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प्रश्न
Aurangabad University prepares _______ Account instead of Profit and Loss Account.
उत्तर
Aurangabad University prepares Income and Expenditure Account instead of Profit and Loss Account.
APPEARS IN
संबंधित प्रश्न
Answer in one sentence only.
What is Capital Fund?
Write the Word/ Term/ Phrase which can substitute the following statement:
To excess of total assets over total liabilities of a Not for Profit concern.
Subscription received from the members is considered as ________ receipts.
Answer in one sentence only.
Which organisations prepare Income and Expenditure Account?
Answer in one sentence only.
Why Income and Expenditure Account is prepared?
12% p.a. Interest on Bank loan ₹ 80,000 for 1 year.
Opening stock of stationery ₹ 5,000, purchases of stationery ₹ 7000, outstanding stationery bill ₹ 12,000, closing stock ₹ 1000. What is the amount of stationery consumed?
Find odd one:
| Dr | Receipts and Payments Account for the year ending 31.03.2018. | Cr | |||||
| Receipts | Amt. ₹ | Amt. ₹ | Payments | Amt.₹ | Amt. ₹ | ||
| To Subscriptions | |||||||
| 2016 - 17 | 2,000 | ||||||
| 2017 - 18 | 60,000 | ||||||
| 2018 - 19 | 4,500 | 66,500 | |||||
Adjustments :
Subscription Outstanding for the year 2017 - 18 is ₹ 6,000.
During previous year Subscription received in advance for 2017 - 18 is ₹ 2,000.
Outstanding subscription of 2016 - 2017 is ₹ 2,500
With the help of the above information present the item Subscription in Income and Expenditure Account for the year ending 31.03.2018 and Balance Sheet as on that date.
(Account of a Library)
Following is the Receipts Payments Account of “Dhananjay Library, Mumbai” for the year ending 31.03.2020
| Dr | Receipts and Payments Account for the year ending 31.03.2020. | Cr | |||
| Receipts | Amount ₹ |
Payments | Amount ₹ |
||
| To Balance b/d | 5,000 | By Salaries | 9,000 | ||
| To Admission Fees | 4,500 | By Rent | 7,500 | ||
| To Subscriptions | 20,000 | By Investments | 6,000 | ||
| To Lecture Hall Hire Charges | 4,200 | By Stationery | 1,350 | ||
| To Miscellaneous Income | 250 | By Electricity Charges | 850 | ||
| To Interest on Investment | 900 | By Books | 5,000 | ||
| By Outstanding Expenses (2018 - 19) | 500 | ||||
| By Balance c/d | 4,650 | ||||
| 34850 | 34850 | ||||
You are required to prepare an Income and Expenditure Account for the year ended 31.03.2020 and Balance Sheet as on that day.
The following information is also made available to you.
1) On 31.03.2019, the Library had the following Assets also; Books at ₹ 50,000, Furniture ₹ 6,500, and Machinery of ₹ 30,000
2) Subscription received in advance amounted to ₹ 500
3) Outstanding Salaries ₹ 1300 and for Rent ₹ 950
4) 50% of the Admission Fees should be capitalized.
5) Furniture to be depreciated at 10% p.a.
6) Library Books were purchased on 1st April 2019 charge Depreciation at 10% p. a.
7) The Investments were purchased on 01.04.2019 and they carry interest at 20*% p.a
(Outstanding Expenses and Prepaid Expenses)
From the following information supplied to you, prepare Income and Expenditure Account for the year ending on 31.03.2020 and Balance Sheet as on that date for “Morya Sports Club” Thane.
