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प्रश्न
(Calculation of Drugs Consumed during the year)
From the information given below calculate the amount of Drugs consumed in a hospital, during the year 2012-2013. Show its presentation in Income and Expenditure Account and Balance Sheet as on 31-03-2013.
| Stock Drugs in Hand | On 01-04-2012 Rs 25,000 | On 31-03-2013 Rs 27,000 |
|
Drugs purchased during the year |
Rs 1,20,000 |
- |
| Bill of drugs payable on 31-03-2013 | Rs 19,500. | - |
उत्तर
Dr. Cr.
| Expenditure |
Amount
(Rs)
|
Amount
(Rs)
|
Income |
Amount
(Rs)
|
| Stock of Drugs Consumed during the year | 137,500 | |||
| Stock of Drugs as on Apr.01,2012 | 25,000 | |||
| Add: Purchases | 120,000 | |||
| Add: Outstanding Bill | 19,500 | |||
| Less: Stock of Drugs at the end of Mar.31,2013 | 27,000 | |||
| Liabilities |
Amount
(Rs)
|
Assets | Amount (Rs) |
| Outstanding Bill of Drugs | 19,500 | Stock of Drugs | 27,000 |
APPEARS IN
संबंधित प्रश्न
Goods brought into the joint venture by a co-venturer from his own stock is debited to _____.
A sum of money, goods or any asset, given to someone voluntarily, without any compensation is called ____.
The major source of revenue to a non-trading concern from its members.
Following is the accounting information for the year 2009-2010 of Cricket Club, Pune, You are required to prepare Income and Expenditure Account as on 31.03.2010 and Balance Sheet as on that date.
Balance Sheet as on 01.04.2009
| Liabilities |
Amount
(Rs.)
|
Assets |
Amount
(Rs.)
|
Amount
(Rs.)
|
| Capital Fund | 67,100 | Land | 120,000 | |
| Building Fund | 54,000 | Sports Material | 32,000 | |
| Bank Overdraft | 37,400 | Cash in Hand | 2,200 | |
| Outstanding Subscriptions | ||||
| 2007-2008 | Rs.1800 | |||
| 2008 - 2009 | Rs.2500 | 4,300 | ||
| 158,500 | 158,500 |
Receipts and Payments Account for year ending on 31-03-2010
Dr. Cr.
| Receipts |
Amount (Rs.)
|
Amount (Rs.)
|
Payments |
Amount (Rs.) |
Amount |
| To Balance b/d (cash in Hand) |
2200 | Bank Overdraft (repaid) | 37,400 | ||
| To subscription | 69,800 | By Salaries | 25,600 | ||
| 2007-2008 | 1800 | By Electricity Charges | 2,250 | ||
| 2008-2009 | 2500 | By Rent and Taxes | 1,750 | ||
| 2009-2010 | 65500 | By Printing and Stationery | 5,100 | ||
| By Entertainment Expenses 31/03/2010 |
8,700 | ||||
| To Donations | 11,000 | By Balance c/d | |||
| To Entertainment Receipts | 8,800 | Cash in Hand Cash at Bank |
3,000 10,000 |
||
| To Entrance Fees | 2,000 | ||||
| 93,800 | 93,800 |
Adjustments:
1) Donation are received for Building Fund.
2) Entrance Fees are to be Capitalized.
3) Outstanding Subscription Rs 1,500.
4) Depreciate sport Material @ 12 1/2% p.a.
(Accounts of a Charitable Hospital)
Following information has been provided by “Janseva Charitable Hospital”, Latur. You are required to prepare Income and Expenditure Account for the year ending on 31/03/2013 and Balance Sheet as on that date.
Balance Sheet as on 01/04/2012
| Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
| Capital Fund | 10,37,000 | Building | 10,00,000 |
| Bank Loan | 600,000 | Ambulance | 350,000 |
| Outstanding bill for Drugs | 45,000 | Stock of Drugs | 35,000 |
| Hospital Equipments | 295,000 | ||
|
Cash in Hand |
2,000 | ||
| 16,82,000 | 16,82,000 |
Receipts and Payments Account for the year ending 31.03.2013
Dr. Cr.
| Receipts |
Amount (Rs.)
|
Payments |
Amount (Rs.)
|
| To Balance b/d | 2,000 | By Purchases of Drugs | 190,000 |
| To subscription | 210,000 | By Salary of staff | 85,000 |
| To Life Membership Fees | 27,500 | By Honararium to Doctors | 385,000 |
| To Hospital Receipts (Revenue) | 520,900 | By Repairs and Maintenance | 17,900 |
| By Furniture | 40,000 | ||
|
By General Expenses |
12,600 | ||
|
By Balance c/d |
29,900 | ||
| 760,400 | 760,400 | ||
Adjustments:
1) On 31/03/2013 stock of Drugs was valued Rs 20,000.
