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प्रश्न
From the following information obtained from the books of 'Murlidhar Charitable Hospital', calculate the amount of medicines to be debited to the Income and Expenditure Account of the hospital for the year ended 31.03.2022.
| Particulars | 31.3.2021 Amount (₹) |
31.3.2022 Amount (₹) |
| Stock of medicines | 1,70,000 | 3,75,000 |
| Creditors for medicines | 5,40,000 | 8,25,000 |
During the year ₹ 11,49,000 were paid to the Creditors for medicines. Medicines of ₹ 3,30,000 were purchased in cash for emergency use.
उत्तर
| Dr. | In the Books of 'Murlidhar Charitable Hospital' Stock of Medicines Account |
Cr. | ||
| Particulars | Amount (₹) | Amount (₹) | Particulars | Amount (₹) |
| To Balance b/d | 1,70,000 | By Income and Expenditure A/c (Balancing figure) |
15,59,000 | |
| To Purchase | By Balance c/d | 3,75,000 | ||
| Cash | 3,30,000 | 17,64,000 | ||
| Credit | 14,34,000 | |||
| 19,34,000 | 19,34,000 | |||
| Dr. | Creditors for Medicines Account | Cr. | |
| Particulars | Amount (₹) | Particulars | Amount (₹) |
| To Cash A/c (Payment) | 11,49,000 | By Balance b/d | 5,40,000 |
| To Balance c/d | 8,25,000 | By Purchase (Bal. Fig.) | 14,34,000 |
| 19,74,000 | 19,74,000 | ||
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संबंधित प्रश्न
The following is the account of cash transactions of the Nari Kalayan Samittee for the year ended December 31, 2017:
| Receipts | Amount (Rs) | Payments | Amount (Rs) |
| Balance from last year | 2270 | Rent | 6600 |
| Subscriptions | 32500 | Electric charges | 3,200 |
| Life membership fee | 3250 | Lecturer’s fee | 730 |
| Donation | 2500 | Office expenses | 1,480 |
| Profit from entertainment | 7250 | Printing and Stationery | 1,050 |
| Sale of old Books (books value Rs 1,000) | 750 | Legal fee | 1,870 |
| Interest | 350 | Books | 6,500 |
|
Furniture purchased |
8,600 | ||
| Expenses on nukar drama | 1,300 | ||
| Cash in hand | 8040 | ||
| Cash at bank | 9500 | ||
| 48870 | 48870 |
You are required to prepare an Income and Expenditure Account after the following adjustments:
(a) Subscription still to be received are Rs 750, but subscription include Rs 500 for the year 2018.
(b) In the beginning of the year the Sangh owned building Rs 20,000 and furniture Rs 3,000 and Books Rs 2,000.
(c) Provide depreciation on furniture @ 5% (including purchase), books @ 10% and building @ 5%.
In the year ended 31st March, 2019, subscriptions received by the Jaipur Literary Society were ₹ 4,20,000. These subscriptions include ₹ 14,000 received for the year ended 31st March, 2018. On 31st March, 2019, subscriptions due but not received were ₹ 10,000. What amount should be credited to Income and Expenditure Account for the year ended 31st March, 2019 as subscription?
Subscriptions received during the year ended 31st March ,2019 are
| ₹ | ₹ | |
| For the year ended 31st March, 2018 | 1,600 | |
| For the year ended 31st March, 2019 | 84,400 | |
| For the year ended 31st March, 2020 | 3,200 | 89,200 |
There are 450 members, each paying an annual subscription of ₹ 200; ₹ 1,800 were in arrears for the year ended 31st March, 2018.
Calculate amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2019.
From the following information, calculate amount of subscriptions to be credited to the Income and Expenditure Account for the year ended 31st March, 2019:
| ₹ | ||
| 1st April, 2018 | Subscriptions in Arrears | 50,000 |
| Subscriptions Received in Advance | 30,000 | |
| 31st March, 2019 | Subscriptions in Arrears | 25000 |
| Subscriptions Received in Advance | 70,000 |
Subscriptions received during the year ended 31st March, 2019
– ₹ 3,00,000
Subscription still in arrears for the year 2017 – 18 – ₹ 10,000.
The book value of furniture on 1st April, 2018 is ₹ 60,000. Half of this furniture is sold for ₹ 20,000 on 30th September, 2018. Depreciation is to be charged on furniture @ 10% p.a.
