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प्रश्न
Given below is the Receipts and Payments Account of “Vithai Mahila Mandal” Pandharpur for the year ending 31.03.2018. Prepare an Income and Expenditure Account for the year ended 31.03.2018 and Balance Sheet as on that date.
| Dr | Receipts and Payments Account for the year ending 31.03.2018. | Cr | |||||
| Receipts | Amount ₹ |
Amount ₹ |
Payments | Amount ₹ |
Amount ₹ |
||
| To Balance b/d | By Stationery | 6000 | |||||
| Cash in Hand | 3,000 | By Repairs to Furniture | 950 | ||||
| Cash at Bank | 20,000 | 23,000 | By Rent | 8,300 | |||
| To Entrance Fees | 3,500 | By Salaries | 15,000 | ||||
| To Subscription | 19,000 | By Miscellaneous Expenses | 450 | ||||
| To Miscellaneous Receipts | 850 | By Balance c/d | |||||
| Cash in Hand | 1,650 | ||||||
| Cash at Bank | 14,000 | 15,650 | |||||
| 46,350 | 46,350 | ||||||
Adjustments :
1) Capital Fund on 01.04.2017 was ₹ 90,000
2) Outstanding Subscription ₹ 4,000
3) Entrance Fees are to be capitalized
4) Rent paid includes ₹ 800 paid for April 2018
5) They have the following Assets and Liabilities 01.04.2017
Furniture ₹ 9,000,
Building ₹ 70,000,
Outstanding Expenses ₹ 12,000
उत्तर
| Dr |
In the books of Vithai Mahila Mandal, Pandharpur |
Cr | |||||
| Expenditure | Amount ₹ |
Amount ₹ |
Income | Amount ₹ |
Amount ₹ |
||
| To Stationery | 6,000 | By Subscription | 19,000 | ||||
| To Repairs to Furniture | 950 | Add: Outstanding Subscription | 4,000 | 23,000 | |||
| To Rent | 8,300 | By Miscellaneous receipts | 850 | ||||
| Less: Prepaid Rent | 800 | 7,500 | By Deficit (Excess of expenses over incomes) | 6,050 | |||
| To Salaries | 15,000 | ||||||
| To Miscellaneous Expense | 450 | ||||||
| 29,900 | 29,900 | ||||||
| Balance Sheet as on 31st March 2018 | |||||||
| Liabilities | Amount ₹ |
Amount ₹ |
Assets | Amount ₹ |
Amount ₹ |
||
| Capital Fund | 90,000 | Furniture | 9,000 | ||||
| Add: Entrance Fees (Capitalised) | 3,500 | Building | 70,000 | ||||
| Less: Deficit | 6,050 | 87,450 | Outstanding Subscription | 4,000 | |||
| Outstanding Expenses | 12,000 | Cash in Hand | 1,650 | ||||
| Cash at Bank | 14,000 | ||||||
| Prepaid rent | 800 | ||||||
| 99,450 | 99,450 | ||||||
Working Notes :
(1) Outstanding subscription of ₹ 4,000 is first added to subscription received on the credit side of Income and Expenditure A/c and then it is shown on the Assets side of the Balance Sheet.
(2) The entire amount of the entrance fees ₹ 3,500 is added to the capital fund.
(3) Prepaid ₹ 800 is first deducted from rent paid on the debit side of Income & Expenditure A/c and then shown on the Assets side of the Balance Sheet.
(4) Outstanding expenses ₹ 12,000 is directly shown on the Liabilities side of the Balance Sheet.
APPEARS IN
संबंधित प्रश्न
Mumbai University prepares _______ Account instead of a Profit and Loss account.
Answer in one sentence only.
What is ‘Legacy’?
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 | ? |
Complete the Table:
Salaries paid during the year
| Sr. No |
Total ₹ | Prepaid/Outstanding | ₹ | Expenditure for the year |
| 1 | 1,100 | Prepaid | 100 | ? |
| 2 | 2,700 | Prepaid | ? | 2,000 |
| 3 | 8,250 | Prepaid | ? | 6,650 |
| 4 | 1,200 | Outstanding | 200 | ? |
| 5 | ? | Outstanding | 600 | 5,100 |
| 6 | 1,800 | Outstanding | ? | 2,200 |
Library Books ₹______? Less 10 % Depreciation ₹ 5,000 = ₹ 45,000
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?
| 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.
