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प्रश्न
Marathi Vishwa Kosha Centre, Wai, has given you the following information from which, you are required to prepare. (i) Income and Expenditure Account for the year ending on 31.03.2013, (ii) Balance Sheet as on 31.03.2013.
Receipts and Payment Account for the year ending 31.03.2013
|
Receipts
|
Amount
(Rs.)
|
Payments
|
Amount
(Rs.)
|
|
To Balance b/d
|
By Stationery
|
5000
|
|
|
Cash in hand
|
13000
|
By Furniture
[Purchased on 01.01.2013]
|
50000
|
|
To Locker Rent
|
5000
|
By Investments
|
1,00,000
|
|
To Entrance Fees
|
19000
|
By Expenses of Drama
|
33500
|
|
To Sale of old newspapers
|
1500
|
By Postage and telegram
|
2,500
|
|
To Receipts from Drama
|
78,500
|
By Magazines and Newspapers
|
4000
|
|
To Legacies
|
1,10,000
|
By Salaries
|
22,000
|
|
To Miscellaneous Receipts
|
8000
|
By Balance c/d
|
|
|
Cash in Hand
|
3000
|
||
|
Cash at bank
|
1,10,000
|
||
|
330000
|
330000
|
उत्तर
Income and Expenditure Account for the year ended 31.03.2013
|
Expenditure
|
Amount Rs.
|
Amount Rs.
|
Income
|
Amount Rs.
|
Amount Rs.
|
|
To Stationery
|
5000
|
By Locker Rent
|
5000
|
||
|
To Expensies of Drama
|
33500
|
By Entrance Fees
|
19000
|
||
|
To Postage and Telegram
|
2500
|
Less: 50% Capitalized
|
9500
|
9500
|
|
|
To Magazines and newspapers
|
4000
|
By Sale of old newspapers
|
1500
|
||
|
To Salaries
|
22000
|
By Receipts from Drama
|
78500
|
||
|
Add: Outstanding
|
3000
|
25000
|
By Miscellaneous Receipts
|
8000
|
|
|
To Depreciation Furniture
|
1250
|
||||
|
To Surplus C/d
|
31250
|
||||
|
102500
|
102500
|
Balance Sheet as on 31.03.2013
|
Liabilities
|
Amount
Rs.
|
Amount
Rs.
|
Assets
|
Amount
Rs.
|
Amount
Rs.
|
|
Capital Fund
|
108000
|
Furniture
|
50000
|
||
|
Add: Entrance Fees
|
9500
|
Less: Depreciation
|
1250
|
48750
|
|
|
Add: Legacies
|
110000
|
Investment
|
100000
|
||
|
Add: Surplus
|
31250
|
258750
|
Cash in Hand
|
3000
|
|
|
Outstanding Salary
|
3000
|
Cash at Bank
|
110000
|
||
|
261750
|
261750
|
= Rs. 1,250
APPEARS IN
संबंधित प्रश्न
Following is the Balance Sheet and Receipts and Payments Account of the Sevagiri Hospital, Satara.
Prepare Income and Expenditure account for the year ended on 31 st March, 2013 and Balance Sheet as on that date :
Balance Sheet as on 1st April, 2012
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
| Capital fund | 1000000 | Cash in hand | 6000 |
| Outstanding Salaries | 22000 | Cash at bank | 30000 |
| Medical bill unpaid | 6000 | Land and building | 800000 |
| Furniture | 70000 | ||
| Equipments | 120000 | ||
| Outstanding Subscription | 2000 | ||
| 1028000 | 1028000 |
Receipts and Payments Account for the year ending 31.03.2013
| Dr. | Cr. | ||
| Receipts | Amount (Rs.) | Payments | Amount (Rs.) |
|
To Balance b/d Cash in hand Cash at bank |
6000 30000 |
By Salaries (including of previous year) |
110000
|
|
To Subscription (includes 2000 received for previous year) |
130000
|
By Medicines | 48000 |
|
To Sale of old furniture (book value Rs. 30000) |
20000
|
By Equipment purchased | 20000 |
|
To Donations (revenue) |
44000
|
By Taxes | 3000 |
| To Life membership fees | 25000 | By General expenses | 8600 |
|
By Balance c/d Cash in hand Cash at bank |
15400 50000 |
||
| 255000 | 255000 |
Consider the following adjustments :
- Outstanding subscription Rs. 15,000.
