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प्रश्न
In the year ended 31st March, 2019, subscriptions received by the Jaipur Literary Society were ₹ 4,20,000. These subscriptions include ₹ 14,000 received for the year ended 31st March, 2018. On 31st March, 2019, subscriptions due but not received were ₹ 10,000. What amount should be credited to Income and Expenditure Account for the year ended 31st March, 2019 as subscription?
उत्तर
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Income and Expenditure Account for the year ended March 31, 2019 |
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Dr. |
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Cr. |
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Expenditure |
Amount (₹) |
Income |
Amount (₹) |
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Subscription |
4,20,000 |
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Less: Outstanding for 2017-18 |
14,000 |
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Add: Outstanding for 218-19 |
10,000 |
4,16,000 |
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APPEARS IN
संबंधित प्रश्न
From the following receipts and payments and information given below, Prepare Income and Expenditure Account and opening Balance Sheet of Adult Literacy Organisation as on December 31, 2017.
Receipt and Payment Account for the year ending
as on December 31, 2017
| Receipts | Amount (Rs) | Payments | Amount (Rs) | |
| Balance b/d | General Expenses | 3,200 | ||
| Cash in hand | 4000 | News paper | 1850 | |
| Cash at Bank | 15550 | Electricity | 3000 | |
| Subscriptions | Fixed deposit with bank (on 31.06.2017) @ 10% p.a. |
18000 | ||
| 2016 | 1200 | 28200 | Books | 7000 |
| 2017 | 26500 | Salary | 3600 | |
| 2018 | 500 | Rent | 6500 | |
| Sale of old newspapers | 1250 | Postage charges | 300 | |
| Govt. grant | 12000 | Furniture (purchased) | 10500 | |
| Sale of old furniture (book value Rs 5, 000) | 3700 | Balance c/d | ||
| Interest received on FD | 450 | Cash in Hand | 3000 | |
| Cash at Bank | 8200 | |||
| 65150 | 65150 | |||
Information:
- Subscription outstanding as on 31.12. 2016 Rs 2,000 and on December 31, 2017 Rs 1,500.
- On December 31, 2017 Salary outstanding Rs 600, and one month rent paid in advance.
- On Jan. 01, 2016 organization owned Furniture Rs 12,000, Books Rs 5,000.
Prepare Income and Expenditure Account and Balance Sheet for the year ended December 31, 2016 from the following Receipt and Payment Account and Balance Sheet of culture club:
Receipt and Payment Account
for the year ending March 31, 2016
| Receipts | Amount (Rs) | Payments | Amount (Rs) | |
| Opening cash balance | 12000 | Furniture | 4,000 | |
| Subscription | Telephone expenses | 800 | ||
| 2014-2015 | 2,000 | 24,000 | Salary | |
| 2015-2016 |
22,000 |
2014-2015 | 1000 | |
| Entrance fees | 2,800 | 2015-2016 | 4000 | |
| Locker rent | 1000 | Newspapers | 700 | |
| Life membership fee | 1200 | Sundry expenses | 1,000 | |
| Government grant | 11,000 | Defence bonds | 18,000 | |
| Land | 20,000 | |||
| Closing cash balance | 2,500 | |||
| 52000 | 52,000 | |||
Balance Sheet
for the year ending March 31, 2015
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Advance locker rent |
200 |
Cash in hand | 12,000 |
| Subscription Received in |
1,000 |
Outstanding Expenses | 3,000 |
| Advance Outstanding salary | 2,000 | Building | 35,000 |
| Loan | 10,000 | ||
| Capital fund |
36,800 |
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| 50000 | 50000 |
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 |
How is Entrance Fees dealt with while preparing the final accounts for the year ended 31st March, 2019 in each of the following alternative cases?
Case I During the year ended 31st March, 2019, Entrance Fees received was ₹ 1,00,000.
Case II During the year ended 31st March, 2019, Entrance Fees received was ₹ 1,00,000.Out of this, ₹ 25,000 was received from individuals whose membership is not yet approved.
How are the following items of subscriptions shown in the Income and Expenditure Account for the year ended 31st March, 2019 and Balance Sheets as at 31st March, 2018 and 2019?
| ₹ | |
| Subscriptions received during the year ended 31st March, 2019 | 358,500 |
| Subscriptions outstanding on 31st March, 2018 | 30,000 |
| Subscriptions received in Advance on 31st March, 2018 | 22,500 |
| Subscriptions received in Advance on 31st March, 2019 | 13,500 |
| Subscriptions outstanding on 31st March, 2019 | 37,500 |
| (including ₹ 12,500 for the year ended 31st March, 2018) |
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.
The Income and Expenditure Account is prepared on which basis with the help of the Receipts and Payments Account?
Name the funds which are invested in securities and the income earned on such investments is added to the respective fund and not credited to the Income and Expenditure Account.
Any gain or loss on the sale of the old assets is taken to which account in the case of a 'not-for-profit' organization?
Assertion (A): The Income and Expenditure Account is like the cash book.
Reason (R): Income and Expenditure Account shows the surplus or deficit that is earned during the financial year by the non-profit organisation.
Subscriptions received in cash during the year amount to ₹ 50,000, the amount received in advance for the next year is ₹ 5,000, and the amount outstanding for the current year was ₹ 5,000. The amount to be debited to the Income and Expenditure Account is:
From the following which item is not entered in the Income and Expenditure Account?
In Receipts and Payments, Account ______ balance is carried forward to the same account for the next accounting period.
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 |
Ledger Folio columns are shown by:
Income and expenditure account is prepared by:
Income and Expenditure Account is generally prepared in:
From the following information, calculate the amount of stationery to be shown in Income and Expenditure Account for the year ended 31st March, 2021:
| Particulars | 1st April, 2020 (₹) |
31st March, 2021 (₹) |
| Creditors for Stationery | 5,600 | 12,800 |
| Stock of Stationery | 25,000 | 35,000 |
During the year ended 31st March, 2021 payments made to creditors amounted to ₹ 62,800. Stationery purchased during the year was ₹ 2,00,000.
