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प्रश्न
From the following Receipt and Payment Account of Jan Kalyan Club, prepare Income and Expenditure Account and Balance Sheet for the year ending March 31, 2017.
| Dr. | Receipt and Payment Account for the year ending March 31, 2017 |
Cr. | |
| Receipts | Amount (Rs) | Payments | Amount (Rs) |
| Cash in hand as on 1.4.16 | 6,800 | Salaries | 24,000 |
| Subscription | 60,200 | Traveling Expenses | 6,000 |
| Donation | 3,000 | Stationery | 2,300 |
| Sale of furniture (Book value Rs 6,000) | 4,000 | Rent | 16,000 |
| Entrance fee | 800 | Repair | 700 |
| Life membership fee | 7,000 | Books purchased | 6,000 |
| Interest on investment (@ 5% for full year) | 5,000 | Building purchased | 30,000 |
| Cash in hand as 31.3.2017 | 1,800 | ||
| 86800 | 86800 | ||
Additional Information:
|
As on |
As on |
||
| i) | Subscription received in advance | 1,000 | 3,200 |
| ii) | Outstanding subscription |
2,000 |
3,700 |
| iii) | Stock of stationery | 1,200 | 800 |
| iv) | Books | 13,500 | 16,500 |
| v) | Furniture |
16,000 |
8,000 |
| vi) | Outstanding rent | 1,000 | 2,000 |
उत्तर
| Books of Jan Kalyan Club Income and Expenditure Account as on 31 March 2017 |
|||||
| Expenditure | Amount (Rs) | Income | Amount (Rs) | ||
| Loss on Sale of Furniture (Rs 6,000 – Rs 4,000) | 2,000 | Subscription | 60,200 | 59,700 | |
| Salaries | 24,000 | Less: Outstanding for 2016 | (2,000) | ||
| Traveling Expenses | 6,000 | 58,200 | |||
| Stationery | 2,300 | 2700 | Add: Outstanding for 2017 | 3,700 | |
| Add: Opening Stock | 1,200 | 61,900 | |||
| 3,500 | Add: Advance in 2016 | 1,000 | |||
| Less: Closing Stock | (800) | 62,900 | |||
| Repairs | 700 | Less: Advance in 2017 | (3,200) | ||
| Rent | 16,000 | 17,000 | Donation | 3,000 | |
| Less: Outstanding for 2016 | (1,000) | Entrance Fees | 800 | ||
| 15,000 | Interest on Investments | 5,000 | |||
| Add: Outstanding for 2017 |
2,000 |
||||
| Depreciation on Books | 3,000 | ||||
| Depreciation on Furniture | 2,000 | ||||
| Surplus | 11,100 | ||||
| 68,500 | 68,500 | ||||
| Balance Sheet as on April 01, 2016 | |||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Advance Subscription | 1,000 | Cash in Hand | 6,800 |
| Outstanding Rent | 1,000 | Investment `(5,000 × 100/5)` | 1,00,000 |
| Capital Fund (Balancing figure) | 1,37,500 | Subscription Outstanding | 2,000 |
|
|
Stock of Stationery | 1,200 | |
| Books | 13,500 | ||
| Furniture | 16,000 | ||
| 139500 | 1,39,500 | ||
| Balance Sheet as on March 31, 2017 | |||||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) | ||
| Advance Subscription | 3,200 | Subscription Outstanding | 3,700 | ||
| Outstanding Rent | 2,000 | Stock of Stationery | 800 | ||
| Capital Fund | 1,37,500 | 1,55,600 | Investments | 1,00,000 | |
| Add: Life membership Fees | 7000 | Books | 13,500 | 16,500 | |
| Add: Surplus | 11,100 | Add: Purchases | 6,000 | ||
| 19,500 | |||||
| Less: Depreciation | (3,000) | ||||
| Building | 30,000 | ||||
| Cash in Hand | 1,800 | ||||
| Furniture | 16,000 | 8,000 | |||
| Less: Sales | 6,000 | ||||
| 10,000 | |||||
| Less: Depreciation |
(2,000) |
||||
| 1,60,800 | 1,60,800 | ||||
APPEARS IN
संबंधित प्रश्न
From the following receipts and payments and information given below, Prepare Income and Expenditure Account and opening Balance Sheet of Adult Literacy Organisation as on December 31, 2017.