Calculate loss on sale of furniture. Show how the loss on sale and depreciation on furniture will be shown in the Income and Expenditure Account for the year ended 31st March, 2019.
Prepare Income and Expenditure Account from the following Receipts and Payments Account of Delhi Nursing Society for the year ended 31st March, 2019
| Dr. | Receipts and Payment Account for the year ended 31st March, 2019 |
Cr. | |||
| Receipts | Amount (₹) | Payments | Amount (₹) | ||
| To Balanceb/d (Cash at Bank) |
2,01,000 | By Salaries of Nurses | 65,600 | ||
| To Sunscriptions | 1,11,500 | By Board, Laundry and Domestic Help | 38,000 | ||
| To Fees from Non-members | 27,000 | By Rent, Rates and Taxes | 20,000 | ||
| To Government Grant | 1,00,000 | By Cost of Car | 2,00,000 | ||
| To Donations for Building Fund | 1,56,000 | By Expenses of Car | 84,000 | ||
| To Interest | 3,800 | By Drugs and Incidental Expenses | 67,000 | ||
| By Balance c/d (Cash at Bank) | 1,24,700 | ||||
| 5,99,300 | 5,99,300 | ||||
Donation of ₹ 10,000 received for Building Fund was wrongly included in the Subscriptions Account. A bill of medicines purchased during the year amounted to ₹12,800 was outstanding. Government Grant is not for a specific purpose.
From the given Receipts and Payments Account and additional information of Shine Club for the year ended 31st March 2019, prepare Income and Expenditure Account for the year ended 31st March 2019.
Receipts and Payments Account of Shine Club for the year ended 31st March, 2019
| Receipts |
Amount (₹) |
Payments |
Amount (₹) |
| To balance b/d |
50,000 |
By Furniture & equipments |
1,22,000 |
| To donations |
45,000 |
By Salaries |
32,000 |
| To subscriptions : |
|
By balance c/d |
13,400 |
| 2017-18 - 1,600 |
|
|
|
| 2018-19 - 60,000 |
|
|
|
| 2019-20 - 5,000 |
66,600 |
|
|
| To interest received |
5,800 |
|
|
|
1,67,400 |
1,67,400 |
Additional Information :
(i) Furniture and equipments were purchased on 1-10-2018. Depreciation @ 10% p.a. was to be provided on furniture and equipments.
(ii) Subscriptions in arrears for the year 2018-19 were ₹ 2,000
(iii) Outstanding salary ₹ 6,000.
The Income and Expenditure Account is prepared on which basis with the help of the Receipts and Payments Account?
How would you treat the following item in the case of a 'not-for-profit 'organization?
"Receipts from Charity Show Rs.7,000. Expenses on Charity Show Rs.3,000".
Income and Expenditure Account is a ______.
The following information has been extracted from the financial statements of a not-for-profit organization for the year ended 31st March, 2019:
| Particulars | Amount (₹) |
| Opening Balance of Match Fund | 5,00,000 |
| Sale of Match tickets | 3,75,000 |
| Donation for Match Fund received during the year |
1,24,000 |
| Match expenses | 10,00,000 |
Which of the following statements is correct for the presentation of the above items in the financial statements of the not-for-profit organization?
Assertion (A): The Income and Expenditure Account is like the cash book.
Reason (R): Income and Expenditure Account shows the surplus or deficit that is earned during the financial year by the non-profit organisation.
Subscription Outstanding at the beginning of the current year will be:
In Receipts and Payments, Account ______ balance is carried forward to the same account for the next accounting period.
Salary paid for the year ended 31st March, 2010 amounted to ₹ 75,000. How much amount will be recorded in Income and Expenditure Account in the following case?
| Year | 31-3-2009 | 31-3-2010 |
| Outstanding Salary | 6,500 | 6,000 |
| Prepaid Salary | 1,200 | 1,000 |
If there is a 'Match Fund', then match expenses and incomes are transferred to ______
Receipts and payments account is prepared with the help of:
Which financial statement is a nominal account in the case of a not-profit earning entity?
The opening balance of Prize Fund was ₹ 32,800. During the year, donations received towards this fund amounted to ₹ 15,400 amount spent on prizes was ₹ 12,300 and interest received on Prize Fund Investment was ₹ 4,000. The closing balance of Prize Fund will be ______.