| Balance Sheet as on 01.04.2019. | |||
| Liabilities | Amount ₹ | Assets | Amount ₹ |
| Capital Fund | 64,500 | Machinery | 69,000 |
| Bank overdraft | 38,000 | Outstanding Subscriptions | 8,000 |
| Outstanding Salary | 4,000 | Prepaid Insurance Premium | 2,000 |
| Furniture | 15,000 | ||
| Cash in Hand | 12,000 | ||
| Outstanding Locker’s Rent | 500 | ||
| 1,06,500 | 1,06,500 | ||
| Dr. | Receipts and Payments Account for the year ended 31.03.2020 | Cr. | |||
| Receipts | Amount ₹ | Payments | Amount ₹ |
||
| To Balance b/d | 12,000 | By Balance b/d (Bank Overdraft) | 38,000 | ||
| To Subscription | 1,05,000 | By Salary | 17,500 | ||
| To Entrance Fees (Capitalised) | 9,300 | By Insurance Premium | 11,000 | ||
| To Locker Rent | 1,500 | By Interest | 1,400 | ||
| To Donations (Capitalised) | 800 | By Refreshment Expenses | 4,200 | ||
| By Furniture | 30,000 | ||||
| By Balance c/d | |||||
| Cash in Hand | 6,500 | ||||
| Cash at Bank | 20,000 | ||||
| 1,28,600 | 1,28,600 | ||||
Adjustments :
1) Subscription received includes ₹ 3,000 for 2018 - 19 and Outstanding Subscription for 2019 - 20 was ₹ 14,000.
2) On 31.03.2020, Prepaid Insurance Premium was ₹ 2,500.
3) Depreciate Furniture by ₹ 3,000.
4) Locker Rent Outstanding for 2019 - 20 is ₹ 400
What is the income and expenditure account?
From the following receipts and payment account, prepare income and expenditure account of Kumbakonam Basket Ball Association for the year ended 31st March, 2018.
| Receipts | ₹ | ₹ | Payments | ₹ | ₹ |
| To Balance b/d | By Rent of ground paid | 12,000 | |||
| Cash in hand | 23,000 | By Printing charges | 5,000 | ||
| Cash at bank | 12,000 | 35,000 | By Bank charges | 1,000 | |
| To Rent of hall received | 6,000 | By Insurance for building | 2,000 | ||
| To Subscription received | 9,000 | By Tournament expenses | 16,000 | ||
| To Life membership fees | 7,000 | By Audit fees | 3,000 | ||
| To Locker rent received | 2,000 | By Sports materials purchased | 4,000 | ||
| By Balance c/d | |||||
| Cash in hand | 2,000 | ||||
| Cash at bank | 14,000 | 16,000 | |||
| 59,000 | 59,000 |
How the following items will appear in the final accounts of a club for the year ending 31st March 2019?
| Dr. | Receipts and Payments Account for the year ended 31st March, 2019 | Cr. | ||
| Receipts | ₹ | ₹ | Payments | ₹ |
| To Subscription | ||||
| 2017 - 2018 | 10,000 | |||
| 2018 - 2019 | 50,000 | |||
| 2019 - 2020 | 5,000 | 65,000 | ||
There are 200 members in the club each paying an annual subscription of ₹ 400 per annum. Subscription still outstanding for the year 2017 - 2018 is ₹ 2,000.
How the following items appear in the final accounts of Thoothukudi Young Pioneers Association?
There are one hundred members in the association each paying ₹ 25 as annual subscription. By the end of the year, 10 members had not paid their subscription but four members had paid for the next year in advance.
How will the following appear in the final accounts of Vedaranyam Sports club?
| Particulars | ₹ |
| Opening stock of bats and balls | 3,000 |
| Purchase of bats and balls during the year | 17,000 |
| Sale of old bats and balls | 2,000 |
| Closing stock of bats and balls | 4,000 |
Show how the following items appear in the income and expenditure account of Sirkazhi Singers Association?
