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प्रश्न
Following is the accounting information for the year 2009-2010 of Cricket Club, Pune, You are required to prepare Income and Expenditure Account as on 31.03.2010 and Balance Sheet as on that date.
Balance Sheet as on 01.04.2009
| Liabilities |
Amount
(Rs.)
|
Assets |
Amount
(Rs.)
|
Amount
(Rs.)
|
| Capital Fund | 67,100 | Land | 120,000 | |
| Building Fund | 54,000 | Sports Material | 32,000 | |
| Bank Overdraft | 37,400 | Cash in Hand | 2,200 | |
| Outstanding Subscriptions | ||||
| 2007-2008 | Rs.1800 | |||
| 2008 - 2009 | Rs.2500 | 4,300 | ||
| 158,500 | 158,500 |
Receipts and Payments Account for year ending on 31-03-2010
Dr. Cr.
| Receipts |
Amount (Rs.)
|
Amount (Rs.)
|
Payments |
Amount (Rs.) |
Amount |
| To Balance b/d (cash in Hand) |
2200 | Bank Overdraft (repaid) | 37,400 | ||
| To subscription | 69,800 | By Salaries | 25,600 | ||
| 2007-2008 | 1800 | By Electricity Charges | 2,250 | ||
| 2008-2009 | 2500 | By Rent and Taxes | 1,750 | ||
| 2009-2010 | 65500 | By Printing and Stationery | 5,100 | ||
| By Entertainment Expenses 31/03/2010 |
8,700 | ||||
| To Donations | 11,000 | By Balance c/d | |||
| To Entertainment Receipts | 8,800 | Cash in Hand Cash at Bank |
3,000 10,000 |
||
| To Entrance Fees | 2,000 | ||||
| 93,800 | 93,800 |
Adjustments:
1) Donation are received for Building Fund.
2) Entrance Fees are to be Capitalized.
3) Outstanding Subscription Rs 1,500.
4) Depreciate sport Material @ 12 1/2% p.a.
उत्तर १
| Expenditure |
Amount
(Rs)
|
Income | Amount (Rs) | |
| Printing and Stationery | 5,100 | Subscription | 65,500 1,500 |
67,000 |
| Salaries paid | 25,600 | Add: Outstanding at the end | ||
| Electricity Charges | 2,250 | Entertainment Receipts | 8,800 | |
| Rent and Taxes | 1,750 | General Donation | - | |
| Entertainment Expenses | 8,700 | |||
| Depreciation on Sports Material | 4,000 | |||
| Surplus (Excess of Income over Expenditure) | 28,400 | |||
| 75800 | 75,800 |
उत्तर २
| Expenditure |
Amount
(Rs)
|
Income | Amount (Rs) | |
| Printing and Stationery | 5,100 | Subscription | 65,500 1,500 |
67,000 |
| Salaries paid | 25,600 | Add: Outstanding at the end | ||
| Electricity Charges | 2,250 | Entertainment Receipts | 8,800 | |
| Rent and Taxes | 1,750 | General Donation | - | |
| Entertainment Expenses | 8,700 | |||
| Depreciation on Sports Material | 4,000 | |||
| Surplus (Excess of Income over Expenditure) | 28,400 | |||
| 75800 | 75,800 |
| Liabilities | Amount (Rs) |
Amount (Rs) |
Assets | Amount (Rs) | Amount (Rs) |
| Capital Fund | Sports Material | 32000 4000 |
28,000 | ||
| Opening Balance | 67,100 28,400 |
95,500 | Less: Depreciation | ||
| Add: Surplus | Land | 120,000 | |||
| Building Fund | 54,000 11,000 |
65,000 | Subscription Outstanding | 1,500 | |
| Add: Donations | Cash in Hand | 3,000 | |||
| Entrance Fees | 2,000 | Cash at Bank | 10,000 | ||
| 162,500 | 162,500 |
APPEARS IN
संबंधित प्रश्न
Miss Kalpana started her business with a capital of 1,30,000 on 1st April, 2015. Her financial position on 31st March 2016 was as follows:
| Amount ( Rs) | |
| Cash | 9,120 |
| Stock | 10,250 |
| Bills payable | 12,880 |
| Creditors | 17,180 |
| Debtors | 31,000 |
| Prepaid insurance | 550 |
| Bills receivable | 29,120 |
| Premises | 85,800 |
| Vehicles | 40,200 |
Additional information :
