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प्रश्न
Write one Word / Term / Phrase for the following statement.
Excess of expenditure over income
उत्तर
Deficit
Explanation: When the expenditure side of the Income and Expenditure Account exceeds its income side, we have deficit. In case of profit seeking entities, it is termed as loss (ascertained from Profit and Loss Account).
APPEARS IN
संबंधित प्रश्न
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.
Expenditure on purchase of a building is a _____.
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 Receipts and Payments Account and additional information of Kalpana Hospital, Sakri.
|
Receipts and Payments Account for the year ended on 31st March, 2010 |
||||||
|
Dr. |
Cr. |
|||||
|
Receipts |
Amount |
Payments |
Amount |
|||
|
To Balance b/d |
6,000 |
By Medicines |
10,000 |
|||
|
To Subscriptions: |
|
By Honorarium to Doctors |
75,000 |
|||
|
2008-2009 |
7,500 |
|
By Ambulance Maintenance |
44,000 |
||
|
2009-2010 |
95,000 |
|
By Hospital Equip. purchased |
30,000 |
||
|
2010-2011 |
15,000 |
1,17,500 |
By Furniture purchased |
25,000 |
||
|
To Donations |
55,000 |
By Fixed Deposits |
1,00,000 |
|||
|
To Life Membership Fees |
25,000 |
By Balance c/d (31.3.10) |
69,500 |
|||
|
To Hospital Receipts (Revenue) |
1,50,000 |
|
|
|||
|
|
3,53,500 |
|
3,53,500 |
|||
Additional Information:
(1) Outstanding subscription for 2009-2010 is amounted to Rs. 5,000.
(2) Hospital equipments and furniture were purchased on 1.10.2009 and both were to be depreciated at 20% p. a.
(3) Life membership fees are to be capitalized.
(4) Donations represent donations for Building fund.
(5) Staff salary for the current year is outstanding Rs. 7,500.
(6) On 1.4.2009, the hospital had the following assets and liabilities:
Land Rs. 2,50,000, Investments Rs. 50,000, Ambulance Rs. 1,02,500, Bank Loan Rs. 2,00,000.
(7) Capital Fund as on 1.4.2009 was amounted to Rs. 2,16,000.
Prepare: Income and Expenditure Account for the year ending 31st March, 2010 and the Balance Sheet as on that date.
Income and Expenditure Account includes items of ____ nature only.
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.
What is deferred revenue expenditure?
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.
An Account, which is prepared by ‘Not for Profit’ concern, instead of Profit and Loss Account.
Write one Word / Term / Phrase for the following statement.
Excess of income over expenditure.
Write one Word / Term / Phrase for the following statement.
A statement showing the financial position of a concern on a particular date.
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
Excess of income over Expenditure is termed as _________________.
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.
State whether the following statement is True or False.
Every year, ‘Bal Vikas Mandir’, a primary school, prepares Income and expenditure Account.
State whether the following statement is True or False.
The final balancing amount of Income and Expenditure Account represents either surplus or Deficit.
State whether the following statement is True or False.
Receipts and Payments Account do not have any opening balance.
Following is the balance sheet as on 1.4.2012 and receipts and payments accounts of mahakavi kalidas Library , Nashik . Balance sheet as on 31st March 2013.
Balnce sheet as on 01.04.2012
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital fund | 690000 | Furniture | 72500 |
| Expenses due | 7000 | Books | 551000 |
| Investment in securities | 50000 | ||
| Cash in hand | 8500 | ||
| Cash in Bank | 15000 | ||
| 697000 | 697000 |
Receipts and Payments for the year ending 31st March ,2013
Dr. Cr.
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Balance b/d | By electricity charges | 6980 | |
| Cash in hand | 8500 | By postage and telegram | 6100 |
| Cash in bank | 15000 | By Purchase of books | 80000 |
| To member's subscriptions | 180000 | By Payment of expenses due | 7000 |
| To Entrance fees | 25000 | By Sundry expenses | 10500 |
| To Sales of old newspapers | 1500 | By Investment in securities | 100000 |
| To Hire of lecture hall | 18000 | By Furniture | 28000 |
| To Interest on securities | 4000 | By Balance c/d | |
| Cash in hand | 6420 | ||
| Cash in bank | 7000 | ||
| 252000 | 252000 |
Adjustments:
(1) During the current year , furniture was purchased on 1.10.2012. Depreciation furniture @ 10 % p.a.
(2) Depreciate books by ₹ 100000
(3) Membership subscription received during the year includes ₹ 15000 , for the year 2013 - 14 and ₹ 7500 , are outstanding for current year.
(4) Capitalised half (1/2) of the entrance fees.
Prepare : Income and Expenditure account for the year ended 31st March 2013 and Balance sheet as on 31st march , 2013.
