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प्रश्न
Aurangabad University prepares _______ Account instead of Profit and Loss Account.
उत्तर
Aurangabad University prepares Income and Expenditure Account instead of Profit and Loss Account.
APPEARS IN
संबंधित प्रश्न
Subscription received in advance during the accounting year is _______.
Outstanding subscription at the end of the Accounting Year represents _______.
Write the Word/ Term/ Phrase which can substitute the following statement:
To excess of total assets over total liabilities of a Not for Profit concern.
Subscription received from the members is considered as ________ receipts.
Answer in one sentence only.
What is ‘Legacy’?
Complete the Table:
Rent received during the year
| Sr.No | Total Received ₹ | Rent received in Advance/Accrued | ₹ | Income for the year ₹ |
| 1 | 1,300 | Received in Advance | 200 | ? |
| 2 | ? | Received in Advance | 400 | 1,400 |
| 3 | 2,650 | Received in Advance | ? | 2,000 |
| 4 | ? | Accrued | 290 | 3,190 |
| 5 | 1,700 | Accrued | ? | 2,150 |
| 6 | 2,600 | Accrued | 500 | ? |
Salary ₹ 10,000, outstanding salary ₹ 5,000. Calculate the salary to be debited to Income and Expenditure Account.
Library Books ₹______? Less 10 % Depreciation ₹ 5,000 = ₹ 45,000
(Calculation of stationery consumed during the year)
| Balance Sheet as on 01.04.2018 | |||||
| Liabilities | Amt. ₹ | Amt. ₹ | Assets | Amt. ₹ | Amt. ₹ |
| Stock of Stationery | 400 | ||||
| Dr | Receipts and Payments Account for the year ending 31.03.2019 | Cr | |||
| Receipts | Amt. ₹ | Amt. ₹ | Payments | Amt. ₹ | Amt. ₹ |
| By Stationery Purchased | 6,300 | ||||
Adjustments :
1. ₹ 1,000 Outstanding for Stationery bill.
2. Stock of Stationery as on 31.03.2019 was valued at ₹1,800
With the above information, calculate the amount of Stationery consumed during the year and show its presentation in final Accounts of a concern.
“Bhartiya Kala Kendra”, Solapur gives you the following information, for the year ended on 31.03.2018 Prepare Income and Expenditure Account for the year ending 31.03.2018
| Dr. | Receipts and payments Account for the year ending 31.03.2018. | Cr. | |||
| Receipts | Amount ₹ | Payments | Amount ₹ | ||
| To Balance b/d | By Stationery | 600 | |||
| Cash in Hand | 200 | By Furniture Purchased | 7,000 | ||
| Cash at Bank | 12,500 | By Investments in govt securities | 14,000 | ||
| To Locker Rent | 400 | By Expenses of Drama | 3,000 | ||
| To Entrance fees | 2,900 | By Postage | 450 | ||
| To Sale of old newspapers | 250 | By Magazine and newspaper | 600 | ||
| To Receipts from Drama | 9,000 | By Salaries | 4,400 | ||
| To Legacies | 12,000 | By Balance c/d | |||
| To Interest of Govt. Securities | 400 | Cash in Hand | 700 | ||
| To Miscellaneous Receipts | 400 | Cash at Bank | 7,300 | ||
| 38,050 | 38,050 | ||||
Additional Information :
1) Legacies are to be capitalised.
2) Outstanding Salary ₹ 200.
3) 50 % of Entrance Fees are to be Capitalised.
Income and Expenditure Account is prepared to find out __________.
What is legacy?
Write a short note on life membership fees.
State the differences between Receipts and Payments Account and Income and Expenditure Account.
How annual subscription is dealt with in the final accounts of the not-for-profit organisation?
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 |
How will the following appear in the final accounts of Vedaranyam Sports club?
| Particulars | ₹ |
| Opening stock of bats and balls | 3,000 |
| Purchase of bats and balls during the year | 17,000 |
| Sale of old bats and balls | 2,000 |
| Closing stock of bats and balls | 4,000 |
From the following Receipts and Payments account of Shahu College, Kolhapur for the year ending 31st March, 2020 and additional information, prepare Income and Expenditure Account for the year ended 31st March, 2020 and Balance Sheet as on that date:
| Dr. | Receipts and Payments Account for the year ended 31st March, 2020 |
Cr. | |
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Balance b/d | By Salaries | 11,77,500 | |
| Cash | 6,000 | By Printing and Stationery |
13,500 |
| Bank | 1,00,000 | By Books | 44,000 |
| To Interest | 30,000 | By Furniture | 39,000 |
| To Donation | 3,50,000 | By Drama Expenses | 45,000 |
| To Tuition Fees | 9,50,000 | By Postage | 3,500 |
| To Admission Fees | 32,500 | By Telephone Charges | 3,000 |
| To Drama Receipts | 50,000 | By Electricity | 30,500 |
| To Rent from use of Hall | 3,000 | By Magazine and Newspapers |
3,000 |
| To Legacies (Capital) | 30,000 | By Balance c/d | |
| Cash | 31,000 | ||
| Bank | 1,61,500 | ||
| 15,51,500 | 15,51,500 | ||
Additional information:
(1) Outstanding Salaries ₹ 35,000.