1. Miss Kalpana brought additional capital of 20,000 on 30th September, 2015
2. Interest on capital is to be allowed at 5% p.a.
3. She withdrew 10, 000 for personal use.
4. Reserve for doubtful debts is to be provided at 2½ % after writing off bad debts of 1,000.
5. Depreciate vehicles at 10% p.a. and premises at 5 % p.a.
6. Creditors were overvalued by 2,180.
Prepare :
(1) Closing Statement of Affairs as on 31.03.2016.
(2) Statement of Profit or Loss for the year ended 31.03.2016.
Goods brought into the joint venture by a co-venturer from his own stock is debited to _____.
From the following Receipts and Payments Account of Nanasaheb Patil Engineering College, Faizpur for the year ending 31 March 2013 and additional information, Prepare Income and Expenditure Account for year ending 31/03/2013 and a Balance Sheet as on that date.
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 |
15,950 100,070 |
By Salaries to |
850,500 181,000 |
| To Interest | 51,000 |
By Electricity |
51,900 |
| To Subscriptions | 25,800 | By Books | 57,800 |
| To Life Membership Fees | 20,500 | By Furniture | 45,000 |
| To Donations | 636000 | By Stationery | 19,950 |
| To tuition Fees | 1120,000 | By Fixed Deposit 31/03/2013 | 750,000 |
| To Term Fees | 200,900 | By Balance c/d Cash in Hand Cash at Bank |
13500 262,500 |
| To Admission Fees | 55,000 | ||
| To Sundry Receipts | 6,930 | ||
| 2232,150 | 2232,150 |
Additional Information:
1)
| Particulars |
01/04/2012 |
31/03/2013 |
| Books |
5,50,000 |
5,50,000 |
| Furniture | 2,15,000 | 200,000 |
| Building Fund | 935,000 | ? |
| Fixed Deposits | 800,000 | ? |
| Capital Fund | 746,020 | ? |
2) 50% of Donations are for Building Fund and the balance is to be treated as revenue income.
3) Outstanding Subscription Rs 4,200.
4) Life Membership Fees are to be capitalized.
(Accounts of a Charitable Hospital)
Following information has been provided by “Janseva Charitable Hospital”, Latur. You are required to prepare Income and Expenditure Account for the year ending on 31/03/2013 and Balance Sheet as on that date.
Balance Sheet as on 01/04/2012
| Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
| Capital Fund | 10,37,000 | Building | 10,00,000 |
| Bank Loan | 600,000 | Ambulance | 350,000 |
| Outstanding bill for Drugs | 45,000 | Stock of Drugs | 35,000 |
| Hospital Equipments | 295,000 | ||
|
Cash in Hand |
2,000 | ||
| 16,82,000 | 16,82,000 |
Receipts and Payments Account for the year ending 31.03.2013
Dr. Cr.
| Receipts |
Amount (Rs.)
|
Payments |
Amount (Rs.)
|
| To Balance b/d | 2,000 | By Purchases of Drugs | 190,000 |
| To subscription | 210,000 | By Salary of staff | 85,000 |
| To Life Membership Fees | 27,500 | By Honararium to Doctors | 385,000 |
| To Hospital Receipts (Revenue) | 520,900 | By Repairs and Maintenance | 17,900 |
| By Furniture | 40,000 | ||
|
By General Expenses |
12,600 | ||
|
By Balance c/d |
29,900 | ||
| 760,400 | 760,400 | ||
Adjustments:
1) On 31/03/2013 stock of Drugs was valued Rs 20,000.