Receipt and Payment Account for the year ending
as on December 31, 2017
| Receipts | Amount (Rs) | Payments | Amount (Rs) | |
| Balance b/d | General Expenses | 3,200 | ||
| Cash in hand | 4000 | News paper | 1850 | |
| Cash at Bank | 15550 | Electricity | 3000 | |
| Subscriptions | Fixed deposit with bank (on 31.06.2017) @ 10% p.a. |
18000 | ||
| 2016 | 1200 | 28200 | Books | 7000 |
| 2017 | 26500 | Salary | 3600 | |
| 2018 | 500 | Rent | 6500 | |
| Sale of old newspapers | 1250 | Postage charges | 300 | |
| Govt. grant | 12000 | Furniture (purchased) | 10500 | |
| Sale of old furniture (book value Rs 5, 000) | 3700 | Balance c/d | ||
| Interest received on FD | 450 | Cash in Hand | 3000 | |
| Cash at Bank | 8200 | |||
| 65150 | 65150 | |||
Information:
- Subscription outstanding as on 31.12. 2016 Rs 2,000 and on December 31, 2017 Rs 1,500.
- On December 31, 2017 Salary outstanding Rs 600, and one month rent paid in advance.
- On Jan. 01, 2016 organization owned Furniture Rs 12,000, Books Rs 5,000.
As at March 31, 2017 the following balances have been extracted from the books of the Indian Chartered Accountants Recreation Club and you are asked to prepare (1) Trading Account for ascertaining gross profit derived from running restaurant and dining room and (2) Income and Expenditure Account for the year ended March 31, 2017 (3) and a Balance Sheet as at that date.
| Debit Balances | Rs |
Credit Balances |
Rs |
| Stock-in-hand | 1170 | Receipts Dining Room | 87660 |
| Purchases | 24660 | Subscriptions | 9450 |
| Dining Room | 32370 | Billiard's Receipts | 7300 |
| Rent | 10470 | Sunday Receipts | 410 |
| Wages | 18690 | Interest on Fixed Deposit | 270 |
| Repairs and Renewals | 5400 | Sundry Creditors | 5310 |
| Fuel and Light | 5280 | Grant from Institute (permanent) | 42000 |
| Misc. Expenses | 4050 | Income and Exp. A/c (1.4.16) | 1380 |
| Cash in hand | 560 | Suspense A/c (See note) | 60 |
| Cash at bank | 2760 | ||
| Fixed Deposit | 8500 | ||
| Sundry Debtors | 2250 | ||
| China glass, cutlery and linen | 600 | ||
| Billiard Table | 2070 | ||
| Fixtures and Fittings | 870 | ||
| Furniture | 4140 | ||
| Club Premises | 30000 | ||
| 1,53,840 | 1,53,840 |
On March 31, 2016 stock of restaurant consisted of Rs 900 and Rs 60 respectively. Provide depreciations Rs 60 on fixtures and fittings, Rs 390 on billiard table and Rs 560 on furniture.
From the following information of a club show the amounts of match expenses and match fund in the appropriate Financial Statements of the club for the year ended on 31st March, 2019:
| Particulars | ₹ |
| Match expenses paid during the year ended 31st March, 2019 | 1,02,000 |
| Match Fund as on 31st March, 2019 | 24,000 |
| Donation for Match Fund (Received during the year ended 31st March, 2019) | 40,000 |
| Proceeds from the sale of match tickets (Received during the year ended 31st March, 2019) | 15,000 |
How is Entrance Fees dealt with while preparing the final accounts for the year ended 31st March, 2019 in each of the following alternative cases?
Case I During the year ended 31st March, 2019, Entrance Fees received was ₹ 1,00,000.
Case II During the year ended 31st March, 2019, Entrance Fees received was ₹ 1,00,000.Out of this, ₹ 25,000 was received from individuals whose membership is not yet approved.
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?
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.
Answer the following question:
State the basis of accounting of preparing the 'Income and Expenditure Account' of a 'Not-For-Profit Organisation.
The Income and Expenditure Account is prepared on which basis with the help of the Receipts and Payments Account?
Credit side balance in the Income and Expenditure Account reveals:
If there is no 'Match Fund', then match expenses are transferred to:
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.
The following is the extract of the Receipts and Payments Account of the Rajasthan Society for the year ending 31st December 2021.
| Receipts | Amount (₹) |
Payments | Amount (₹) |
| By medicine | 18,000 |
A bill of medicine purchased during the year amounting to ₹ 2,000 was outstanding. The amount debited to the Income and Expenditure Account will be:
Subscription Outstanding at the beginning of the current year will be:
From the following which item is not entered in the Income and Expenditure Account?
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 |
The amount received from sale of old sports materials by an organisation will be shown in which of the following?
Donations for specific purpose are always capitalised and it is transferred to ______, irrespective of the fact whether the amount is big or small.
Income and Expenditure Account is generally prepared in:
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.