(2) 60% of donations are for Building Fund and Balance is to be treated as revenue income.
(3)
| Particulars | 1 - 4 - 2019 (₹) | 31 - 3 - 2020 (₹) |
| Capital Fund | 3,05,500 | ? |
| Building Fund | 4,13,500 | ? |
| Furniture | 1,63,000 | 1,50,000 |
| Books | 4,50,000 | 4,44,000 |
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:
Salaries paid during the year
| Total (₹) |
Prepaid/ Outstanding |
(₹) | Expenditure for the year |
| ? | Outstanding | 600 | 5,100 |
Write the word/phrase/term which can substitute of the following statement:
The debit balance of Income and Expenditure Account.
From the following particulars relating to "Radha-Krishna Charitable Hospital". Prepare Income and Expenditure Account for the year ending 31 - 03 - 2023 and Balance Sheet as on that date.
| Dr. | Receipts and Payments Account for the year ending on 31- 03 - 2023 | Cr. | ||
| Receipts | Amount (₹) | Payments | Amount (₹) | |
| To Balance b/d | By Medicines Purchased | 82,000 | ||
| Cash | 16,460 | By General Expenses | 2,100 | |
| To Subscriptions | 1,04,000 | By Salaries | 47,000 | |
| To Donations (General) | 35,000 | By Stationery | 4,000 | |
| To Interest on Investments | 20,000 | By Expenses on Charity Show | 1,100 | |
| To Proceeds from Charity Show | By Surgery and Dispensary Exp. | 8,400 | ||
| By Equipments | 20,000 | |||
| By Balance c/d | ||||
| Cash in Hand | 1920 | 27,920 | ||
| Cash at Bank | 26,000 | |||
| 1,92,520 | 1,92,520 | |||
Additional Information:
| Particulars | 01-04-2022 (₹) | 31 - 03-2023 (₹) |
| 1. Subscription Due | 620 | 750 |
| 2. Subscription Received in Advance | 1,200 | 300 |
| 3. Stock of Medicines | 16,000 | 22,000 |
| 4. Estimated Value of Equipments | 30,000 | ? |
| 5. Buildings | 80,000 | ? |
| 6. Capital Fund | 3,41,880 | ? |
| 7. 10 % Investment | 2,00,000 | ? |
Provide Depreciation on Equipments ₹ 3,800 and on Building ₹ 3,000.
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.
From the following information, prepare Income and Expenditure Account for the year ending 31 - 03 - 2022 and Balance Sheet as on that date for "Karnavati Club".
| Balance Sheet as on 01 - 04 - 2022 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital Fund | 1,29,000 | Machinery | 1,38,000 |
| Bank Overdraft | 76,000 | Outstanding Subscriptions | 16,000 |
| Outstanding Salary | 8,000 | Prepaid Insurance Premium | 4,000 |
| Furniture | 30,000 | ||
| Cash in Hand | 24,000 | ||
| Outstanding Locker's Rent | 1,000 | ||
| 2,13,000 | 2,13,000 | ||
| Dr. | Receipts and Payments Account for the year ended on 31 - 03 - 2023 | Cr. | |
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Balance b/d | 24,000 | By Balance b/d (Bank Overdraft) | 76,000 |
| To Subscription | 2,10,000 | By Salary | 35,000 |
| To Entrance Fees (Capitalised) | 18,600 | By Insurance Premium | 22,000 |
| To Locker Rent | 3,000 | By Interest | 2,800 |
| To Donations (Capitalised) | 1,600 | By Refreshment Expenses | 8,400 |
| By Furniture | 60,000 | ||
| By Balance c/d | |||
| Cash in Hand | 13,00 | ||
| Cash at Bank | 40,000 | ||
| 2,57,200 | 2,57,200 | ||
Adjustments:
(1) Subscription received includes ₹ 6,000 for 2021-22 and outstanding subscription for 2022 - 23 was ₹ 28,000.
(2) On 31 - 03 - 2023, Prepaid insurance premium was ₹ 5,000.
(3) Depreciate Furniture by ₹ 6,000.
(4) Locker rent outstanding for 2022 - 23 is ₹ 800.
Mumbai University prepares ______ Account instead of a Profit and Loss account.
