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प्रश्न
| 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.
उत्तर
| Dr |
In the books of _____________________ Income and Expenditure Account for the year ended 31st March, 2018 |
Cr | |||||
| Expenditure | Amount (₹) | Amount (₹) | Income | Amount (₹) | Amount (₹) | ||
| By Subscription (Year 2017–18) | 60,000 | ||||||
| Add: Outstanding Subscription of Current Year 2017–18 | 6,000 | ||||||
| Add: Subscription received in Advance of Current Year in Previous Year | 2,000 | 68,000 | |||||
| Balance Sheet as on 31st March, 2018 | |||||
| Liabilities | Amt (₹) | Amt (₹) | Assets | Amt (₹) | Amt (₹) |
| Subscription received in Advance in the Current Year for the Year 2018 – 19 | 4,500 | Outstanding Subscription for Current Year (2017–18) | 6,000 | ||
| Outstanding Subscription for the Year 2016 – 17 (2,500 – 2,000) | 500 | ||||
APPEARS IN
संबंधित प्रश्न
Excess of Income over Expenditure is termed as ___________.
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.
The transactions recorded in Income and Expenditure Account are related only to the _______ year.
Answer in one sentence only.
Which organisations prepare Income and Expenditure Account?
Answer in one sentence only.
What is a Subscription?
Answer in one sentence only.
To which account ‘Surplus’ or ‘Deficit’ is transferred?
Complete the Table:
| Sr. No. | Income (₹) | Expenditure (₹) | Surplus/Deficit (₹) |
| 1. | 10,000 | ? | 5,000 (Deficit) |
| 2. | 8,000 | ? | 4,000 (Surplus) |
| 3. | ? | 15,000 | 8,000 (Surplus) |
| 4. | 7,500 | 9,000 | ? |
| 5. | 15,000 | 11,300 | ? |
10% p.a. Depreciation on Furniture ₹ 50,000 (for three months)
Salary ₹ 10,000, outstanding salary ₹ 5,000. Calculate the salary to be debited to Income and Expenditure Account.
Find odd one:
“Bhartiya Kala Kendra”, Solapur gives you the following information, for the year ended on 31.03.2018 Prepare Income and Expenditure Account for the year ending 31.03.2018
| Dr. | Receipts and payments Account for the year ending 31.03.2018. | Cr. | |||
| Receipts | Amount ₹ | Payments | Amount ₹ | ||
| To Balance b/d | By Stationery | 600 | |||
| Cash in Hand | 200 | By Furniture Purchased | 7,000 | ||
| Cash at Bank | 12,500 | By Investments in govt securities | 14,000 | ||
| To Locker Rent | 400 | By Expenses of Drama | 3,000 | ||
| To Entrance fees | 2,900 | By Postage | 450 | ||
| To Sale of old newspapers | 250 | By Magazine and newspaper | 600 | ||
| To Receipts from Drama | 9,000 | By Salaries | 4,400 | ||
| To Legacies | 12,000 | By Balance c/d | |||
| To Interest of Govt. Securities | 400 | Cash in Hand | 700 | ||
| To Miscellaneous Receipts | 400 | Cash at Bank | 7,300 | ||
| 38,050 | 38,050 | ||||
Additional Information :
1) Legacies are to be capitalised.
2) Outstanding Salary ₹ 200.
3) 50 % of Entrance Fees are to be Capitalised.
From the following transactions of Receipts and Payments Account of “Pavan - Putra Hanuma Vyayamshala” Parbhani, and the adjustments given, you are required to prepare Income and Expenditure Account and Balance Sheet as on 31st March 2019.
| Dr | Receipts and Payments Account for the year ending 31.03.2019. | Cr | |||||
| Receipts | Amount ₹ |
Payments | Amount ₹ |
||||
| To Balance b/d | By Salaries | 6,000 | |||||
| Cash in Hand | 5,000 | By Entertainment Expenses | 2,480 | ||||
| To Subscriptions | By Sundry Expenses | 1,300 | |||||
| 2018 - 19 | 18,000 | By Electricity Charges | 1,200 | ||||
| 2019 - 20 | 410 | 18,410 | By Rent | 700 | |||
| To Donations | 6,000 | By Investment | 15,000 | ||||
| To Receipts from Entertainment | 5,400 | By Printing and Stationery | 800 | ||||
| To Interest | 400 | By Postage | 3,200 | ||||
| To Entrance fees | 6,200 | By Fixed Deposit | 3,900 | ||||
| By Balance c/d | |||||||
| Cash in Hand | 830 | ||||||
| Cash at Bank | 6000 | 6,830 | |||||
| 41,410 | 41,410 | ||||||
Adjustments:
1) There are 500 members paying an annual Subscription of ₹ 50 each
2) Outstanding Salary was ₹ 1,200
3) The Assets on 01.04.2018 were as follows: Building ₹ 50,000, Furniture ₹ 15,000
4) Provide depreciation on Building and Furniture at 5% and 10% respectively.
5) 50% Entrance Fee is to be capitalized.
6) Interest on Investment at 5% p. a. has accrued for 6 months.