| Particulars | ₹ |
| Stock of stationery on 1.4.2018 | 2,600 |
| Purchase of stationery during the year | 6,500 |
| Stock of stationery on 31.3.2019 | 2,200 |
From the following Receipts and Payments account of Shahu College, Kolhapur for the year ending 31st March, 2020 and additional information, prepare Income and Expenditure Account for the year ended 31st March, 2020 and Balance Sheet as on that date:
| Dr. | Receipts and Payments Account for the year ended 31st March, 2020 |
Cr. | |
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Balance b/d | By Salaries | 11,77,500 | |
| Cash | 6,000 | By Printing and Stationery |
13,500 |
| Bank | 1,00,000 | By Books | 44,000 |
| To Interest | 30,000 | By Furniture | 39,000 |
| To Donation | 3,50,000 | By Drama Expenses | 45,000 |
| To Tuition Fees | 9,50,000 | By Postage | 3,500 |
| To Admission Fees | 32,500 | By Telephone Charges | 3,000 |
| To Drama Receipts | 50,000 | By Electricity | 30,500 |
| To Rent from use of Hall | 3,000 | By Magazine and Newspapers |
3,000 |
| To Legacies (Capital) | 30,000 | By Balance c/d | |
| Cash | 31,000 | ||
| Bank | 1,61,500 | ||
| 15,51,500 | 15,51,500 | ||
Additional information:
(1) Outstanding Salaries ₹ 35,000.
(2) 60% of donations are for Building Fund and Balance is to be treated as revenue income.
(3)
| Particulars | 1 - 4 - 2019 (₹) | 31 - 3 - 2020 (₹) |
| Capital Fund | 3,05,500 | ? |
| Building Fund | 4,13,500 | ? |
| Furniture | 1,63,000 | 1,50,000 |
| Books | 4,50,000 | 4,44,000 |
10% Depreciation on Furniture ₹ 12,000/- 3 Months
Complete the following table:
| Sr. No |
Income (₹) |
Expenditure (₹) |
Surplus/Deficit (₹) |
| 1. | 10,000 | ? | 5,000 (Deficit) |
The following is the Receipts and Payments Account of Young Pensioner's Association. Leh for the year ended 31st March, 2020.
| Dr. | Receipts and Payments Account for the year ending 31st March 2020 |
Cr. | ||||
| Receipts | Amount ₹ |
Amount ₹ |
Payments | Amount ₹ |
||
| To Balance b/d | 7,000 | By Stationery | 8,000 | |||
| To Subscriptions | By Postage | 1,000 | ||||
| 2018 - 19 | 5,000 | 90,000 | By Picnic Exp | 8,000 | ||
| 2019 - 20 | 83,000 | By Salaries | 8,000 | |||
| 2020 - 21 | 2,000 | By Annual General meeting Expenses |
4,500 | |||
| To Entrance fees (Capital Receipt) |
13,000 |
By Traveling Exp |
7,500 | |||
| To Donations | 60,000 | By Rent | 12,000 | |||
| To Legacies | 40,000 | By Charity | 7,800 | |||
| To Interest on Deposit | 7,000 | By Sundry Exp. | 3,200 | |||
| To Picnic Receipts | 10,000 | By Fixed Deposit | 1,10,000 | |||
| By Furniture | 50,000 | |||||
| By Balance c/d | 7,000 | |||||
| 2,27,000 | 2,27,000 | |||||
Adjustments:
- Outstanding subscription for current year ₹ 7,000.
- Furniture was purchased on 1st Oct, 2019 and it is to be depreciated by 10 % p.a
- Outstanding picnic receipts ₹ 7,500.
- Stock of stationery on 1-4-2019 was ₹ 350 and on 31st March, 2020 was ₹ 1,700.
- 50 % of legacies and full amount of donations are to be capitalised.
With the above information, you are required to prepare Income and Expenditure Account for the year ended 31st March 2020.
Write the word/phrase/term which can substitute of the following statement:
The debit balance of Income and Expenditure Account.
Convert following Balance Sheet into Vertical Balance Sheet.
| Balance Sheet as on 31st March, 2023 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital | 1,20,000 | Fixed Assets | 1,12,500 |
| Reserves and Surplus | 30,000 | Investment | 30,000 |
| 12% Loan | 36,000 | Current Assets | 66,000 |
| Current Liabilities | 22,500 | ||
| 2,08,500 | 2,08,500 | ||
Mumbai University prepare ______ Account instead of a Profit and Loss account.
Find the odd one:
Find the odd one:
Mumbai University prepares ______ Account instead of a Profit and Loss account.
