
-
Define the critical Mach number for subsonic flows. Describe how it is determined for an airfoil.
-
What is the function of transonic dip in unsteady transonic flow?
-
In what you are doing at the moment, which parts are project and which are ongoing or repetitive operations?
-
Explain why we need to resort to unsteady aerodynamic concepts for ornithopter studies.
-
Consider a piece of copper wire that is \(10 \mathrm{~m}\) long and has a diameter of \(1.0 \mathrm{~mm}\). The number density of free electrons in copper is \(8.4 \times 10^{28}\) electrons \(/...
-
If the weight of the vessel and the sand is 4450 kN, act at a center of gravity point that is 4 m(a) higher than the vessel's height, stabilizing the center () and check if the vessel is stable, (b)...
-
Prove that if Σ an is absolutely convergent, then a. an
-
Divide into teams of three or four students to decide on a new corporation. Determine a name and a product or service this corporation will provide. Develop a stock certificate for your corporation....
-
Give the entry in general journal form to record the issuance of the direct materials into production. During May 2016, Caty Co. purchased and issued the following materials and supplies. Use May 31...
-
The current assets and current liabilities of Diego Company on December 31, 2016 and 2015, are as follows. The corporation's net income for 2016 was $60,000. Included in its expenses was depreciation...
-
_____________ is also used as requirement finding and feasibility testing tool. (a) Prototype (b) Reports (c) System (d) Procedure
-
A prototype can be ___________. (a) Complete system with partial requirements (b) Working model (c) Full-fledged system (d) All of these
-
Which of the following systems development approach is adopted if information requirements are not well defined? (a) SDLC (b) Prototype (c) Structured approach (d) Agile
Study smarter with the SolutionInn App