- Capitalise the amount of life membership fees.
- Pre-paid taxes Rs. 500.
- Outstanding salary Rs. 12,000.
- Write off depreciation Rs. 20,000 from land and building and Rs. 30,000 from equipments.
- Outstanding medicine bill as on 01.04.2012 is still due.
Mrs. Meena of Bilaspur has not kept proper books of accounts, following information is provided to you.
| Particulars | 31.3.2012 | 31.3.2013 |
| Amount (Rs. ) | Amount (Rs.) | |
| Machinery | 50000 | 50000 |
| Furniture | 50000 | 30000 |
| Debtors | 18000 | 25000 |
| Creditors | 18000 | 20000 |
| Stock | 30000 | 42000 |
| Outstanding Expenses | 1500 | - |
| Prepaid Expenses | - | 500 |
| Cash at Bank | 28000 | 40000 |
(1) Mrs. Meena introduced additional capital as on 1st October, 2012 by selling her personal car is Rs. 10,000.
(2) She paid her daughter's college fees from business bank account Rs. 3,000.
(3) Depreciate machinery by 5% p.a.
(4) Provide 2% on debtors for Bad and Doubtful debts.
(5) Interest on capital is to be provided @ 5% p.a. and on drawings @ 5% p.a.
Prepare : Opening and closing statement of affairs and statement of profit or loss for the year ended 31st March, 2013.
Following is the Receipts and Payments Account of Chamber of Commerce, Amaravati for the year ending 31st March 2012 and some additional information.
| Receipts and Payments Account For the year ended March 31, 2012 | |||
| Receipts | Amount | Payment | Amount |
| To balance b/d (Cash at bank) | 11,960 | By Printing and Stationery | 6,950 |
| To Subscription (Including Rs. 2,500 for 2010–11) | 36,500 | By Repairs | 2,100 |
| To Sale of furniture (Books value Rs. 18,000) | 12,000 | By Rent | 8,500 |
| To Donation for building fund | 27,000 | By Books | 20,000 |
| To Admission fees (Revenue) | 5,050 | By Travelling expenses | 2,000 |
| By Investments | 40,000 | ||
| By Insurance | 1,700 | ||
| By Balance c/d (Cash at bank) | 11,260 | ||
| 92,510 | 92,510 | ||
| Particulars | 1.04.2011 | 31.03.2012 |
| Outstanding Subscription |
3,000 | 5,000 |
| Furniture | 32,000 | 12,600 |
| Building Fund | 1,45,000 | |
| Capital Fund | 1,51,960 | |
| Investment | 2,50,000 |
Prepare Income and Expenditure A/c for the year ended 31st March, 2012 and Balance Sheet as on that date.
| Balance Sheet as on 1st April 2007 | |||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Entrance Fees | 6,000 | Furniture | 16,800 |
| Capital Fund | 1,03,800 | Laboratory | 20,000 |
| Library | 25,000 | ||
| Investment | 40,000 | ||
| Cash in hand | 1,000 | ||
| Cash at bank | 3,000 | ||
| Outstanding Tuition Fees | 4,000 | ||
| 1,09,800 | 1,09,800 | ||
| Receipts and Payments Account for the year ended 31st March 2008 | |||
| Receipts | Amount (Rs) | Payments | Amount (Rs) |
| To Balance b/d | By Furniture Purchased | 5,400 | |
| Cash in hand | 1,000 | By Salaries | 60,000 |
| Cash at bank | 3,000 | By Rent | 28,000 |
| To Tuition Fees | 80,000 | By Sundry Expenses | 15,200 |
| To Term Fees | 26,200 | By Annual Gathering Expenses | 11,300 |
| To Government Grant | 16,000 | By Insurance | 4,000 |
| To Donation of Library | 30,000 | By Closing Balance | |
| To Interest on Investment | 2,000 | Cash at bank | 34,300 |
| 1,58,200 | 1,58,200 | ||
Adjustments:
1. Tuition fees still receivable are Rs. 10,000.
2. Salaries still payable are Rs. 30,000
3. An insurance premium is paid for one year ending 30.9.2008.
4. Rent paid in advance Rs. 4,000.
5. Depreciate furniture and library at 10%.
Depreciation to be charged on the closing balances of the assets.
