Question
Q.1 What do you mean by Government Deficit? Explain. Q.2 Discuss the implications of Government Deficit. Q.3 From the following Receipts and Payment Accounts of
Q.1 What do you mean by Government Deficit? Explain.
Q.2 Discuss the implications of Government Deficit.
Q.3 From the following Receipts and Payment Accounts of XYZ.
a)You are required to prepare Income and Expenditure Account for the year ended 31st Dec.2018.
Dr. Cr.
Receipts | Amount(OMR) | Payments | Amount(OMR) |
Balance b/d Entrance fee Subscriptions: 200:3,000 200:13,000 200:1,000--------------------- Sale of furniture Sale of news papers Rent of Hall Proceeds from entertainment Special subscription for Governors Party
| 16,000 5,200
17,000 1,500 500 2,250 6,250
2,500
51,200 | Salaries Addition to library Payment to creditors Repairs Electric fittings Printing &stationery Miscellaneous expenses By Balance c/d | 6,500 14,500 1,400 600 9,500 2,000 400 16,300
51,200 |
b) How are Specific donations treated while preparing final accounts of a Not-For-Profit Organization?
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