P Flag question CASE STUDY Given below is the opening Balance sheet and Receipts and Payments account of Majan Club for the year ending 31st December 2020. Balance Sheet as on 31st December 2019 (Opening Balance Sheet) Liabilities OMR Assets OMR Salary outstanding 2,500 Cash in hand 2,100 Capital fund (Balancing Subscriptions figure) 71,100 outstanding 4,500 Investments 15,000 Furniture 12,000 Sports equipments 40,000 73,600 73,600 Receipts and Payments account Receipts OMR Payments Balance b/d 2,100 Rent Subscriptions 56,800 Salaries Interest 400 Sundry expenses Donation(General purpose) 6,000 Investment purchased OMR 9,500 25,000 3,500 25,000 800 Donation for building fund 55,000 Newspapers Sports equipments Miscellaneous receipts 620 purchased on 30-06-2020 30,000 Sale of old newspapers 200 Balance c/d 27,320 121,120 121,120 Additional information: Subscriptions outstanding at the end of the year RO 6,500 Salaries outstanding at the end of the year amounts to RO 3,000 Depreciation for furniture is 10% and sports equipment is 20% Based on the above case, answer the following questions 7 questions (Question 35-41) Based on the above case, the donation for building is taken as: Question 35 Not yet answered Marked out of 1.00 P Flag question O a. An item of income in the income statement O b. An item of expenditure in the income statement c. An asset in the Balance Sheet O d. A Liability in the Balance Sheet Based on the above case, the salary expense debited in income statement is: Question 36 Not yet answered Marked out of 1.00 P Flag question O a. RO 23,500 b. RO 24,500 C.RO 22,500 O d.RO 25,500 The amount of salary outstanding to be shown in the Balance Sheet is: Question 37 Not yet answered Marked out of 1.00 Hag question O a RO 3,000 O b. RO 1,500 OC.RO 5,500 O d.RO 2,500 Question 38 The amount of subscription outstanding to be shown in the balance sheet is Not yet answered Marked out of 1.00 a. RO 2,000 b. RO 11,000 OG RO 6,500 O d. RO 4,500 P Flag question The depreciation for furniture amounts to: Question 39 Not yet answered Marked out of 1.00 Hag question a. RO 2,800 O b. RO 600 O C. RO 1,200 O d. RO 2,400 Question 40 The depreciation for sports equipment amounts to: Not yet answered Marked out of 1.00 O a. RO 14,000 O b. RO 8,000 OC. RO 13,000 O d.RO 11,000 P Flag question Question 41 Not yet answered Marked out of 1.00 The Subscription credited to income statement amounts to: O a. RO 61,300 O b. RO 58,800 O C. RO 63,300 O d.RO 54,800 P Flag
