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प्रश्न
Subscription received in advance during the accounting year is _______.
विकल्प
An income
- An expenditure
An asset
A liability
उत्तर
Explanation:
APPEARS IN
संबंधित प्रश्न
Answer in one sentence only.
What is Surplus?
Outstanding subscription at the end of the Accounting Year represents _______.
Write the word/phrase/term, which can substitute the following sentence.
An account which is prepared by Not for Profit concern instead of Profit and Loss Account.
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.
The credit balance of Income and Expenditure Account.
State whether the following statement is True or False with reasons.
Income and Expenditure Account is Real Account.
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 | ? |
Find odd one :
Find odd one:
(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
(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.
(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.
Subscription due but not received for the current year is ____________.
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 |
From the following receipts and payments account and the additional information given below, calculate the amount of subscription to be shown in the Income and expenditure account for the year ending 31st December, 2018.
| Receipts | ₹ | ₹ | Payments | ₹ |
| To Subscription | ||||
| 2017 | 28,000 | |||
| 2018 | 1,72,000 | |||
| 2019 | 12,000 | 2,12,000 | ||
Additional information: Subscription outstanding for the year 2018 is ₹ 8,000.
How the following items will appear in the final accounts of a club for the year ending 31st March 2019?
| Dr. | Receipts and Payments Account for the year ended 31st March, 2019 | Cr. | ||
| Receipts | ₹ | ₹ | Payments | ₹ |
| To Subscription | ||||
| 2017 - 2018 | 10,000 | |||
| 2018 - 2019 | 50,000 | |||
| 2019 - 2020 | 5,000 | 65,000 | ||
There are 200 members in the club each paying an annual subscription of ₹ 400 per annum. Subscription still outstanding for the year 2017 - 2018 is ₹ 2,000.
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.
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
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.
Symbiosys school, Pune showed the following position on 31st March, 2018.
| Balance Sheet as on 31st March 2018 | |||
| Liabilities | Amount ₹ |
Assets | Amount ₹ |
| Capital Fund | 6,80,000 | Cash in Hand | 5,000 |
| Entrance fees | 20,000 | Cash at Bank | 8,000 |
| Laboratory | 15,000 | ||
| Building | 6,00,000 | ||
| Furniture | 40,000 | ||
| Books | 22,000 | ||
| Tuition fees Receivable |
10,000 | ||
| 7,00,000 | 7,00,000 | ||
| Dr. | Receipts and Payments Account for the year ending 31st March 2019 | Cr. | |||||
| Receipts | Amount ₹ | Amount ₹ | Payments |
Amount ₹ |
Amount ₹ |
||
| To Balance b/d | By Salaries to Teachers | 1,80,000 | |||||
| Cash | 5,000 | 13,000 | By Salaries to Office staff | 30,000 | |||
| Bank | 8,000 | By Books (Purchased on 1-1-2019) | 15,000 | ||||
| To Tuition Fees | By Printing & Stationery | 5,000 | |||||
| 2017 - 18 | 8,000 | 1,08,000 | By Annual Gathering Exp | 10,000 | |||
| 2018 - 19 | 1,00,000 | By Office Rent | 16,000 | ||||
| To Fine Collected | 2,000 | By Repairs | 15,000 | ||||
| To Admission fees | 10,000 | By Sports Exp. | 5,000 | ||||
| To Term fees | 7,000 | By Furniture (Purchased on 1-7-2018) | 50,000 | ||||
| To Donations to for Library | 1,000 | By Balance c/d | |||||
| To Interest on Bank Deposits | 5,000 | Cash | 8,000 | 20,000 | |||
| To Govt. Grants (Revenue) | 2,00,000 | Bank | 12,000 | ||||
| 3,46,000 | 3,46,000 | ||||||
Additional Information:
- Tuition fees are outstanding for current year ₹ 5,000.
- Salary to teachers is outstanding ₹ 15,000
- Rent paid in advance is ₹ 3,000
- Depreciation on Books @ 15 % p.a. and 10 % on Furniture.
You are required to prepare Income & Expenditure Account for the year ended 31st March, 2019 and a balance sheet as on that date.
Complete the following table:
| Sr. No |
Income (₹) |
Expenditure (₹) |
Surplus/Deficit (₹) |
| 1. | 10,000 | ? | 5,000 (Deficit) |
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 | ||
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.
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 prepares ______ Account instead of a Profit and Loss account.
