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Read the following information and answer the questions that follow:Talent sports Club is engaged in the activity of identifying and promoting sports talent from rural and tribal areas of the country. Identifying with this Noble cause Mr. Manohar, a renowned industrialist donated ₹ 50,00,000 on 1st July, 2020, for the construction of a new hostel and mess for upcoming sportsmen.Besides this, Mr. Manohar offered the services of his personal chartered accountant, free of charge, to streamline the account of Total Sports Club. The chartered accountant visited the office of the NPO on 31st March, 2021 and found that till date ₹ 35,00,000 had been spent on construction of the hostel and mess building. He also noted that the NPO had a capital fund of ₹1,20,00,000 in the beginning of the year. Other important points that he noted were that NPO had 2000 regular members each having an annual subscription of ` 2,000 per annum.On 1st April, 2020, 180 members had not paid for subscription of the previous year and 20 members had paid for 2020-2021 in advance (out of which 5 had paid advance of 2021- 2022 as well). 31st March, 2021, 110 members he had outstanding balance (including 50 who had not paid for 2019-20 as well) and 25 members had paid for 2021- 2022 in advance (including all 5 who had paid in advance in 2019-20).Since the accountant of NPO was not clear about how to deal with all the above information he drafted a set of questions for guidance. Considering that you are the Chartered Accountant of Mr. Manohar answers the following questions based on the information detailed above.The amount of ₹ 35,00,000 spent on construction of building should be:(i) reflected on the debit side of income and expenditure account as an expense.(ii) reflected on the asset side of the balance sheet.(iii) reflected as a deduction from Building fund and addition to capital fund.(iv) not be recorded till the building is complete.Q. On the basis of given information choose which of the following stands true?a)Only (iv)b)Both (i) and (iv)c)Both (ii) and (iii)d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Read the following information and answer the questions that follow:Talent sports Club is engaged in the activity of identifying and promoting sports talent from rural and tribal areas of the country. Identifying with this Noble cause Mr. Manohar, a renowned industrialist donated ₹ 50,00,000 on 1st July, 2020, for the construction of a new hostel and mess for upcoming sportsmen.Besides this, Mr. Manohar offered the services of his personal chartered accountant, free of charge, to streamline the account of Total Sports Club. The chartered accountant visited the office of the NPO on 31st March, 2021 and found that till date ₹ 35,00,000 had been spent on construction of the hostel and mess building. He also noted that the NPO had a capital fund of ₹1,20,00,000 in the beginning of the year. Other important points that he noted were that NPO had 2000 regular members each having an annual subscription of ` 2,000 per annum.On 1st April, 2020, 180 members had not paid for subscription of the previous year and 20 members had paid for 2020-2021 in advance (out of which 5 had paid advance of 2021- 2022 as well). 31st March, 2021, 110 members he had outstanding balance (including 50 who had not paid for 2019-20 as well) and 25 members had paid for 2021- 2022 in advance (including all 5 who had paid in advance in 2019-20).Since the accountant of NPO was not clear about how to deal with all the above information he drafted a set of questions for guidance. Considering that you are the Chartered Accountant of Mr. Manohar answers the following questions based on the information detailed above.The amount of ₹ 35,00,000 spent on construction of building should be:(i) reflected on the debit side of income and expenditure account as an expense.(ii) reflected on the asset side of the balance sheet.(iii) reflected as a deduction from Building fund and addition to capital fund.