Final Account Details and Purpose Quiz

What is the primary purpose of the final account?

To provide a summary of financial activities

What type of details are included in the final account?

Detailed transaction history

Which of the following would NOT be found in the final account details?

Marketing budget projections

What is the gross profit for 'X' Ltd. Co. for the year ending 31st March 2012?

₹4,20,000 Signup and view all the answers

What is the net profit after tax for 'X' Ltd. Co. for the year ending 31st March 2011?

₹55,000 Signup and view all the answers

What are the total indirect expenses for 'X' Ltd. Co. for the year ending 31st March 2012?

₹2,40,000 Signup and view all the answers

What are the net sales for 'X' Ltd. Co. for the year ending 31st March 2011?

₹10,00,00 Signup and view all the answers

What is the total amount of receipts for the Nanasaheb Patil Engineering College, Faizpur for the year ending 31-03-2013?

₹ 13,50,320 Signup and view all the answers

How much is the outstanding subscription for Nanasaheb Patil Engineering College as of 31-03-2013?

₹ 4,200 Signup and view all the answers

What is the balance in the Fixed Deposit account as of 31-03-2013?

₹ 7,50,100 Signup and view all the answers

What is the total amount of Life Membership Fees to be capitalized at Nanasaheb Patil Engineering College?

₹ 11,20,000 Signup and view all the answers

What amount should be added to the Income and Expenditure Account for outstanding subscriptions?

₹1,500 Signup and view all the answers

What is the primary purpose of preparing the Income and Expenditure Account?

To record all the revenue and expenses of the organization Signup and view all the answers

How much should be depreciated for sports material at 12% p.a. in the Income and Expenditure Account?

₹4,480 Signup and view all the answers

What should be done with the entrance fees in the Income and Expenditure Account?

It should be capitalized in the account Signup and view all the answers