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प्रश्न
How will the following items appear in the final accounts of a club for the year ending 31st March 2017? Received subscription of ₹ 40,000 during the year 2016-17. This includes a subscription of ₹ 5,000 for 2015-16 and ₹ 3,000 for the year 2017-18. Subscription of ₹ 1,000 is still outstanding for the year 2016-17.
उत्तर
| Dr. | Income and Expenditure Account for the year ended 31.03.19 | Cr. | ||
| Expenses | ₹ | Income | ₹ | ₹ |
| By Subscription | 40,000 | |||
| (−) Pre. Year 2015-16 | 5,000 | |||
| 35,000 | ||||
| (−) Sub. Year 2017-18 | 3,000 | |||
| 32,000 | ||||
| (+) Outstanding 2016 | 1,000 | 33,000 | ||
Balance Sheet as on 31.03.19
| Liabilities | ₹ | Assets | ₹ | ₹ |
| Subscription Received in Advance | 3,000 | Subscription O/s | 1,000 |
APPEARS IN
संबंधित प्रश्न
Expenditure on Purchase of Building is a ________ Expenditure.
Answer in one sentence only.
Why Income and Expenditure Account is prepared?
(Newly Started Art Circle)
“Jeevan Jyoti Art Circle” a newly established concern has presented the following information.
| Dr | Receipts and Payments Account for the year ending 31.03.2018. | Cr | |||||
| Receipts | Amount ₹ |
Amount ₹ |
Payments | Amount ₹ |
Amount ₹ |
||
| To Admission fees | 22,000 | By Furniture | 12,000 | ||||
| To Subscriptions | 40,000 | By Stationery | 4,000 | ||||
| To Donations | 18,000 | By Office Rent | 2,600 | ||||
| By Newspapers & Periodicals | 300 | ||||||
| By Telephone Expenses | 560 | ||||||
| By Investments | 23,000 | ||||||
| By Balance c/d | |||||||
| Cash in Hand | 7,540 | ||||||
| Cash at Bank | 30,000 | 37,540 | |||||
| 80,000 | 80,000 | ||||||
Adjustments:
1) Subscription Outstanding for the year was ₹ 5,000
2) Depreciate Furniture @10 % p.a
3) Full amount of Admission Fees and 50*% Donations are to be capitalized.
You are required to prepare Income and Expenditure Account for the year ending 31.03.2018 and Balance Sheet as on that date.
Following is the Receipts and Payments Account of Parnil Sports Club, Pune and additional information given below you are required to prepare Income and Expenditure Account for the year ended 31st March 2019 and a Balance Sheet as on that date.
| Dr. | Receipts and Payments Account for the year ended 31st March, 2019 |
Cr. | ||
| Receipts | Amount (₹) | Payments | Amount (₹) | |
| To Balance b/d | 5,000 | By Bank Overdraft (Repaid) | 32,000 | |
| To Subscriptions: | By Salaries | 10,000 | ||
| 2016-17 | 2,000 | 75,000 | By Electrical Charges | 4,000 |
| 2017-18 | 3,000 | By Municipal Taxes | 2,700 | |
| 2018-19 | 70,000 | By Purchase of Sports Materials | 50,000 | |
| To Donations | 15,000 | By General Expenses | 500 | |
| To Entrance fees | 1,700 | By Billiard Expenses | 3,000 | |
| To Life membership fees (Revenue) | 17,000 | By Repairs to Ground | 500 | |
| To Tournaments Receipts | 60,000 | By Tournaments Exp. | 50,000 | |
| By Balance c/d: | ||||
| Cash in Hand | 7,000 | |||
| Cash at Bank | 14,000 | |||
| 1,73,700 | 1,73,700 | |||
Additional Information :
- 50% Donations are towards Building Fund.
- 70% entrance fees should be capitalised.
- Subscriptions ₹ 500 for the year 2016-17 ₹ 1,000 for 2017-18 are still in arrears.
- Following are the balances appeared in the books as on 1-4-2018 :
Building Fund ₹ 47,000, Bank Overdraft ₹ 32,000, Land ₹ 1,50,000, Sports Materials ₹ 30,000. Outstanding Subscription for 2016-17 is ₹ 2,500 and 2017-18 is ₹ 4,000. - Outstanding Subscription for current year is ₹ 8,000.
- Closing Stock of Sports Material was ₹ 8,000 on which depreciation to be provided at 12.50% p.a.
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 ______.
Write the word/phrase/term which can substitute each of the following statement:
Reduction in the value of fixed assets due to its continuous use.
Opening stock of medicines ₹ 25,000, Purchase of medicines ₹ 1,00,000, Outstanding medicines bill ₹ 36,000, Closing stock of medicines ₹ 16,000. Find out amount of medicines consumed.
Find Surplus/Deficit:
| Sr. No. | Expenditure | Income | Surplus/Deficit |
| (i) | ? | 5,500 | 1,000 (Surplus) |
| (ii) | ? | 17,000 | 2,500 (Deficit) |
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.
