The United Club closes its accounts on calendar year basis. It runs a pantry and general services. On 1st January, 2014 on the persuasion of some members, it laid a tennis court on the understanding that half of the cost of laying the court would be met by the said members individually and that the […]

The accounting records of the Happy Tickers Sports and Social Club are in a mess. You manage to find the following information to help you prepare the accounts for the year to 31 December, 2014. Notes: (1)      Ownership and all expenses of the motorised roller are agreed to be shared equally with the Carefree Convey-

The Comrades club makes up its account to 31st December in each year. On 31st December, 2014 the treasurer left the club premises and has not been seen since. An examination of the records showed that the books had not been written up for a considerable time, and it was decided to reconstruct the figures

The Income and Expenditure Account begins with : A debit balance B credit balance C no balance The Receipts and Payments Account records receipts and payments of : A. revenue nature only B. capital nature only C. revenue as well as capital nature A profit on the sale of furniture of a club will be

The following is the Receipts and Payments Account of Silver Streek Cricket Club for the year ended 31.12.2014. You are to prepare the Income and Expenditure Account for 2014 and Balance Sheet as at 31.12.2014 of the Club: Subscriptions : For 2013 (due as at 31.12.2013, ~ 1,500) received ~ 1,000; For 2015 advance ~

The following is the Receipts and Payments Account of the Calcutta Club for the year ending 31.12.2014: A building costing one lakh of rupees was purchased during the last year and ~ 88,000 was paid for it. Subscriptions outstanding for 2014——————————————————- ~ 1,100; Interest accrued on bank deposits but not received ~ 200; and Salaries

A joint venture is undertaken when the A. respective advantages of the parties are pooled together B. termination is uncertain C. ascertainment of income is simple D. accounting concepts are not applicable

In joint venture, discounting charges of a bill of exchange is A. reated as financial expenses and charged to profit and loss account B. treated as joint venture expense and charged to joint venture account C. treated as personal expenses of the drawee D. treated as personal expenses of the drawer Murari and Mihir entered

Arbind of Calcutta and Brown of Bombay entered into a joint venture in regard to a consignment of radio sets to be sent from London for sale in this country and they agreed to share profits equally. On 15th May, 2015, Brown purchased 1,000 sets at ~ 25,000 per hundred subject to 30% trade discount

Aswin of Madras and Gupta of Delhi entered into a joint venture on 1.4.2014 for the purpose of buying second-hand cars for reconditioning and selling them as airconditioned diesel cars. Aswin agreed to buy second-hand cars and recondition them and fit diesel engines. Gupta agreed to fix airconditioners and sell them at Delhi. They agreed