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प्रश्न
Find odd one:
पर्याय
Surplus
Deficit
Net Profit
Capital fund
उत्तर
Net Profit.
APPEARS IN
संबंधित प्रश्न
Income and Expenditure Account is a ________ Account.
Excess of Income over Expenditure is termed as ___________.
Expenditure on Purchase of Building is a ________ Expenditure.
Write the word/phrase/term, which can substitute the following sentence.
An account which is prepared by Not for Profit concern instead of Profit and Loss Account.
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.
Income and Expenditure Account is a ______ account.
Complete the Table:
| Sr. No. | Income (₹) | Expenditure (₹) | Surplus/Deficit (₹) |
| 1. | 10,000 | ? | 5,000 (Deficit) |
| 2. | 8,000 | ? | 4,000 (Surplus) |
| 3. | ? | 15,000 | 8,000 (Surplus) |
| 4. | 7,500 | 9,000 | ? |
| 5. | 15,000 | 11,300 | ? |
Salary ₹ 10,000, outstanding salary ₹ 5,000. Calculate the salary to be debited to Income and Expenditure Account.
Opening stock of stationery ₹ 5,000, purchases of stationery ₹ 7000, outstanding stationery bill ₹ 12,000, closing stock ₹ 1000. What is the amount of stationery consumed?
(Account of a Library)
Following is the Receipts Payments Account of “Dhananjay Library, Mumbai” for the year ending 31.03.2020
| Dr | Receipts and Payments Account for the year ending 31.03.2020. | Cr | |||
| Receipts | Amount ₹ |
Payments | Amount ₹ |
||
| To Balance b/d | 5,000 | By Salaries | 9,000 | ||
| To Admission Fees | 4,500 | By Rent | 7,500 | ||
| To Subscriptions | 20,000 | By Investments | 6,000 | ||
| To Lecture Hall Hire Charges | 4,200 | By Stationery | 1,350 | ||
| To Miscellaneous Income | 250 | By Electricity Charges | 850 | ||
| To Interest on Investment | 900 | By Books | 5,000 | ||
| By Outstanding Expenses (2018 - 19) | 500 | ||||
| By Balance c/d | 4,650 | ||||
| 34850 | 34850 | ||||
You are required to prepare an Income and Expenditure Account for the year ended 31.03.2020 and Balance Sheet as on that day.
The following information is also made available to you.
1) On 31.03.2019, the Library had the following Assets also; Books at ₹ 50,000, Furniture ₹ 6,500, and Machinery of ₹ 30,000
2) Subscription received in advance amounted to ₹ 500
3) Outstanding Salaries ₹ 1300 and for Rent ₹ 950
4) 50% of the Admission Fees should be capitalized.
5) Furniture to be depreciated at 10% p.a.
6) Library Books were purchased on 1st April 2019 charge Depreciation at 10% p. a.
7) The Investments were purchased on 01.04.2019 and they carry interest at 20*% p.a
(Charitable Hospital)
Following information has been provided by “Vivekanand Charitable Hospital” Latur. You are required to prepare Income and Expenditure Account for the year ending on 31.03.2019 and Balance Sheet as on that date.
| Balance Sheet as on 01.04.2018. | |||
| Liabilities | Amount ₹ |
Assets | Amount ₹ |
| Capital Fund | 11,00,000 | Building | 10,50,000 |
| Bank Loan | 6,50,000 | Ambulance | 4,00,000 |
| Outstanding Bill for Drugs | 50,000 | Stock of Drugs | 42,000 |
| Hospital Equipments | 3,04,000 | ||
| Cash in Hand | 4,000 | ||
| 1800000 | 1800000 | ||
| Dr | Receipts and Payments Account for the year ended 31.03.2019 | Cr | |||
| Receipts | Amount ₹ | Payments | Amount ₹ | ||
| To Balance b/d | 4,000 |
By Purchase of Drugs (Includes 40,000 for 2017 - 18) |
2,00,000 | ||
| To Subscription | 2,22,000 | By Salary to Staff | 85,000 | ||
| To Life Membership Fees | 30,000 | By Honorarium to Doctors | 4,00,000 | ||
|
To Hospital Receipts |
5,10,400 | By Repairs and Maintenance | 18,000 | ||
| By Furniture | 45,000 | ||||
| By General Expenses | 16,000 | ||||
| By Balance c/d | 2,400 | ||||
| 7,66,400 | 7,66,400 | ||||
Adjustments :
1) On 31.03.2019 Stock of Drugs was valued at ₹ 22,000.
2) Depreciation on Building at 5*% p.a. and on Ambulance ₹ 30,000.
3) Life Membership Fees are to be capitalized.
Income and Expenditure Account is prepared to find out __________.
Which of the following should not be recorded in the income and expenditure account?
Legacy is a ___________.
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 the following items appear in the final accounts of Thoothukudi Young Pioneers Association?
There are one hundred members in the association each paying ₹ 25 as annual subscription. By the end of the year, 10 members had not paid their subscription but four members had paid for the next year in advance.
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 |
Aurangabad University prepares _______ Account instead of Profit and Loss Account.
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 |
Rent ₹ 12,000, Outstanding Rent ₹ 8,000, debited to Income & Expenditure A/c ______.
Complete the following table:
| Sr. No |
Income (₹) |
Expenditure (₹) |
Surplus/Deficit (₹) |
| 1. | 10,000 | ? | 5,000 (Deficit) |
Complete the following table:
Salaries paid during the year
| Total (₹) |
Prepaid/ Outstanding |
(₹) | Expenditure for the year |
| ? | Outstanding | 600 | 5,100 |
Convert following Balance Sheet into Vertical Balance Sheet.
| Balance Sheet as on 31st March, 2023 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital | 1,20,000 | Fixed Assets | 1,12,500 |
| Reserves and Surplus | 30,000 | Investment | 30,000 |
| 12% Loan | 36,000 | Current Assets | 66,000 |
| Current Liabilities | 22,500 | ||
| 2,08,500 | 2,08,500 | ||
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.
Mumbai University prepare ______ Account instead of a Profit and Loss account.