2) Depreciate Building @ 5% p.a. and Ambulance by Rs 20,000
3) Life Membership Fees are to be capitalized.
From the following information supplied to you, prepare Income and Expenditure Account for the year ending on 31/03/2013 and Balance Sheet as on that date for Suryodaya Club, Nasik.
Balance Sheet as on 01/04/2012
| Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.)
|
| Capital Fund | 50,000 |
Land |
60,000 |
| Bank Overdraft | 35,000 | Outstanding Subscriptions | 5,000 |
| Outstanding Salary | 2,000 | Prepaid Insurance Premium | 2,500 |
| Cash in Hand | 9,500 | ||
| Furniture | 10,000 | ||
| 87,000 | 87,000 |
Receipts and Payments Account for the year ending 31.03.2013
Dr. Cr.
| Receipts |
Amount (Rs.)
|
Payments | Amount (Rs.) | Amount (Rs.) |
| To Balance b/d | 9,500 | By Bank Overdraft (Repaid) | 35,000 | |
| To Subscription | 95,000 | By Salary | 12,500 | |
| To Admission Fees | 7,500 | By Insurance Premium | 8,000 | |
|
By Interest |
1,700 | |||
| By Miscellaneous Expenses | 4,400 | |||
| By Furniture | 20,000 | |||
| By Balance c/d Cash in Hand Cash at Bank |
5,400 25,000 |
30,400 | ||
| 112,000 | 112,000 |
Adjustments:
1) Subscriptions received, includes Rs 3,000 for 2011-2012 and Outstanding Subscriptions for 2012-2013 was Rs 8,000.
2) Salary Paid includes Rs 2,000 Paid for last year
3) On 31/03/2013, Prepaid Insurance Premium was Rs 3,000
4) Admissions Fees are to be capitalized.
5) Depreciate Furniture by Rs 2,000.
(Presentation of Subscriptions only)
With the information given below regarding ‘Subscription’ give accounting effects of it in the Final Accounts of a ‘Not for Profit’ concern.
Receipts and Payments Account for year ending on 31-03-2013
Dr. Cr.
| Receipts |
Amount (Rs.) |
Amount (Rs.) |
Payments | Amount (Rs.) | Amount (Rs.) |
| To subscriptions received | 487,500 |
Additional Information:
• Subscription received during the year, includes
• Subscriptions received for 2011-2012 Rs 17,500 and for 2013-2014 Rs 15,000
• There are 500 members of the concern and each member pays Rs 1,000 as annual subscription.
• During the year 2011-2012 subscription received for the year 2012-2013 was Rs 25,000.
(Presentation of Subscriptions only)
Balance Sheet as on 01/04/2012
| Liabilities |
Amount (Rs.)
|
Amount (Rs.)
|
Assets |
Amount (Rs.) |
Amount (Rs.) |
| Subscription received in |
Outstanding subscriptions |
||||
| Advance for 2012-2013 | 15,000 | 2010-2011 | 20,000 | ||
| 2011-2012 | 30,000 | 50,000 |
Receipts and Payments Account for the year ending on 31-03-2013
Dr. Cr.
| Receipts | Amount (Rs.) | Amount (Rs.) | Payments | Amount (Rs.) | Amount (Rs.) |
| To subscriptions | |||||
| 2010-2011 | 16,000 | ||||
| 2011-2012 | 25,000 | ||||
| 2012-2013 | 330,000 | ||||
| 2013-2014 | 19,000 |
Adjustment:
Outstanding Subscription for 2012-2013 is Rs 22,000. With the above information present the item 'Subscription’ in Income and expenditure Account and Balance sheet for the year ended on 31st March 2013.
Not for Profit Concern renders __________ services to public at large.
Not for Profit Organization is also called __________ organization.
Write the word/phrase/term, which can substitute the following sentence.
The Form of Organization providing services to the society only.
