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प्रश्न
Income and Expenditure Account is similar to the _____ account of Trading Concern.
उत्तर
Income and Expenditure Account is similar to the Profit and loss account of Trading Concern.
APPEARS IN
संबंधित प्रश्न
Outstanding subscription at the end of the Accounting Year represents _______.
Write the word/phrase/term, which can substitute the following sentence.
Donation received for a specific purpose.
Write the word/phrase/term, which can substitute the following sentence.
An Account which records only revenue items in case of Not for profit concern.
Write the word/phrase/term, which can substitute the following sentence.
The credit balance of Income and Expenditure Account.
Mumbai University prepares _______ Account instead of a Profit and Loss account.
Subscription received from the members is considered as ________ receipts.
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 |
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?
(Calculation of stationery consumed during the year)
| Balance Sheet as on 01.04.2018 | |||||
| Liabilities | Amt. ₹ | Amt. ₹ | Assets | Amt. ₹ | Amt. ₹ |
| Stock of Stationery | 400 | ||||
| Dr | Receipts and Payments Account for the year ending 31.03.2019 | Cr | |||
| Receipts | Amt. ₹ | Amt. ₹ | Payments | Amt. ₹ | Amt. ₹ |
| By Stationery Purchased | 6,300 | ||||
Adjustments :
1. ₹ 1,000 Outstanding for Stationery bill.
2. Stock of Stationery as on 31.03.2019 was valued at ₹1,800
With the above information, calculate the amount of Stationery consumed during the year and show its presentation in final Accounts of a concern.
(Accounts of a Charitable Hospital)
From the following particulars relating to “Radha-Krishna Charitable Hospital” Pune. Prepare Income and Expenditure Account for the year ending 31.03.2020 and Balance Sheet as on that date.
| Dr. | Receipts and payments Account for the year ending 31 Mar 2020. | Cr. | ||||
| Receipts | Amount ₹ | Payments | Amount ₹ | |||
| To Balance b/d | By Medicines Purchased | 41,000 | ||||
| Cash | 8,230 | By General Expenses | 1,050 | |||
| To Subscriptions | 52,000 | By Salaries | 23,500 | |||
| To Donations (General) | 17,500 | By Stationery | 2,000 | |||
| To Interest in Investments | 10,000 | By Expenses on Charity Show | 550 | |||
| To Proceeds from Charity Show | 8,530 | By Surgery and Dispensary Exp | 4,200 | |||
| By Equipments | 10,000 | |||||
| By Balance c/d | ||||||
| Cash in Hand | 960 | |||||
| Cash at Bank | 13,000 | 13,960 | ||||
| 96,260 | 96,260 | |||||
Additional Information :
| Particulars | 01.04.2019 ₹ | 31.03.2020 ₹ |
| 1. Subscription Due | 310 | 350 |
| 2. Subscription Received in Advance | 600 | 150 |
| 3. Stock of Medicine | 8,000 | 11,000 |
| 4. Estimated Value of Equipment | 15,000 | ? |
| 5. Building | 40,000 | ? |
| 6. Capital Fund | 1,70,940 | ? |
| 7. 10 % Investment | 1,00,000 | ? |
Provide Depreciation on Equipments ₹ 1,900 and on Building ₹ 1,500
From the following transactions of Receipts and Payments Account of “Pavan - Putra Hanuma Vyayamshala” Parbhani, and the adjustments given, you are required to prepare Income and Expenditure Account and Balance Sheet as on 31st March 2019.
| Dr | Receipts and Payments Account for the year ending 31.03.2019. | Cr | |||||
| Receipts | Amount ₹ |
Payments | Amount ₹ |
||||
| To Balance b/d | By Salaries | 6,000 | |||||
| Cash in Hand | 5,000 | By Entertainment Expenses | 2,480 | ||||
| To Subscriptions | By Sundry Expenses | 1,300 | |||||
| 2018 - 19 | 18,000 | By Electricity Charges | 1,200 | ||||
| 2019 - 20 | 410 | 18,410 | By Rent | 700 | |||
| To Donations | 6,000 | By Investment | 15,000 | ||||
| To Receipts from Entertainment | 5,400 | By Printing and Stationery | 800 | ||||
| To Interest | 400 | By Postage | 3,200 | ||||
| To Entrance fees | 6,200 | By Fixed Deposit | 3,900 | ||||
| By Balance c/d | |||||||
| Cash in Hand | 830 | ||||||
| Cash at Bank | 6000 | 6,830 | |||||
| 41,410 | 41,410 | ||||||
Adjustments:
1) There are 500 members paying an annual Subscription of ₹ 50 each
2) Outstanding Salary was ₹ 1,200
3) The Assets on 01.04.2018 were as follows: Building ₹ 50,000, Furniture ₹ 15,000
4) Provide depreciation on Building and Furniture at 5% and 10% respectively.
5) 50% Entrance Fee is to be capitalized.
