Question 1.

How the following items for the year ended 31st March, 2018 will be presented in the financial
statements of Aisko Club: (CBSE Delhi 2019)

Additional information:
Interest Accrued on Tournament Fund Investments ₹ 6,000

Question 2.
From the following information calculate the amount of ‘Sports Material’ to be debited to Income
and Expenditure Account of Young Football Club for the year ended 31st March, 2018. {CBSE
Delhi 2019)

Question 3.
Present the following items in dic Balance Sheet of Queens Club as at 31st March. 2019:
(CBSE Comp. 2019-20)

Expenditure on construction of building ₹ 3,60,000. The construction work is in progress and

has not yet been completed.
Question 4.

From the following Receipts and Payments Accounts of Rolaxe Club, for the year ended 31st
March, 2019. Prepare Income and Expenditure Account for the year ended 31st March, 2019.

Additional Information :-
(i) Depreciate furniture by 15% p.a.
(ii) There were 416 Life Members on 31.3.2018 the subscription payable by each member, to be
a life time member is ₹ 125
(iii)

Question 5.
Following is the receipt and payment account of Indian sports club, prepared income and
expenditure account, balance sheet as on December 31,2006.
Other informations:
Subscription outstanding was on 31 December 2013, ₹ 1,200 and ₹ 3,200 on 31 December
2013; Locker Rent outstanding on 31 December, 2013 ₹ 250. Salary outstanding on 31
December, 2013 ₹ 1,000.
On January 1, 2013, club has building ₹ 36,000, Furniture ₹ 12,000. Sports Equipments ₹
17,500. Depreciation charged on these items @ 10% (including purchase).

Question 6.
Following is the information given in respect of certain items of a sports club. Show these items
in the Income and Expenditure Account and the Balance Sheet of the club:
Question 7.

Anita and Anaya are partners sharing profits in the ratio of 3 : 2. They admit Ashna into
partnership. It was agreed to value goodwill at three year’s purchase on the basis of
weighted average profit for the past 5 years. Weights being assigned to each year were:-
The profits of 5 years were:-

Year ended Profits

31  March, 2015
st
1,80,000
31  March, 2016
st
1,60,000
31  March, 2017
st
2,50,000
31  March, 2018
st
3,00,000
31  March, 2019
st
3,50,000

Book revealed:

An abnormal gain of Rs. 20,000 was earned in the year ended 31st March, 2016.

a. An abnormal loss of Rs. 10,000 was incurred in the year ended 31 st March, 2017.
b. Expense of 50,000 incurred to overhaul a machine on 1st April, 2017 was debited to
profit and loss account instead of being debited to machinery account. Depreciation
is charged on machinery @20% on written down value method.
c. Closing stock as on 31st March 2018 was undervalued by Rs. 20,000.

Calculate the value of goodwill.

Question 8:

Calculate the value of firm's goodwill on the basis of one and half years' purchase of the
average profit of the last three years. The profit for first year was ₹ 1,00,000, profit for the
second year was twice the profit of the first year and for the third year profit was one and
half times of the profit of the second year.