Answer in one sentence only.
What do you mean by ‘Not for Profit’ Concern?
Find odd one:
Following is the Balance Sheet on 1st April 2019 and Receipts and Payments Accounts of M.J.Liabrary. You are required to prepare Income and Expenditure Account for the year ended 31st March, 2020 and Balance Sheet as of that date.
| Balance Sheet as on 1st April, 2019 |
|||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital Fund | 15,00,000 | Furniture | 1,00,000 |
| Subscription Received in Advance | 6,000 | Books | 13,01,000 |
| Outstanding Expenses | 4,000 | Stock of Postage Stamps | 1,000 |
| Investment in Shares | 14,000 | ||
| Cash in Hand | 94,000 | ||
| 15,10,000 | 15,10,000 | ||
| Dr. | Receipts and Payments Account for the year ended 31st March, 2020 | Cr. | |
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Balance b/d - Cash | 94,000 | By Salaries | 48,000 |
| To Members Subscription | 3,60,000 | By Purchase of postage Stamps | 3,000 |
| To Entrance fees | 60,000 | By Books (Purchased on 1-10-19) | 2,00,000 |
| To Hire of Lecture Hall | 24,000 | By Outstanding Expenses Paid | 4,000 |
| To Interest on Shares | 10,000 | By Investments in Fixed Deposits | 1,00,000 |
| To Life Members Fee | 20,000 | By Furniture (Purchases on 1-7-2019) | 60,000 |
| By Printing and Stationery | 12,000 | ||
| By Rent | 36,000 | ||
| By Balance c/d - Cash | 1,05,000 | ||
| 5,68,000 | 5,68,000 | ||
Adjustments:
(1) Depreciation on Books at 10% p.a.
(2) Depreciation on Furniture at 10% p.a.
(3) 50% Entrance fees and whole amount of Life Membership Fees should be capitalised.
(4) Library had 2,000 members paying Subscription ₹ 200 each.
(5) The value of unused Postage Stamps was ₹ 400.
What are the main characteristics of not-for-profit organizations?
The final accounts of a 'not-for-profit organization' consist of the following ______?
The amount of 'Entrance Fees' received by a Not-for-profit organization (if it is received regularly) is shown in which of the following?
Distinguish between profit and not-for-profit organisation.
What is meant by a Not For Profit Organisation?
Not for Profit Organization is also called ______ organization.
Which of the following is not considered a tool for formative assessment?
The branch of economics that deals with the allocation of resources.
- Micro economics
- Macro economics
- Econometrics
- None of these
Assertion: the SI system of units is the suitable system for measurement.
Reason: The SI unit of thempereture is kelvin.
Consider the following statements and choose the appropriate answer.
- The Vellore revolt was held in 1801.
- The family members of Tippu were imprisoned at Vellore fort after the fourth Mysore war.
- At the time of Vellore revolt, the Governor of Madras was Lord William Bentinck.
- The victory of revolt of Vellore against British was one of the significant event in the history of India.
Ethylene is synthesised in ______.
Ethylence is synthesised in ______.
ANALOGY
Knot in a thread : ______ friction; ball bearing : ______ friction
Which the word/phease/term, which can subsitude the following sentence.
Persons who form the partnership firm.
Complete the Correlation:
Perfect competition : Free entry and exit :: ______ : Barriers to entry.
Find the incorrect pair from group 'B', and write the corrected ones.
What is the correct chronological order of four civilisations of Mesopotamia.
Find out the wrong pair
| A | B | ||
| 1) | Time utility | a) | Transport |
| 2) | Place utility | b) | Blood Bank |
| 3) | Service utility | c) | Mobile phone |
| 5) | Knowledge utility | d) | Doctor |
Not for profit concerns, do not prepare balance sheet.
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5: 3 : 2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The average number of months for which interest on drawings will be calculated will be ______.
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5: 3 : 2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The partnership deed provided that interest on capital will be allowed @10% p.a. The amount of interest on Ishita's capital will be ______.
Mumbai University prepares ______ Account instead of a Profit and Loss account.
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5 : 3 : 2. Their fixed capitals are ₹ 180,000; ₹ 160,000 and ₹ 2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The partnership deed provided that interest on capital will be allowed @10% p.a. The amount of interest on Ishita's capital will be ______.
Mumbai Universtiy prepares ______ Account instead of a Profit and Loss account.