(iv) not be recorded till the building is complete.Q. On the basis of given information choose which of the following stands true?a)Only (iv)b)Both (i) and (iv)c)Both (ii) and (iii)d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the following information and answer the questions that follow:Talent sports Club is engaged in the activity of identifying and promoting sports talent from rural and tribal areas of the country. Identifying with this Noble cause Mr. Manohar, a renowned industrialist donated ₹ 50,00,000 on 1st July, 2020, for the construction of a new hostel and mess for upcoming sportsmen.Besides this, Mr. Manohar offered the services of his personal chartered accountant, free of charge, to streamline the account of Total Sports Club. The chartered accountant visited the office of the NPO on 31st March, 2021 and found that till date ₹ 35,00,000 had been spent on construction of the hostel and mess building. He also noted that the NPO had a capital fund of ₹1,20,00,000 in the beginning of the year. Other important points that he noted were that NPO had 2000 regular members each having an annual subscription of ` 2,000 per annum.On 1st April, 2020, 180 members had not paid for subscription of the previous year and 20 members had paid for 2020-2021 in advance (out of which 5 had paid advance of 2021- 2022 as well). 31st March, 2021, 110 members he had outstanding balance (including 50 who had not paid for 2019-20 as well) and 25 members had paid for 2021- 2022 in advance (including all 5 who had paid in advance in 2019-20).Since the accountant of NPO was not clear about how to deal with all the above information he drafted a set of questions for guidance. Considering that you are the Chartered Accountant of Mr. Manohar answers the following questions based on the information detailed above.The amount of ₹ 35,00,000 spent on construction of building should be:(i) reflected on the debit side of income and expenditure account as an expense.(ii) reflected on the asset side of the balance sheet.(iii) reflected as a deduction from Building fund and addition to capital fund.(iv) not be recorded till the building is complete.Q. On the basis of given information choose which of the following stands true?a)Only (iv)b)Both (i) and (iv)c)Both (ii) and (iii)d)None of the aboveCorrect answer is option 'C'. Can you explain this answer?.

Solutions for Read the following information and answer the questions that follow:Talent sports Club is engaged in the activity of identifying and promoting sports talent from rural and tribal areas of the country. Identifying with this Noble cause Mr. Manohar, a renowned industrialist donated ₹ 50,00,000 on 1st July, 2020, for the construction of a new hostel and mess for upcoming sportsmen.Besides this, Mr. Manohar offered the services of his personal chartered accountant, free of charge, to streamline the account of Total Sports Club. The chartered accountant visited the office of the NPO on 31st March, 2021 and found that till date ₹ 35,00,000 had been spent on construction of the hostel and mess building. He also noted that the NPO had a capital fund of ₹1,20,00,000 in the beginning of the year. Other important points that he noted were that NPO had 2000 regular members each having an annual subscription of ` 2,000 per annum.On 1st April, 2020, 180 members had not paid for subscription of the previous year and 20 members had paid for 2020-2021 in advance (out of which 5 had paid advance of 2021- 2022 as well). 31st March, 2021, 110 members he had outstanding balance (including 50 who had not paid for 2019-20 as well) and 25 members had paid for 2021- 2022 in advance (including all 5 who had paid in advance in 2019-20).Since the accountant of NPO was not clear about how to deal with all the above information he drafted a set of questions for guidance. Considering that you are the Chartered Accountant of Mr. Manohar answers the following questions based on the information detailed above.The amount of ₹ 35,00,000 spent on construction of building should be:(i) reflected on the debit side of income and expenditure account as an expense.(ii) reflected on the asset side of the balance sheet.(iii) reflected as a deduction from Building fund and addition to capital fund.(iv) not be recorded till the building is complete.Q. On the basis of given information choose which of the following stands true?a)Only (iv)b)Both (i) and (iv)c)Both (ii) and (iii)d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.