7) Capital Fund ₹ 70,000 on 01.04.2018
(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
(Charitable Hospital)
Following information has been provided by “Vivekanand Charitable Hospital” Latur. You are required to prepare Income and Expenditure Account for the year ending on 31.03.2019 and Balance Sheet as on that date.
| Balance Sheet as on 01.04.2018. | |||
| Liabilities | Amount ₹ |
Assets | Amount ₹ |
| Capital Fund | 11,00,000 | Building | 10,50,000 |
| Bank Loan | 6,50,000 | Ambulance | 4,00,000 |
| Outstanding Bill for Drugs | 50,000 | Stock of Drugs | 42,000 |
| Hospital Equipments | 3,04,000 | ||
| Cash in Hand | 4,000 | ||
| 1800000 | 1800000 | ||
| Dr | Receipts and Payments Account for the year ended 31.03.2019 | Cr | |||
| Receipts | Amount ₹ | Payments | Amount ₹ | ||
| To Balance b/d | 4,000 |
By Purchase of Drugs (Includes 40,000 for 2017 - 18) |
2,00,000 | ||
| To Subscription | 2,22,000 | By Salary to Staff | 85,000 | ||
| To Life Membership Fees | 30,000 | By Honorarium to Doctors | 4,00,000 | ||
|
To Hospital Receipts |
5,10,400 | By Repairs and Maintenance | 18,000 | ||
| By Furniture | 45,000 | ||||
| By General Expenses | 16,000 | ||||
| By Balance c/d | 2,400 | ||||
| 7,66,400 | 7,66,400 | ||||
Adjustments :
1) On 31.03.2019 Stock of Drugs was valued at ₹ 22,000.
2) Depreciation on Building at 5*% p.a. and on Ambulance ₹ 30,000.
3) Life Membership Fees are to be capitalized.
Income and Expenditure Account is prepared to find out __________.
What is the income and expenditure account?
How the following items are dealt with in the final accounts of the not-for-profit organisation?
- Sale of sports materials
- Life membership fees
- Tournament fund
From the following particulars, show how the item ‘subscription’ will appear in the Income and Expenditure Account for the year ended 31-12-2018?
Subscription received in 2018 is ₹ 50,000 which includes ₹ 5,000 for 2017 and ₹ 7,000 for 2019. Subscription outstanding for the year 2018 is ₹ 6,000. Subscription of ₹ 4,000 was received in advance for 2018 in the year 2017.
How will the following appear in the final accounts of Marthandam Women Cultural Association?
| Particulars | ₹ |
| Stock of sports materials on 1.4.2018 | 16,000 |
| Sports materials purchased during the year | 84,000 |
| Stock of sports materials on 31.3.2019 | 10,000 |
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.
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 | ||
From the following particulars relating to "Radha-Krishna Charitable Hospital". Prepare Income and Expenditure Account for the year ending 31 - 03 - 2023 and Balance Sheet as on that date.
| Dr. | Receipts and Payments Account for the year ending on 31- 03 - 2023 | Cr. | ||
| Receipts | Amount (₹) | Payments | Amount (₹) | |
| To Balance b/d | By Medicines Purchased | 82,000 | ||
| Cash | 16,460 | By General Expenses | 2,100 | |
| To Subscriptions | 1,04,000 | By Salaries | 47,000 | |
| To Donations (General) | 35,000 | By Stationery | 4,000 | |
| To Interest on Investments | 20,000 | By Expenses on Charity Show | 1,100 | |
| To Proceeds from Charity Show | By Surgery and Dispensary Exp. | 8,400 | ||
| By Equipments | 20,000 | |||
| By Balance c/d | ||||
| Cash in Hand | 1920 | 27,920 | ||
| Cash at Bank | 26,000 | |||
| 1,92,520 | 1,92,520 | |||
Additional Information:
| Particulars | 01-04-2022 (₹) | 31 - 03-2023 (₹) |
| 1. Subscription Due | 620 | 750 |
| 2. Subscription Received in Advance | 1,200 | 300 |
| 3. Stock of Medicines | 16,000 | 22,000 |
| 4. Estimated Value of Equipments | 30,000 | ? |
| 5. Buildings | 80,000 | ? |
| 6. Capital Fund | 3,41,880 | ? |
| 7. 10 % Investment | 2,00,000 | ? |
Provide Depreciation on Equipments ₹ 3,800 and on Building ₹ 3,000.
From the following Receipts and Payments Account of "L.D. Engineering College'', for the year ending on 31 - 03 - 2023 and additional information, prepare Income and Expenditure Account for the year ending 31 - 03 - 2023 and Balance Sheet as on that date.
| Dr. | Receipts and Payments Account for the year ending 31- 03 - 2023 | Cr. | |
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Balance b/d | By Salaries to Teaching Staff | 9,36,000 | |
| Cash in Hand | 14,400 | By Electricity Charges | 44,000 |
| Cash at Bank | 80,320 | By Books | 48,800 |
| To Interest | 44,000 | By Furniture | 40,800 |
| To Subscriptions | 22,640 | By Stationery | 17,480 |
| To Life Membership Fees | 20,000 | By Fixed Deposit (31 - 03 - 2023) |
6,80,000 |
| To Donation | 5,60,000 | By Balance c/d | |
| To Tuition Fees | 9,84,000 | Cash in Hand | 13,320 |
| To Term Fees | 1,60,640 | Cash at Bank | 1,60,000 |
| To Sundry Receipts | 6,400 | ||
| To Admission Fees (Revenue) | 48,000 | ||
| 19,40,400 | 19,40,400 | ||
Additional Information:
| Particulars | 01-04-2022 (₹) | 31-03-2023 (₹) |
| Books | 4,80,000 | 4,80,000 |
| Furniture | 2,55,200 | 2,40,000 |
| Building Fund | 8,00,000 | ? |
| Fixed Deposit | 7,28,000 | ? |
| Capital Fund | 7,57,920 | ? |
(1) 50% of donation are for Building fund and the balance is to be treated as Revenue income.
(2) Outstanding subscription ₹ 4,240.
(3) Life membership fees are to be capitalised.
Mumbai University prepare ______ Account instead of a Profit and Loss account.
Mumbai University prepares ______ Account instead of a Profit and Loss account.
