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प्रश्न
उत्तर
False
Balance Sheet is not an account but a statement that shows the financial position of a business on a particular date. It presents the value of assets and liabilities of a business. However, it is the Profit and Loss Account that reflects the net results of a business i.e. whether the business has earned profits or has suffered losses.
APPEARS IN
संबंधित प्रश्न
Following is the Balance Sheet and Receipts and Payments Account of the Sevagiri Hospital, Satara.
Prepare Income and Expenditure account for the year ended on 31 st March, 2013 and Balance Sheet as on that date :
Balance Sheet as on 1st April, 2012
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
| Capital fund | 1000000 | Cash in hand | 6000 |
| Outstanding Salaries | 22000 | Cash at bank | 30000 |
| Medical bill unpaid | 6000 | Land and building | 800000 |
| Furniture | 70000 | ||
| Equipments | 120000 | ||
| Outstanding Subscription | 2000 | ||
| 1028000 | 1028000 |
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 |
6000 30000 |
By Salaries (including of previous year) |
110000
|
|
To Subscription (includes 2000 received for previous year) |
130000
|
By Medicines | 48000 |
|
To Sale of old furniture (book value Rs. 30000) |
20000
|
By Equipment purchased | 20000 |
|
To Donations (revenue) |
44000
|
By Taxes | 3000 |
| To Life membership fees | 25000 | By General expenses | 8600 |
|
By Balance c/d Cash in hand Cash at bank |
15400 50000 |
||
| 255000 | 255000 |
Consider the following adjustments :
- Outstanding subscription Rs. 15,000.
- Capitalise the amount of life membership fees.
- Pre-paid taxes Rs. 500.
- Outstanding salary Rs. 12,000.
- Write off depreciation Rs. 20,000 from land and building and Rs. 30,000 from equipments.
- Outstanding medicine bill as on 01.04.2012 is still due.
Mrs. Meena of Bilaspur has not kept proper books of accounts, following information is provided to you.
| Particulars | 31.3.2012 | 31.3.2013 |
| Amount (Rs. ) | Amount (Rs.) | |
| Machinery | 50000 | 50000 |
| Furniture | 50000 | 30000 |
| Debtors | 18000 | 25000 |
| Creditors | 18000 | 20000 |
| Stock | 30000 | 42000 |
| Outstanding Expenses | 1500 | - |
| Prepaid Expenses | - | 500 |
| Cash at Bank | 28000 | 40000 |
(1) Mrs. Meena introduced additional capital as on 1st October, 2012 by selling her personal car is Rs. 10,000.
(2) She paid her daughter's college fees from business bank account Rs. 3,000.
(3) Depreciate machinery by 5% p.a.
(4) Provide 2% on debtors for Bad and Doubtful debts.
(5) Interest on capital is to be provided @ 5% p.a. and on drawings @ 5% p.a.
Prepare : Opening and closing statement of affairs and statement of profit or loss for the year ended 31st March, 2013.
Marathi Vishwa Kosha Centre, Wai, has given you the following information from which, you are required to prepare. (i) Income and Expenditure Account for the year ending on 31.03.2013, (ii) Balance Sheet as on 31.03.2013.
Receipts and Payment Account for the year ending 31.03.2013
|
Receipts
|
Amount
(Rs.)
|
Payments
|
Amount
(Rs.)
|
|
To Balance b/d
|
By Stationery
|
5000
|
|
|
Cash in hand
|
13000
|
By Furniture
[Purchased on 01.01.2013]
|
50000
|
|
To Locker Rent
|
5000
|
By Investments
|
1,00,000
|
|
To Entrance Fees
|
19000
|
By Expenses of Drama
|
33500
|
|
To Sale of old newspapers
|
1500
|
By Postage and telegram
|
2,500
|
|
To Receipts from Drama
|
78,500
|
By Magazines and Newspapers
|
4000
|
|
To Legacies
|
1,10,000
|
By Salaries
|
22,000
|
|
To Miscellaneous Receipts
|
8000
|
By Balance c/d
|
|
|
Cash in Hand
|
3000
|
||
|
Cash at bank
|
1,10,000
|
||
|
330000
|
330000
|
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.
With the help of the Balance Sheet and Receipts and Payments Accounts of Adarsh Cultural Club, Mumbai, prepare Income and Expenditure Account for the year ended 31st March, 2013 and the Balance Sheet as on that date :
Balance Sheet as on 01.04.2012
| Liabilities | Amount | Assets | Amount |
| Capital fund | 2,57,000 | Buildings | 2,50,000 |
| Building fund | 50,000 | Furniture | 20,000 |
| Outstanding salary | 1,300 | Outstanding Subscription | 1,000 |
| Cash in hand | 2,400 | ||
| Cash at bank | 34,900 | ||
| 3,08,300 | 3,08,300 |
Receipts and Payments Account for the year ending 31.03.2013
| Receipts | Amount | Amount | Payments | Amount | Amount |
| To Balance b/d | By Salaries | 35,300 | |||
| Cash in hand | 2,400 | By Furniture (Purchased on01.10.2012) |
10,000 |
||
| Cash at bank | 34,900 | By General expenses | 8,400 | ||
| To Subscriptions | By Printing and stationery | 4,200 | |||
| 2011–12 | 1,000 | By Drama expenses | 16,000 | ||
| 2012–13 | 48,000 | By Balance c/d | |||
| 2013–14 | 2,000 | 51,000 | Cash in hand | 4,600 | |
| To Donations for | Cash at bank | 57,800 | |||
| building fund | 20,000 | ||||
| To Drama receipts | 28,000 | ||||
| 1,36,300 | 1,36,300 |
You are also required to consider the additional information given below:
(1) The club had 100 members, each paying 500 as annual subscription.