With the help of the Balance Sheet and Receipts and Payments Accounts of Adarsh Cultural Club, Mumbai, prepare Income and Expenditure Account for the year ended 31st March, 2013 and the Balance Sheet as on that date :
Balance Sheet as on 01.04.2012
| Liabilities | Amount | Assets | Amount |
| Capital fund | 2,57,000 | Buildings | 2,50,000 |
| Building fund | 50,000 | Furniture | 20,000 |
| Outstanding salary | 1,300 | Outstanding Subscription | 1,000 |
| Cash in hand | 2,400 | ||
| Cash at bank | 34,900 | ||
| 3,08,300 | 3,08,300 |
Receipts and Payments Account for the year ending 31.03.2013
| Receipts | Amount | Amount | Payments | Amount | Amount |
| To Balance b/d | By Salaries | 35,300 | |||
| Cash in hand | 2,400 | By Furniture (Purchased on01.10.2012) |
10,000 |
||
| Cash at bank | 34,900 | By General expenses | 8,400 | ||
| To Subscriptions | By Printing and stationery | 4,200 | |||
| 2011–12 | 1,000 | By Drama expenses | 16,000 | ||
| 2012–13 | 48,000 | By Balance c/d | |||
| 2013–14 | 2,000 | 51,000 | Cash in hand | 4,600 | |
| To Donations for | Cash at bank | 57,800 | |||
| building fund | 20,000 | ||||
| To Drama receipts | 28,000 | ||||
| 1,36,300 | 1,36,300 |
You are also required to consider the additional information given below:
(1) The club had 100 members, each paying 500 as annual subscription.
(2) Furniture to be depreciated at 20 % p.a.
(3) Salaries include Rs .1,300 paid for outstanding salaries for the year 2011‐12.
Salaries outstanding for the year 2012‐13 were 700.
Following is the Balance Sheet as on 1.4.2009 and the Receipts and Payments Account for the year ending 31.3.2010 of Bright Students Junior College, Pune.
Balance Sheet as on 1.4.2009
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capital fund (Balancing figure) |
13,18,000 |
Building Furniture Books Bank deposits Tuition fees receivable Cash in hand Cash at bank |
10,00,000 1,20,000 60,000 1,00,000 10,000 19,000 9,000 |
|
13,18,000 |
13,18,000 |
Receipts and Payment Account
For the year ended 31.03.2010
|
Receipts |
Amount |
Payments |
Amount |
|||
|
To Balance b/d |
|
By Salaries to teachers |
1,80,000 |
|||
|
Cash in hand |
9,000 |
By Salaries to office staff |
30,000 |
|||
|
Cash at bank |
19,000 |
By Books purchased on 1.1.2010 |
20,000 |
|||
|
To Tuition fees |
|
By Printing and stationary |
41,000 |
|||
|
2008-2009 : |
10,000 |
|
By Office rent |
10,000 |
||
|
2009-2010 : |
1,70,000 |
1,80,000 |
By Repair to Jr. College building |
24,000 |
||
|
To Fine collected |
5,200 |
By Sports expenses |
8,600 |
|||
|
To Admission fees |
20,000 |
By Annual gathering expenses |
14,000 |
|||
|
To Donations |
1,00,000 |
By Furniture (Purchased on 1.1.2010) |
80,000 |
|||
|
To Interest on bank deposits |
5,000 |
By Balance c/d |
|
|||
|
To Government grant (Revenue) |
2,00,000 |
Cash in hand |
2,600 |
|||
|
|
|
Cash at bank |
1,28,000 |
|||
|
|
5,38,200 |
|
5,38,200 |
|||
Additional information:
(1) For the current year (2009–2010) tuition fees receivable (outstanding) Rs 24,000.
(3) Salary to teachers is outstanding Rs 12,000.
You are required to prepare:
(b) Balance Sheet as on 31.3.2010
Following is the Balance Sheet and Receipts and Payments Account of the Memorial Hospital, Sawantwadi, Prepare Income and Expenditure A/c for the year ended on 31.03.2010 and the Balance Sheet as on that date.
