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प्रश्न
How are the following items dealt with while preparing Income and Expenditure Account of a club for the year ended 31st March, 2019?
| 1st April, 2018 (₹) |
31st March, 2019 (₹) | |
| Outstanding Locker Rent | 4,600 | 6,300 |
| Advance Locker Rent | 3,000 | 4,000 |
Locker Rent received during the year ended 31st March, 2019 – ₹ 52,000.
उत्तर
|
Income and Expenditure Account |
||||||
|
Dr. |
for the year ended 31st March, 2019 |
Cr. |
||||
|
Expenditure |
Amount (₹) |
Income |
Amount (₹) |
|||
|
|
|
Locker Rent Received |
52,000 |
|
||
|
|
|
Add: Outstanding at the end |
6,300 |
|
||
|
|
|
Add: Advance in the beginning |
3,000 |
|
||
|
|
|
Less: Outstanding in the beginning |
4,600 |
|
||
|
|
|
Less: Advance at the end |
4,000 |
52,700 |
||
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संबंधित प्रश्न
What is Capital Fund? How is it calculated?
“Income and Expenditure Account of a Not-for-Profit Organisation is akin to Profit and Loss Account of a business concern”. Explain the statement.
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 |
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 |
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.
Prepare Income and Expenditure Account for the year ended 31st March, 2019 from the following
|
RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019 |
|||||
| Dr. | Cr. | ||||
| Receipts | ₹ | Payments | ₹ | ||
| To Balance b/d (cash) | 1,80,000 |
By Salaries |
4,80,000 | ||
| To Subscriptions | 9,00,000 | By Rent | 50,000 | ||
| To Sale of Investments | 2,00,000 | By Stationery | 20,000 | ||
| To Sale of Old Furniture (Book Value ₹ 40,000) | 30,000 | By Defence Bonds | 3,00,000 | ||
| To Donations | 10,000 | By Furniture | 2,00,000 | ||
| By Bicycles | 30,000 | ||||
| By Balance c/d (Cash) | 2,40,000 | ||||
|
13,20,000 |
13,20,000 | ||||
How will the following items be treated while preparing the Income and Expenditure Account and Balance Sheet of a Not-for-profit-organization for the year ended 31st March 2019?
| As at 1-4-2018 | As at 31-3-2019 | |
| (₹) | (₹) | |
| Creditors for sports materials | 18,000 | 41,000 |
| Stock of sports materials | 27,000 | 38,000 |
During 2018-19 the payment made to creditors for sports material was ₹ 5,23,000.
How will the following items be treated while preparing the financial statements of a not-for-profit organization for the year ended 31st March, 2019?
| As at 31-3-2018 (₹) | As at 31-3-2019 (₹) | |
| Creditors for medicines | 33,000 | 67,000 |
| Stock of medicines | 27,000 | 43,000 |
During 2018-19, the payment made to the creditors was ₹ 4,25,000.
What is the nature of sales of periodicals?
Income and Expenditure Account records ______.
If there is no 'Match Fund', then match expenses are transferred to:
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?
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.
Which financial statement is a nominal account in the case of a not-profit earning entity?
Ledger Folio columns are shown by:
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 ______.
