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N.P. Jewelers...

Question

N.P. Jewelers received an order to supply gold ornaments worth Rs 5,00,000. They supplied ornaments worth Rs 2,00,000 up to the year ending 31st March 2018 and rest of the ornaments were supplied in April 2018. What shall be the revenue of N.P. Jewelers for the year ending 31st March 2018?

A

Rs 5,00,000

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B

Rs 7,00,000

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C

Rs 2,00,000

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D

Rs 4,00,000

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Solution

The correct option is C
Rs 2,00,000

The revenue for the year 2018 for N.P. Jeweler is Rs 2,00,000. Merely getting an order is not considered as revenue until the goods have been delivered.

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Q. Subscriptions received during the year ended 31st March , 2018 are:

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To Opening Cash		18,000	By Building	4,00,000
To Donations for Building		4,50,000	By Project Expenses(Young Talent Search and Development)	90,000
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Additional Information:
(i) During the year ended 31st March , 2018, the club had 550 members and each paying an annual subscription of ₹ 100.
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Prepare Income and Expenditure Account of the Club for the year ended 31st March , 2018.

Subscriptions received during the year ended 31st March , 2019 are:	₹	₹
For the year ended 31st March, 2018	1,600
For the year ended 31st March, 2019	84,400
For the year ended 31st March, 2020	3,200	89,200

There are 450 members, each paying an annual subscription of ₹ 200; ₹ 1,800 were in arrears for the year ended 31st March, 2018.
Calculate amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2019.

Q. Calculate amount to be posted to the Income and Expenditure Account for the year ended 31st March, 2018:
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₹5,400; Stock of Stationery in Hand on 31st March, 2018

—

₹250.
(ii) Stock of Stationery in Hand on 1st April, 2017

—

₹ 1,500; Payment made for Stationery during the year ended 31st March, 2018

—

₹5,400; Stock of Stationery in Hand on 31st March, 2018

—

₹250.
₹
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Creditors for Stationery on 1st April, 2017 1,000
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Stock of Stationery on 31st March, 2018 250

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