The following information pertains to a cultural club:
Stock of tinned provisions (as on 1st April 1994) : Rs. 25,000
Purchased during the year : Rs. 1,50,000
Stock of tinned provisions (as on 31st March 1995) : Rs. 50,000
Sale of tinned provisions during the year : Rs. 1,50,000
The amounts to be debited and credited respectively to the Income and Expenditure account would be:
A. Rs. 1,75,000 and Rs. 1,50,000
B. Rs. 1,25,000 and Rs. 1,75,000
C. Rs. 1,25,000 and Rs. 1,50,000
D. Rs. 1,75,000 and Rs. 1,25,000
Answer: Option C
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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