(Preparation of Income and Expenditure Account only)
Following is the Receipts and Payments Account of “Satara Sports Club” Satara Prepare Income and Expenditure Account for the year ending 31.03.2019.
| Dr | Receipts and Payments Account for the year ending 31.03.2019. | Cr | |||||
| Receipts | Amt ₹ | Amt ₹ | Payments | Amt ₹ | Amt ₹ | ||
| To Balance b/d | By Salaries | 5,000 | |||||
| Cash in hand | 4,500 | 16,500 | By Rent (Including ₹ 2,000 for 2017 - 18) | 5,000 | |||
| Cash at Bank | 12,000 | By Electricity Charges | 1,450 | ||||
| To Subscription | By Fixed Deposit | 60,000 | |||||
| 2017 - 18 | 4,000 | 52,000 | By Printing and Stationery | 750 | |||
| 2018 - 19 | 44,500 | By General Expenses (Including ₹ 500 paid for next year) | 5,500 | ||||
| 2019 - 20 | 3,500 | By Sports Material Purchased | 40,000 | ||||
| To Entrance fees | 8,000 | By Balance c/d | |||||
| To Donation for Building fund | 70,000 | Cash in Hand | 8,900 | 33,900 | |||
| To Interest | 600 | Cash at Bank | 25,000 | ||||
|
To Sale of furniture |
4,500 | ||||||
| 1,51,600 | 1,51,600 | ||||||
Adjustments:
1) Outstanding Subscription for Current Year is ₹ 4,500
2) Outstanding Rent for Current Year amounted to ₹ 1,000
3) Entrance Fees are to be treated as Revenue Income
4) Stock of Sports Material as on 01.04.2018 ₹ 6,000 and on 31.03.2019 ₹ 14,000
(Account of a School)
From the following Balance Sheet and Receipts and Payments Account of “New English School”, Barshi, Prepare Income and Expenditure Account for the year ending 31.03.2020 and a Balance Sheet as on that date.
| Balance Sheet as on 01.04.2019 | |||
| Liabilities | Amount ₹ | Assets | Amount ₹ |
| Capital Fund | 6,43,000 | Cash in Hand | 6,000 |
| Cash at Bank | 10,000 | ||
| Building | 4,50,000 | ||
| Furniture | 72,000 | ||
| Library Books | 45,000 | ||
| Computer Laboratory | 60,000 | ||
| 6,43,000 | 6,43,000 | ||
| Dr. | Receipts and Payments Account for the year ending 31.03.2020 | Cr. | |||||
| Receipts | Amount ₹ | Amount ₹ | Payments | Amount ₹ | Amount ₹ |
||
| To Balance b/d | By Salary | 90,000 | |||||
| Cash in Hand | 6,000 | By Library Books | 14,000 | ||||
| Cash at Bank | 10,000 | 16,000 | By Office Rent | 10,000 | |||
| To Tuition Fees | 90,000 | By Printing and Stationery | 22,000 | ||||
| To Term Fees | 3,000 | By Sundry Expenses | 12,000 | ||||
| To Admission Fees | 12,000 | By Insurance | 10,200 | ||||
| To Donation (Capital) | 61,000 | By Sport Expenses | 8,000 | ||||
| To Interest Received | 2,000 | By Annual Gathering Exp | 9,000 | ||||
| To Government Grant (Revenue) | 1,20,000 | By Furniture | 50,000 | ||||
| To Sundry Receipts | 11,000 | By Repairs | 15,000 | ||||
| By Balance c/d | |||||||
| Cash in Hand | 4,800 | ||||||
| Cash at Bank | 70,000 | 74,800 | |||||
| 315000 | 315000 | ||||||
Additional Information :
1) Outstanding Salary of ₹ 9,000
2) Outstanding Tuition Fees ₹ 15,000
3) Depreciate Library Books by ₹ 9,000 and Furniture by ₹ 10,000
(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.
Which of the following should not be recorded in the income and expenditure account?
Subscription due but not received for the current year is ____________.