2) Depreciate Building @ 5% p.a. and Ambulance by Rs 20,000
3) Life Membership Fees are to be capitalized.
From the following information supplied to you, prepare Income and Expenditure Account for the year ending on 31/03/2013 and Balance Sheet as on that date for Suryodaya Club, Nasik.
Balance Sheet as on 01/04/2012
| Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.)
|
| Capital Fund | 50,000 |
Land |
60,000 |
| Bank Overdraft | 35,000 | Outstanding Subscriptions | 5,000 |
| Outstanding Salary | 2,000 | Prepaid Insurance Premium | 2,500 |
| Cash in Hand | 9,500 | ||
| Furniture | 10,000 | ||
| 87,000 | 87,000 |
Receipts and Payments Account for the year ending 31.03.2013
Dr. Cr.
| Receipts |
Amount (Rs.)
|
Payments | Amount (Rs.) | Amount (Rs.) |
| To Balance b/d | 9,500 | By Bank Overdraft (Repaid) | 35,000 | |
| To Subscription | 95,000 | By Salary | 12,500 | |
| To Admission Fees | 7,500 | By Insurance Premium | 8,000 | |
|
By Interest |
1,700 | |||
| By Miscellaneous Expenses | 4,400 | |||
| By Furniture | 20,000 | |||
| By Balance c/d Cash in Hand Cash at Bank |
5,400 25,000 |
30,400 | ||
| 112,000 | 112,000 |
Adjustments:
1) Subscriptions received, includes Rs 3,000 for 2011-2012 and Outstanding Subscriptions for 2012-2013 was Rs 8,000.
2) Salary Paid includes Rs 2,000 Paid for last year
3) On 31/03/2013, Prepaid Insurance Premium was Rs 3,000
4) Admissions Fees are to be capitalized.
5) Depreciate Furniture by Rs 2,000.
(Newly started Associations)
Following is the Receipts and Payments Account of Bavdhan Pensioners Association newly started on 01.04.2010.
Receipts and Payment Account for the year ending on 31-03-2011
Dr. Cr.
| Receipts |
Amount
(Rs.)
|
Amount
(Rs.)
|
Payments |
Amount
(Rs.)
|
Amount
(Rs.)
|
| To Subscriptions received | 93,900 | By rent | 6,000 | ||
| For 2010-2011 | 85,000 | By Travelling Expenses | 2,800 | ||
| For 2011-2012 | 6,900 | By Expenses for get-together Function | 3,300 | ||
| For 2012-2013 | 2,000 | By Charity | 1,000 | ||
| To Entrance Fees | 11,000 | By Salaries | 4,500 | ||
| To Donations | 25,000 | By Furniture | 30,500 | ||
| By Fixed Deposit | 50,000 | ||||
| By Balance c/d | 31,800 | ||||
| 129,900 | 129,900 |
Adjustments:
1) Outstanding Subscription for current year Rs 10,000.
2) Entrance Fees are to be capitalized.
3) ‘Capital Fund’ should be created out of Entrance Fees and Surplus of the current year’.
4) Depreciate Furniture by Rs 2,500.
You are required to prepare Income and Expenditure Account for the year ending on 31/03/2011 and Balance Sheet as on that date.
(Presentation of Subscriptions only)
With the information given below regarding ‘Subscription’ give accounting effects of it in the Final Accounts of a ‘Not for Profit’ concern.
Receipts and Payments Account for year ending on 31-03-2013
Dr. Cr.
| Receipts |
Amount (Rs.) |
Amount (Rs.) |
Payments | Amount (Rs.) | Amount (Rs.) |
| To subscriptions received | 487,500 |
Additional Information:
• Subscription received during the year, includes
• Subscriptions received for 2011-2012 Rs 17,500 and for 2013-2014 Rs 15,000
• There are 500 members of the concern and each member pays Rs 1,000 as annual subscription.