Here you can find the meaning of Read the following information and answer the questions that follow:Talent sports Club is engaged in the activity of identifying and promoting sports talent from rural and tribal areas of the country. Identifying with this Noble cause Mr. Manohar, a renowned industrialist donated ₹ 50,00,000 on 1st July, 2020, for the construction of a new hostel and mess for upcoming sportsmen.Besides this, Mr. Manohar offered the services of his personal chartered accountant, free of charge, to streamline the account of Total Sports Club. The chartered accountant visited the office of the NPO on 31st March, 2021 and found that till date ₹ 35,00,000 had been spent on construction of the hostel and mess building. He also noted that the NPO had a capital fund of ₹1,20,00,000 in the beginning of the year. Other important points that he noted were that NPO had 2000 regular members each having an annual subscription of ` 2,000 per annum.On 1st April, 2020, 180 members had not paid for subscription of the previous year and 20 members had paid for 2020-2021 in advance (out of which 5 had paid advance of 2021- 2022 as well). 31st March, 2021, 110 members he had outstanding balance (including 50 who had not paid for 2019-20 as well) and 25 members had paid for 2021- 2022 in advance (including all 5 who had paid in advance in 2019-20).Since the accountant of NPO was not clear about how to deal with all the above information he drafted a set of questions for guidance. Considering that you are the Chartered Accountant of Mr. Manohar answers the following questions based on the information detailed above.The amount of ₹ 35,00,000 spent on construction of building should be:(i) reflected on the debit side of income and expenditure account as an expense.(ii) reflected on the asset side of the balance sheet.(iii) reflected as a deduction from Building fund and addition to capital fund.(iv) not be recorded till the building is complete.Q. On the basis of given information choose which of the following stands true?a)Only (iv)b)Both (i) and (iv)c)Both (ii) and (iii)d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Read the following information and answer the questions that follow:Talent sports Club is engaged in the activity of identifying and promoting sports talent from rural and tribal areas of the country. Identifying with this Noble cause Mr. Manohar, a renowned industrialist donated ₹ 50,00,000 on 1st July, 2020, for the construction of a new hostel and mess for upcoming sportsmen.Besides this, Mr. Manohar offered the services of his personal chartered accountant, free of charge, to streamline the account of Total Sports Club. The chartered accountant visited the office of the NPO on 31st March, 2021 and found that till date ₹ 35,00,000 had been spent on construction of the hostel and mess building. He also noted that the NPO had a capital fund of ₹1,20,00,000 in the beginning of the year. Other important points that he noted were that NPO had 2000 regular members each having an annual subscription of ` 2,000 per annum.On 1st April, 2020, 180 members had not paid for subscription of the previous year and 20 members had paid for 2020-2021 in advance (out of which 5 had paid advance of 2021- 2022 as well). 31st March, 2021, 110 members he had outstanding balance (including 50 who had not paid for 2019-20 as well) and 25 members had paid for 2021- 2022 in advance (including all 5 who had paid in advance in 2019-20).Since the accountant of NPO was not clear about how to deal with all the above information he drafted a set of questions for guidance. Considering that you are the Chartered Accountant of Mr. Manohar answers the following questions based on the information detailed above.The amount of ₹ 35,00,000 spent on construction of building should be:(i) reflected on the debit side of income and expenditure account as an expense.(ii) reflected on the asset side of the balance sheet.(iii) reflected as a deduction from Building fund and addition to capital fund.(iv) not be recorded till the building is complete.Q. On the basis of given information choose which of the following stands true?a)Only (iv)b)Both (i) and (iv)c)Both (ii) and (iii)d)None of the aboveCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for Read the following information and answer the questions that follow:Talent sports Club is engaged in the activity of identifying and promoting sports talent from rural and tribal areas of the country. Identifying with this Noble cause Mr. Manohar, a renowned industrialist donated ₹ 50,00,000 on 1st July, 2020, for the construction of a new hostel and mess for upcoming sportsmen.Besides this, Mr. Manohar offered the services of his personal chartered accountant, free of charge, to streamline the account of Total Sports Club. The chartered accountant visited the office of the NPO on 31st March, 2021 and found that till date ₹ 35,00,000 had been spent on construction of the hostel and mess building. He also noted that the NPO had a capital fund of ₹1,20,00,000 in the beginning of the year. Other important points that he noted were that NPO had 2000 regular members each having an annual subscription of ` 2,000 per annum.On 1st April, 2020, 180 members had not paid for subscription of the previous year and 20 members had paid for 2020-2021 in advance (out of which 5 had paid advance of 2021- 2022 as well). 