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प्रश्न
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.
उत्तर
| Dr. | In the Book of M. J. Library Income and Expenditure Account for the year ended 31st March, 2020 |
Cr. | |||
| Expenditure | Amount (₹) | Amount (₹) | Income | Amount (₹) | Amount (₹) |
| To Salaries | 48,000 | By Members Subscription | 3,60,000 | 4,00,000 | |
| To Postage Stamps | Add: Subscription received in advance | 6,000 | |||
| Opening Stock | 1,000 | 3,600 | Add: O/s Subscription | 34,000 | |
| Add: Purchases | 3,000 | By Entrance Fees | 60,000 | 30,000 | |
| 4,000 | Less: 50% Capitalised | 30,000 | |||
| Less: Closing Stock | 400 | By Hire of Lecture Hall | 24,000 | ||
| To Printing and Stationery | 12,000 | By Interest on Shares | 10,000 | ||
| To Rent | 36,000 | ||||
| To Depreciation on: | |||||
| Books | 1,40,100 | 1,52,425 | |||
| Furniture | 12,325 | ||||
| To Surplus (Excess of income over expenditure) | 2,11,975 | ||||
| 4,64,000 | 4,64,000 | ||||
| Balance Sheet as on 31st March, 2020 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Capital fund | 15,00,000 | 17,61,975 | Cash in Hand | 1,05,000 | |
| Add: 50% Entrance fees | 30,000 | Furniture | 1,00,000 | 1,47,675 | |
| Life Membership Fees | 20,000 | Add: Purchase | 60,000 | ||
| Surplus | 2,11,975 | 1,60,000 | |||
| Less: 8.5% Depreciation | 12,325 | ||||
| Books | 13,01,000 | 13,60,900 | |||
| Add: Purchases | 2,00,000 | ||||
| 15,01,000 | |||||
| Less: Depreciation | 1,40,100 | ||||
| Stock of Postage Stamps | 400 | ||||
| Investment in Shares | 14,000 | ||||
| Investment in Fixed Deposits | 1,00,000 | ||||
| O/s Subscription | 34,000 | ||||
| 17,61,975 | 17,61,975 | ||||
Working Note:
(1) Depreciation on books:
Opening balance `-> 13,01,000 xx 10/100 = "Rs." 1,30,100`
Add: Books purchased on 1-10-2019
(for 6 months) `2,00,000 xx 10/100 xx 6/12` = ₹ 10,000
Total Depreciation = ₹ 1,40,100
(2) Depreciation on Furniture:
Opening balance `-> 1,00,000 xx 8.5/100 = "Rs." 8,500`
Add: Furniture purchased on 1-7-2019
(for 9 monthns) `60,000 xx 9/12 xx 8.5/100` = ₹ 3,825
∴ Total Depreciation = ₹ 12,325
(3) There are 2000 members of library paying ₹ 200 each means total subscription should be ₹ 4,00,000
| Subscription received during the year | ₹ 3,60,000 |
| Subscription received in advance in previous year | ₹ 6,000 |
| Outstanding subscription of the current year | ₹ 34,000 |
| (4,00,000 - 3,60,000 - 6000 = ₹ 34,000) | ₹ 4,00,000 |
(4) Outstanding expenses shown in the opening balance sheet and amount is paid during the year, so no entry in the closing balance sheet for o/s expenses.
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 _____.
A sum of money, goods or any asset, given to someone voluntarily, without any compensation is called ____.
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.
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.
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.
(Accounting of a School)
From the information given below of Jeevan Vikas Vidyalaya Khamgaon, You are required to prepare, Income and Expenditure Account and Balance Sheet for the year ending on 31.03.2011.
Balance Sheet as at 01.04.2010
| Liabilities |
Amount (Rs.)
|
Assets |
Amount (Rs.) |
| Capital Fund | 499,100 | Library Books | 115,500 |
| Loan | 500,000 | Laboratory Equipments | 125,000 |
| Furniture | 110,000 | ||
| Building | 625,000 | ||
| Cash in Hand | 3,500 | ||
| Cash at Bank | 20,100 | ||
| 999,100 | 999,100 |
Receipts and Payments Account for the year ending 31.03.2011
Dr. Cr.
| Receipts |
Amount
(Rs.)
|
Payments |
Amount
(Rs.)
|
Amount (Rs.)