(2) Furniture to be depreciated at 20 % p.a.
(3) Salaries include Rs .1,300 paid for outstanding salaries for the year 2011‐12.
Salaries outstanding for the year 2012‐13 were 700.
Expenditure on purchase of a building is a _____.
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.
Following is the Balance Sheet of Anil and Sunil.
|
Balance Sheetas on 31st March, 2008 |
||||
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|
|
Capitals : |
|
|
|
|
|
Anil |
3,60,000 |
Machinery |
3,60,000 |
|
|
Sunil |
2,40,000 |
Computer |
60,000 |
|
|
Profit and Loss A/c |
60,000 |
Stock in trade |
2,70,000 |
|
|
Creditors |
93,000 |
Debtors |
1,26,000 |
|
|
Bank overdraft |
87,000 |
Cash |
24,000 |
|
|
|
|
|
|
|
|
|
8,40,000 |
|
8,40,000 |
|
The Profit and Losses for the last 5 years were:
|
Years |
2003-04 |
2004-05 |
2005-06 |
2006-07 |
2007-08 |
|
(Rs) |
1,50,000 |
1,80,000 |
72,000 |
12,000 |
60,000 |
|
(Profit) |
(Profit) |
(Profit) |
(Loss) |
(Profit) |
You are required to calculate the value of Goodwill at 5 years’ purchase of super profit assuming that the normal rate of return is 10% on capital employed in the similar business.
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 deferred revenue expenditure?
Answer in one sentence only.
What do you mean by recurring expenses?
Answer in one sentence only.
What does ‘surplus’ mean?
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.
Excess of expenditure over income
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.
An Income and Expenditure Account and a Balance sheet is prepared as final accounts by a ______________ .
State whether the following statement is True or False.
In the Income and Expenditure Account, all incomes received during the year irrespective of the year for which they are received, are to be recorded.
State whether the following statement is True or False.
The final balancing amount of Income and Expenditure Account represents either surplus or Deficit.
|
LIABILITIES
|
AMOUNT
|
ASSETS
|
AMOUNT
|
|
Capital Fund
|
502000
|
Cash in Hand
|
3000
|
|
Medical bill Unpaid
|
3000
|
Cash at Bank
|
6000
|
|
Land and Building
|
400000
|
||
|
Furniture
|
35000
|
||
|
Equipments
|
60000
|
||
|
Outstanding Subscription
|
1000
|
||
|
505000
|
505000
|
|
Receipts
|
Amount
|
Payments
|
Amount
|
|
To balance b/d
|
By Salaries
|
55000
|
|
|
Cash in Hand
|
3000
|
By Medicines
|
26000
|
|
Cash at Bank
|
6000
|
By Equipment purchased
|
10000
|
|
To Subscription
[Includes Rs. 1000 received for previous year]
|
65000
|
By General Expenses
|
4300
|
|
To Sale of Old Furniture
[Book value Rs. 15000]
|
10000
|
By Balance c/d
|
|
|
To Donations (Revenue)
|
22000
|
Cash in Hand
|
7700
|
|
To Life Membership Fees
|
12500
|
Cash at Bank
|
15500
|
|
118500
|
118500
|
| Trial Balance as on 31st March 2013 | |||
|
Debit Balances
|
Amount
|
Credit Balances
|
Amount
|
|
Salary and Wages
|
17000
|
Sales
|
110000
|
|
Postage and Telegram
|
1750
|
Sundry Creditors
|
72700
|
|
Opening Stock
|
23500
|
Bills Payable
|
40000
|
|
Plant and Machinery
|
70000
|
10% Bank Loan
[Taken on 1st October 2012]
|
60000
|
|
Import Duty
|
3100
|
Outstanding Audit Fees
|
5900
|
|
Purchases
|
98500
|
Capital Accounts:
|
|
|
Sundry Debtors
|
45800
|
Vishal
|
45000
|
|
Bills Receivable
|
16700
|
Vaibhav
|
45000
|
|
Carriage Outward
|
1800
|
||
|
Wages and Salary
|
14000
|
||
|
Printing and Stationery
|
4600
|
||
|
Cash in hand
|
1850
|
||
|
Leasehold premises
|
80000
|
||
|
378600
|
378600
|
||
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.