31st March, 2021, 110 members he had outstanding balance (including 50 who had not paid for 2019-20 as well) and 25 members had paid for 2021- 2022 in advance (including all 5 who had paid in advance in 2019-20).Since the accountant of NPO was not clear about how to deal with all the above information he drafted a set of questions for guidance. Considering that you are the Chartered Accountant of Mr. Manohar answers the following questions based on the information detailed above.The amount of ₹ 35,00,000 spent on construction of building should be:(i) reflected on the debit side of income and expenditure account as an expense.(ii) reflected on the asset side of the balance sheet.(iii) reflected as a deduction from Building fund and addition to capital fund.(iv) not be recorded till the building is complete.Q. On the basis of given information choose which of the following stands true?a)Only (iv)b)Both (i) and (iv)c)Both (ii) and (iii)d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of Read the following information and answer the questions that follow:Talent sports Club is engaged in the activity of identifying and promoting sports talent from rural and tribal areas of the country. Identifying with this Noble cause Mr. Manohar, a renowned industrialist donated ₹ 50,00,000 on 1st July, 2020, for the construction of a new hostel and mess for upcoming sportsmen.Besides this, Mr. Manohar offered the services of his personal chartered accountant, free of charge, to streamline the account of Total Sports Club. The chartered accountant visited the office of the NPO on 31st March, 2021 and found that till date ₹ 35,00,000 had been spent on construction of the hostel and mess building. He also noted that the NPO had a capital fund of ₹1,20,00,000 in the beginning of the year. Other important points that he noted were that NPO had 2000 regular members each having an annual subscription of ` 2,000 per annum.On 1st April, 2020, 180 members had not paid for subscription of the previous year and 20 members had paid for 2020-2021 in advance (out of which 5 had paid advance of 2021- 2022 as well). 31st March, 2021, 110 members he had outstanding balance (including 50 who had not paid for 2019-20 as well) and 25 members had paid for 2021- 2022 in advance (including all 5 who had paid in advance in 2019-20).Since the accountant of NPO was not clear about how to deal with all the above information he drafted a set of questions for guidance. Considering that you are the Chartered Accountant of Mr. Manohar answers the following questions based on the information detailed above.The amount of ₹ 35,00,000 spent on construction of building should be:(i) reflected on the debit side of income and expenditure account as an expense.(ii) reflected on the asset side of the balance sheet.(iii) reflected as a deduction from Building fund and addition to capital fund.(iv) not be recorded till the building is complete.Q. On the basis of given information choose which of the following stands true?a)Only (iv)b)Both (i) and (iv)c)Both (ii) and (iii)d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Read the following information and answer the questions that follow:Talent sports Club is engaged in the activity of identifying and promoting sports talent from rural and tribal areas of the country. Identifying with this Noble cause Mr. Manohar, a renowned industrialist donated ₹ 50,00,000 on 1st July, 2020, for the construction of a new hostel and mess for upcoming sportsmen.Besides this, Mr. Manohar offered the services of his personal chartered accountant, free of charge, to streamline the account of Total Sports Club. The chartered accountant visited the office of the NPO on 31st March, 2021 and found that till date ₹ 35,00,000 had been spent on construction of the hostel and mess building. He also noted that the NPO had a capital fund of ₹1,20,00,000 in the beginning of the year. Other important points that he noted were that NPO had 2000 regular members each having an annual subscription of ` 2,000 per annum.On 1st April, 2020, 180 members had not paid for subscription of the previous year and 20 members had paid for 2020-2021 in advance (out of which 5 had paid advance of 2021- 2022 as well). 31st March, 2021, 110 members he had outstanding balance (including 50 who had not paid for 2019-20 as well) and 25 members had paid for 2021- 2022 in advance (including all 5 who had paid in advance in 2019-20).Since the accountant of NPO was not clear about how to deal with all the above information he drafted a set of questions for guidance. Considering that you are the Chartered Accountant of Mr. Manohar answers the following questions based on the information detailed above.The amount of ₹ 35,00,000 spent on construction of building should be:(i) reflected on the debit side of income and expenditure account as an expense.(ii) reflected on the asset side of the balance sheet.(iii) reflected as a deduction from Building fund and addition to capital fund.(iv) not be recorded till the building is complete.Q. On the basis of given information choose which of the following stands true?a)Only (iv)b)Both (i) and (iv)c)Both (ii) and (iii)d)None of the aboveCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice Commerce tests.