|
| To Balance b/d | By Salaries | 625,200 | ||
| Cash in Hand | 3,500 | By Purchases i. Laboratory Equipments ii. Library Books iii. Furniture |
10,000 50,000 20,000 |
80,000 |
| Cash at Bank | 20,100 | By Sundry Expenses | 10,000 | |
| To Tuition Fees | 367,500 | By Printing and Stationery | 35,800 | |
| To Term Fees | 35,000 | By Annual Social Gathering Expenses |
18,000 | |
| To Admission Fees | 30,600 | By Balance c/d Cash in Hand Cash at Bank |
4,000 35,000 |
|
| To Government Grant (Revenue) | 350,000 | |||
| To Sundry Receipts | 1,300 | |||
| 808,000 | 808,000 |
Adjustments:
1) Tuition Fees Outstanding Rs 13,500
2) Outstanding Interest on Loan Rs 60,000
3) Entire admission Fees are to be Capitalized.
4) Depreciation is to be written off as under:
| Library Books Rs 50,000 | Furniture Rs 30,000 |
| Laboratory Equipment Rs 20,000 | Building Rs 30,000 |
(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.
(Simple Problem)
With the information given below, prepare Income and Expenditure Account and Balance sheet of Sudarshan charitable Organisation for the year ending on 31-03-2012.
Receipts and Payment Account for the year ending on 31-03-2012
Dr. Cr.
| Receipts |
Amount
(Rs.)
|
Amount
(Rs.)
|
Payments |
Amount
Rs
|
Amount
Rs
|
| To Balance b/d | 40,000 | By Salaries | 18,000 | ||
| Cash in Hand | 500 | By Printing and stationery | 20,000 | ||
| Cash at Bank | 39,500 | By Charity Expenses | 20,000 | ||
| To Subscriptions (includes Rs 5,500 for 2009-10) |
81,000 | By Investments | 60,000 | ||
| Interest on Investments | 1,800 | By Office expenses | 2,000 | ||
| To Sale of Furniture (Book Value Rs 10,000) |
8,000 | By Balance c/d Cash in Hand |
700 | ||
| Cash at Bank | 10,100 | ||||
| 130,800 | 130,800 |
Additional Information:
1) There are Rs 800 members, paying annual subscription Rs 100 each.
2) Outstanding salary Rs 2,000.
3) The Assets on 01-04-2012 were as following:
Furniture Rs 40,000, Investment Rs 20,000, Land Rs 1,00,000
4) On 01-04-2012 Capital Fund was Rs 2,05,500
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 Concern renders __________ services to public at large.
Not for Profit Concerns prepares _________ account instead of Profit and Loss account to know the result.
State whether the following statement is True or False with reasons.
Not for Profit concerns do not prepare Balance Sheet.
Answer in one sentence only.
What do you mean by ‘Not for Profit’ Concern?
How would you treat the following item in the case of a 'not-for-profit' organization?
"Table Tennis match expenses Rs.4.000."
Pick the odd one out:
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.
Not for Profit Organization is also called ______ organization.
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
The branch of economics that deals with the allocation of resorces.
- Micro economies
- Macro economies
- Econometrics
- None of these
Assertion: the SI system of units is the suitable system for measurement.
Reason: The SI unit of thempereture is kelvin.
Which one of the following is correctyl matched?
Consider the following statements and choose the appropriate answer.
- The Vellore revolt was held in 1801.
- The family members of Tippu were imprisoned at Vellore fort after the fourth Mysore war.
- At the time of Vellore revolt, the Governor of Madras was Lord William Bentinck.
- The victory of revolt of Vellore against British was one of the significant event in the history of India.
Find the Odd one.
Find the odd one.
Ethylene is synthesised in ______.
The pressure of a liquid column ______ with the depth of the column.
ANALOGY
Knot in a thread : ______ friction; ball bearing : ______ friction
Analogy
Knot in a thread : ______ friction; ball bearing : ______ friction.
Write the word/phrase/term, which can substitute the following sentence.
Persons who form the partnership firm.
State whether the following statement is True or False with reason.
Income and Expenditure Account represents either surplus or deficit.
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 Bahadur 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 |
| A | B | |
| 1. | Time utility | Transport |
| 2. | Place utility | Blood Bank |
| 3. | Service utility | Mobile phone |
| 4. | Knowledge utility | Doctor |
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5: 3 : 2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The partnership deed provided that interest on capital will be allowed @10% p.a. The amount of interest on Ishita's capital will be ______.
Mumbai University prepares ______ account instead of a profit and loss account.