• During the year 2011-2012 subscription received for the year 2012-2013 was Rs 25,000.
(Presentation of Subscriptions only)
Balance Sheet as on 01/04/2012
| Liabilities |
Amount (Rs.)
|
Amount (Rs.)
|
Assets |
Amount (Rs.) |
Amount (Rs.) |
| Subscription received in |
Outstanding subscriptions |
||||
| Advance for 2012-2013 | 15,000 | 2010-2011 | 20,000 | ||
| 2011-2012 | 30,000 | 50,000 |
Receipts and Payments Account for the year ending on 31-03-2013
Dr. Cr.
| Receipts | Amount (Rs.) | Amount (Rs.) | Payments | Amount (Rs.) | Amount (Rs.) |
| To subscriptions | |||||
| 2010-2011 | 16,000 | ||||
| 2011-2012 | 25,000 | ||||
| 2012-2013 | 330,000 | ||||
| 2013-2014 | 19,000 |
Adjustment:
Outstanding Subscription for 2012-2013 is Rs 22,000. With the above information present the item 'Subscription’ in Income and expenditure Account and Balance sheet for the year ended on 31st March 2013.
(Calculation of Drugs Consumed during the year)
From the information given below calculate the amount of Drugs consumed in a hospital, during the year 2012-2013. Show its presentation in Income and Expenditure Account and Balance Sheet as on 31-03-2013.
| Stock Drugs in Hand | On 01-04-2012 Rs 25,000 | On 31-03-2013 Rs 27,000 |
|
Drugs purchased during the year |
Rs 1,20,000 |
- |
| Bill of drugs payable on 31-03-2013 | Rs 19,500. | - |
State whether the following statement is True or False with reasons.
Charitable Institutions prepare Profit and Loss Account, at the end of every financial year.
Following is the Receipts and payments Accounts and additional information of Jeevan Hospital , Kolhapur . Prepare Incomeand Expenditure Account for the year ending 31st March , 2016 and the balance Sheet as on that date.
Receipts and Payments Account for the year
ended on 31st March , 2016
Dr. Cr.
| Receipts | Amount (₹) | Payments | Amount (₹) | |
| To Balance B/d | 12000 | By Medicine | 20000 | |
| To Subscription | By Honorarium to doctors | 150000 | ||
| 2014 - 2015 | 15000 | 235000 | By Ambulance maintance | 88000 |
| 2015 - 2016 | 190000 | By Hospital equipment purchased | 60000 | |
| 2016 - 2017 | 30000 | By Furniture purchased | 50000 | |
| To Donation for building fund | 110000 | By Fixed deposit | 200000 | |
| To Life membership fees | 50000 | By Balance c/d | 139000 | |
| To Hospital receipts (Revenue) | 300000 | |||
| 707000 | 707000 | |||
Additional information :
(1) Outstanding subscription for 2015 - 2016 is 10000.
(2) Hospital equipment and furniture were purchased on 01.10.2015 and both the assets were to be depreciated @ 20 % p.a.
(3) Life membership fees are to be capitalized.
(4) Staff salary for current yera is outstanding ₹ 15000
(5) On 01.04.2015 the hospital had the following assets and liabilities :
Land ₹ 500000;
Investment ₹ 100000 ;
Bank loan ₹ 400000 ;
Ambulance ₹ 205000
(6) Capital fund as on 01.04.2015 was ₹ 432000.
Not for Profit Concerns prepares _________ account instead of Profit and Loss account to know the result.
Not for Profit Organization is also called __________ organization.
State whether the following statement is True or False with reasons.
Not for Profit concerns do not prepare Balance Sheet.
Not for Profit Organization never is engaged in __________ activities.
Not for Profit organization is called ________ organization.