|
Balance Sheet as on 01.04.2009 |
|||
|
Liabilities |
Amount |
Assets |
Amount |
|
Capital Fund Outstanding Salaries Medical Bill unpaid |
10,04,000
22,000 6,000 |
Cash in Hand Cash at Bank Land and Building Furniture Equipments Outstanding Subscriptions |
6,000 34,000 8,00,000 70,000 1,20,000 2,000 |
|
|
10,32,000 |
|
10,32,000 |
|
Receipts and Payments Account for the year ending 31.03.2010 |
|||||
|
Dr. |
|
Cr. |
|||
|
Receipts |
Amount |
Payments |
Amount |
||
|
To Balance b/d Cash in hand Cash at Bank To Subscriptions (Includes Rs 2,000 received for previous year) To Sale of furniture (Book Value Rs 30,000) To Donations (Revenue) To Life Membership Fees |
6,000 34,000 1,30,000
20,000
44,000 25,000 |
By Salaries (Including of the previous year) By Medicines By Equipments purchased By Taxes By General Expenses By Balance c/d Cash in Hand Cash at Bank |
1,10,000
52,000 20,000 3,000 8,600
15,400 |
||
|
|
2,59,000 |
|
2,59,000 |
||
(1) Outstanding subscriptions Rs 12,000.
(2) Capitalise the amount of membership fees.
(3) Prepaid Taxes Rs 500.
(4) Outstanding Salary Rs 12,000.
(5) Write off depreciation Rs 20,000 from Land and Building and Rs 30,000 from Equipments.
(6) Outstanding Medicine bill as on 1.4.2009 is still due.
Answer in one sentence only.
What is Capital Fund?
Answer in one sentence only.
Which receipts are called capital receipts?
Answer in one sentence only.
What is deferred revenue expenditure?
Answer in one sentence only.
What do you mean by recurring expenses?
Answer in one sentence only.
What does ‘surplus’ mean?
Answer in one sentence only.
Which receipts are called ‘Revenue Receipts?
Answer in one sentence only.
What is ‘Deficit’?
Answer in one sentence only.
What do you mean by non-recurring expenses?
Write one Word / Term / Phrase for the following statement.
Excess of income over expenditure.
Write one Word / Term / Phrase for the following statement.
Excess of expenditure over income
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
‘Not for Profit’ Concerns prepare _________________ Account instead of Profit and loss Account.
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
An Income and Expenditure Account and a Balance sheet is prepared as final accounts by a ______________ .
State whether the following statement is True or False.
Receipts and Payments Account do not have any opening balance.
|
LIABILITIES
|
AMOUNT
|
ASSETS
|
AMOUNT
|
|
Capital Fund
|
502000
|
Cash in Hand
|
3000
|
|
Medical bill Unpaid
|
3000
|
Cash at Bank
|
6000
|
|
Land and Building
|
400000
|
||
|
Furniture
|
35000
|
||
|
Equipments
|
60000
|
||
|
Outstanding Subscription
|
1000
|
||
|
505000
|
505000
|
|
Receipts
|
Amount
|
Payments
|
Amount
|
|
To balance b/d
|
By Salaries
|
55000
|
|
|
Cash in Hand
|
3000
|
By Medicines
|
26000
|
|
Cash at Bank
|
6000
|
By Equipment purchased
|
10000
|
|
To Subscription
[Includes Rs. 1000 received for previous year]
|
65000
|
By General Expenses
|
4300
|
|
To Sale of Old Furniture
[Book value Rs. 15000]
|
10000
|
By Balance c/d
|
|
|
To Donations (Revenue)
|
22000
|
Cash in Hand
|
7700
|
|
To Life Membership Fees
|
12500
|
Cash at Bank
|
15500
|
|
118500
|
118500
|
| Trial Balance as on 31st March 2013 | |||
|
Debit Balances
|
Amount
|
Credit Balances
|
Amount
|
|
Salary and Wages
|
17000
|
Sales
|
110000
|
|
Postage and Telegram
|
1750
|
Sundry Creditors
|
72700
|
|
Opening Stock
|
23500
|
Bills Payable
|
40000
|
|
Plant and Machinery
|
70000
|
10% Bank Loan
[Taken on 1st October 2012]
|
60000
|
|
Import Duty
|
3100
|
Outstanding Audit Fees
|
5900
|
|
Purchases
|
98500
|
Capital Accounts:
|
|
|
Sundry Debtors
|
45800
|
Vishal
|
45000
|
|
Bills Receivable
|
16700
|
Vaibhav
|
45000
|
|
Carriage Outward
|
1800
|
||
|
Wages and Salary
|
14000
|
||
|
Printing and Stationery
|
4600
|
||
|
Cash in hand
|
1850
|
||
|
Leasehold premises
|
80000
|
||
|
378600
|
378600
|
||