6) Interest on Investment at 5% p. a. has accrued for 6 months.
7) Capital Fund ₹ 70,000 on 01.04.2018
(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.
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
(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
(Outstanding Expenses and Prepaid Expenses)
From the following information supplied to you, prepare Income and Expenditure Account for the year ending on 31.03.2020 and Balance Sheet as on that date for “Morya Sports Club” Thane.
| Balance Sheet as on 01.04.2019. | |||
| Liabilities | Amount ₹ | Assets | Amount ₹ |
| Capital Fund | 64,500 | Machinery | 69,000 |
| Bank overdraft | 38,000 | Outstanding Subscriptions | 8,000 |
| Outstanding Salary | 4,000 | Prepaid Insurance Premium | 2,000 |
| Furniture | 15,000 | ||
| Cash in Hand | 12,000 | ||
| Outstanding Locker’s Rent | 500 | ||
| 1,06,500 | 1,06,500 | ||
| Dr. | Receipts and Payments Account for the year ended 31.03.2020 | Cr. | |||
| Receipts | Amount ₹ | Payments | Amount ₹ |
||
| To Balance b/d | 12,000 | By Balance b/d (Bank Overdraft) | 38,000 | ||
| To Subscription | 1,05,000 | By Salary | 17,500 | ||
| To Entrance Fees (Capitalised) | 9,300 | By Insurance Premium | 11,000 | ||
| To Locker Rent | 1,500 | By Interest | 1,400 | ||
| To Donations (Capitalised) | 800 | By Refreshment Expenses | 4,200 | ||
| By Furniture | 30,000 | ||||
| By Balance c/d | |||||
| Cash in Hand | 6,500 | ||||
| Cash at Bank | 20,000 | ||||
| 1,28,600 | 1,28,600 | ||||
Adjustments :
1) Subscription received includes ₹ 3,000 for 2018 - 19 and Outstanding Subscription for 2019 - 20 was ₹ 14,000.
2) On 31.03.2020, Prepaid Insurance Premium was ₹ 2,500.
3) Depreciate Furniture by ₹ 3,000.
4) Locker Rent Outstanding for 2019 - 20 is ₹ 400
Income and Expenditure Account is prepared to find out __________.
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 |
How will the following appear in the final accounts of Vedaranyam Sports club?
| Particulars | ₹ |
| Opening stock of bats and balls | 3,000 |
| Purchase of bats and balls during the year | 17,000 |
| Sale of old bats and balls | 2,000 |
| Closing stock of bats and balls | 4,000 |
From the following Receipts and Payments account of Shahu College, Kolhapur for the year ending 31st March, 2020 and additional information, prepare Income and Expenditure Account for the year ended 31st March, 2020 and Balance Sheet as on that date:
| Dr. | Receipts and Payments Account for the year ended 31st March, 2020 |
Cr. | |
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Balance b/d | By Salaries | 11,77,500 | |
| Cash | 6,000 | By Printing and Stationery |
13,500 |
| Bank | 1,00,000 | By Books | 44,000 |
| To Interest | 30,000 | By Furniture | 39,000 |
| To Donation | 3,50,000 | By Drama Expenses | 45,000 |
| To Tuition Fees | 9,50,000 | By Postage | 3,500 |
| To Admission Fees | 32,500 | By Telephone Charges | 3,000 |
| To Drama Receipts | 50,000 | By Electricity | 30,500 |
| To Rent from use of Hall | 3,000 | By Magazine and Newspapers |
3,000 |
| To Legacies (Capital) | 30,000 | By Balance c/d | |
| Cash | 31,000 | ||
| Bank | 1,61,500 | ||
| 15,51,500 | 15,51,500 | ||
Additional information:
(1) Outstanding Salaries ₹ 35,000.
(2) 60% of donations are for Building Fund and Balance is to be treated as revenue income.
(3)
| Particulars | 1 - 4 - 2019 (₹) | 31 - 3 - 2020 (₹) |
| Capital Fund | 3,05,500 | ? |
| Building Fund | 4,13,500 | ? |
| Furniture | 1,63,000 | 1,50,000 |
| Books | 4,50,000 | 4,44,000 |
Rent ₹ 12,000, Outstanding Rent ₹ 8,000, debited to Income & Expenditure A/c ______.
Mumbai University prepares ______ Account instead of a Profit and Loss account.
Excess of expenditure over income is termed as ______.
Complete the table:
| Sr. No. | Income (₹) | Expenditure (₹) | Surplus/Deficit (₹) |
| a | 20,000 | ? | 5,000 (Surlpus) |
| b | 10,000 | ? | 4,000 (Deficit) |
| c | ? | 15,000 | 8,000 (Surlpus) |
| d | 7,500 | 9,000 | ? |
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.
Mumbai University prepare ______ Account instead of a Profit and Loss account.
Mumbai University prepares ______ Account instead of a Profit and Loss account.