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 receipts and payments account of Tenkasi Thiruvalluvar Manram, prepare income and expenditure account for the year ended 31st March, 2019.
| Receipts | ₹ | Payments | ₹ |
| To Balance b/d | By Salaries | 20,000 | |
| Cash in hand | 14,000 | By Rent | 24,000 |
| To Interest received | 5,000 | By Travelling expenses | 2,000 |
| To Subscription | 55,000 | By Printing and stationery | 6,000 |
| To Legacies | 48,000 | By Investments made | 50,000 |
| To Entrance fees | 7,000 | By Sports equipment purchased | 33,000 |
| To Sale of furniture (Book value: ₹ 17,000) |
16,000 | By Balance c/d | |
| Cash in hand | 10,000 | ||
| 1,45,000 | 1,45,000 |
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 |
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 |
10% Depreciation on Furniture ₹ 12,000/- 3 Months
Complete the following table:
Salaries paid during the year
| Total (₹) |
Prepaid/ Outstanding |
(₹) | Expenditure for the year |
| ? | Outstanding | 600 | 5,100 |
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.
Complete the following Table:
| Rent | Outstanding Rent | Debited to Income & Expenditure A/c |
| 12,000 | 8,000 | ? |
Excess of expenditure over income is termed as ______.
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 transactions of Receipts and Payments Account of "Shalby Akhada", and the adjustments given, you are required to prepare Income and Expenditure Account and Balance Sheet as on 31st March, 2022.
| Dr. | Receipts and Payments Account for the year ending 31- 03 - 2022 | Cr. | |||
| Receipts | Amount (₹) | Amount (₹) | Payments | Amount (₹) | Amount (₹) |
| To Balance b/d | By Salaries | 12,000 | |||
| Cash in Hand | 10,000 | By Entertainment Expenses | 4,960 | ||
| To Subscriptions | By Sundry Expenses | 2,600 | |||
| 2021-22 | 36,000 | 36,820 | By Electricity Charges | 2,400 | |
| 2022 - 23 | 820 | By Rent | 1,400 | ||
| To Donations | 12,000 | By Investment | 30,000 | ||
| To Receipts from Entertainment | 10,800 | By Printing and Stationery | 1,600 | ||
| To Interest | 800 | By Postage | 6,400 | ||
| To Entrance Fees | 12,400 | By Fixed Deposit | 7,800 | ||
| By Balance c/d | |||||
| Cash in Hand | 1,660 | 13,660 | |||
| Cash at Bank | 12,000 | ||||
| 82,820 | 82,820 | ||||
Adjustments:
(1) There are 500 members paying an annual subscription of ₹ 100 each.
(2) Outstanding salary was ₹ 2,400.
(3) The Assets on 01 - 04 - 2021 were as follows:
Building ₹ 1,00,000, Furniture ₹ 30,000.
(4) Provide depreciation on Building and Furniture at 5% and 10% respectively.
(5) 50% Entrance Fees is to be capitalised.
(6) Interest on investment at 5% p.a. has accrued for 6 months.
(7) Capital fund is of ₹ 1,40,000 as on 01 - 04 - 2021.
Dr. Anish Korgaonkar started the practice of Medical Practioner on 1st April 2019. He gives you the Receipts and Payments Account for the year ended 31st March 2020 and the adjustments.
Prepare the Income and Expenditure Account for the year ended 31st March 2020 and the Balance Sheet as on that date:
| Dr. | Dr. Anish Korgaonkar's Receipts and Payments Account for the year ended 31st March 2020 | Cr. | |
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Cash introduced | 50,000 | By Furniture | 16,000 |
| To visit fees | 20,000 | By Equipment | 20,000 |
| To Receipts from dispensary | 60,000 | By Drugs | 14,000 |
| To Sundry receipts | 10,000 | By Salaries | 24,000 |
| By Rent | 12,000 | ||
| By Conveyance | 8,000 | ||
| By Stationery | 1,000 | ||
| By Electrical charges | 10,000 | ||
| By Journals | 1,000 | ||
| By Drawings | 30,000 | ||
| By Balance c/d | 4,000 | ||
| 1,40,000 | 1,40,000 | ||
Additional information:
- Receipts in arrears are visit fees ₹ 4,000 and dispensary ₹ 1,000
- Outstanding expenses - Rent ₹ 1,000 and Salaries ₹ 2,000
- Stock of drugs ₹ 2.000
- Depreciate furniture @ 8% p.a. and equipment ₹ 1.000.
- 40% of the conveyance expenses are for domestic use.