Following is the Balance Sheet on 1st April 2019 and Receipts and Payments Accounts of M.J.Liabrary. You are required to prepare Income and Expenditure Account for the year ended 31st March, 2020 and Balance Sheet as of that date.
| Balance Sheet as on 1st April, 2019 |
|||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital Fund | 15,00,000 | Furniture | 1,00,000 |
| Subscription Received in Advance | 6,000 | Books | 13,01,000 |
| Outstanding Expenses | 4,000 | Stock of Postage Stamps | 1,000 |
| Investment in Shares | 14,000 | ||
| Cash in Hand | 94,000 | ||
| 15,10,000 | 15,10,000 | ||
| Dr. | Receipts and Payments Account for the year ended 31st March, 2020 | Cr. | |
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Balance b/d - Cash | 94,000 | By Salaries | 48,000 |
| To Members Subscription | 3,60,000 | By Purchase of postage Stamps | 3,000 |
| To Entrance fees | 60,000 | By Books (Purchased on 1-10-19) | 2,00,000 |
| To Hire of Lecture Hall | 24,000 | By Outstanding Expenses Paid | 4,000 |
| To Interest on Shares | 10,000 | By Investments in Fixed Deposits | 1,00,000 |
| To Life Members Fee | 20,000 | By Furniture (Purchases on 1-7-2019) | 60,000 |
| By Printing and Stationery | 12,000 | ||
| By Rent | 36,000 | ||
| By Balance c/d - Cash | 1,05,000 | ||
| 5,68,000 | 5,68,000 | ||
Adjustments:
(1) Depreciation on Books at 10% p.a.
(2) Depreciation on Furniture at 10% p.a.
(3) 50% Entrance fees and whole amount of Life Membership Fees should be capitalised.
(4) Library had 2,000 members paying Subscription ₹ 200 each.
(5) The value of unused Postage Stamps was ₹ 400.
Complete the following sentence.
"______ also known as admission fee is paid only once by the member at the time of becoming a member. In case of organizations like clubs and some charitable institutions".
How would you treat the following item in the case of a 'not-for-profit' organization?
"Table Tennis match expenses Rs.4.000."
Complete the following sentence.
______ is a membership fee paid by the member on annual basis. This is the main source of income for such organizations.
The amount of 'Entrance Fees' received by a Not-for-profit organization (if it is received regularly) is shown in which of the following?
What is meant by a Not For Profit Organisation?
Not for Profit Concern renders ______ services to public at large.
Which of the following is not considered a tool for formative assessment?
The branch of economics that deals with the allocation of resources.
- Micro economics
- Macro economics
- Econometrics
- None of these
Which of the following is not considerd a tool for formetive assesment?
The branch of economics that deals with the allocation of resources.
- Micro economics
- Macro economics
- Econometrics
- None of these
Which one of the following is correctyl matched?
Which one of the following is correctly matched?
Find the Odd one.
Ethylene is synthesised in ______.
Ethylence is synthesised in ______.
The pressure of a liquid column ______ with the depth of the column.
Find the incorrect pair from group 'B', and write the corrected ones.
Find the incoreect pair from group A and B.
What is the correct chronological order of four civilisations of Mesopotamia.
Find out the wrong pair
Match the following.
| 1. | Delhi | Kunwar singh |
| 2. | Kanpur | Khan Bahudar Khan |
| 3. | Jhansi | Nana Saheb |
| 4. | Bareilly | Lakshmi Bai |
| 5. | Bihar | Bahadur Shah II |
| A | B | ||
| 1) | Time utility | a) | Transport |
| 2) | Place utility | b) | Blood Bank |
| 3) | Service utility | c) | Mobile phone |
| 5) | Knowledge utility | d) | Doctor |
Not for profit concerns, do not prepare balance sheet.
Mumbai University prepares ______ Account instead of a Profit and Loss account.
Mumbai University prepares ______ Account instead of a Profit and Loss account.
