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प्रश्न
From the following information, calculate amount of subscriptions to be credited to the Income and Expenditure Account for the year ended 31st March, 2019:
| ₹ | ||
| 1st April, 2018 | Subscriptions in Arrears | 50,000 |
| Subscriptions Received in Advance | 30,000 | |
| 31st March, 2019 | Subscriptions in Arrears | 25000 |
| Subscriptions Received in Advance | 70,000 |
Subscriptions received during the year ended 31st March, 2019
– ₹ 3,00,000
Subscription still in arrears for the year 2017 – 18 – ₹ 10,000.
उत्तर
Statement of Subscriptionfor the year ended March 31, 2019
|
Particulars |
Amount (₹) |
|
Subscription received during the year 2018-19 |
3,00,000 |
|
Less: Subscription-in-Arrears for 2017-18 |
50,000 |
|
Add: Subscription-in-Arrears for 2018-19 |
25,000 |
|
Add: Subscription-in Advance for 2018-19 |
30,000 |
|
Less: Subscription-in Advance for 2019-20 |
70,000 |
|
Subscription to be Credited to Income and Expenditure Account |
2,35,000 |
APPEARS IN
संबंधित प्रश्न
“Income and Expenditure Account of a Not-for-Profit Organisation is akin to Profit and Loss Account of a business concern”. Explain the statement.
From the following Receipt and Payment Account of Jan Kalyan Club, prepare Income and Expenditure Account and Balance Sheet for the year ending March 31, 2017.
| Dr. | Receipt and Payment Account for the year ending March 31, 2017 |
Cr. | |
| Receipts | Amount (Rs) | Payments | Amount (Rs) |
| Cash in hand as on 1.4.16 | 6,800 | Salaries | 24,000 |
| Subscription | 60,200 | Traveling Expenses | 6,000 |
| Donation | 3,000 | Stationery | 2,300 |
| Sale of furniture (Book value Rs 6,000) | 4,000 | Rent | 16,000 |
| Entrance fee | 800 | Repair | 700 |
| Life membership fee | 7,000 | Books purchased | 6,000 |
| Interest on investment (@ 5% for full year) | 5,000 | Building purchased | 30,000 |
| Cash in hand as 31.3.2017 | 1,800 | ||
| 86800 | 86800 | ||
Additional Information:
|
As on |
As on |
||
| i) | Subscription received in advance | 1,000 | 3,200 |
| ii) | Outstanding subscription |
2,000 |
3,700 |
| iii) | Stock of stationery | 1,200 | 800 |
| iv) | Books | 13,500 | 16,500 |
| v) | Furniture |
16,000 |
8,000 |
| vi) | Outstanding rent | 1,000 | 2,000 |
Prepare Income and Expenditure Account and Balance Sheet for the year ended December 31, 2016 from the following Receipt and Payment Account and Balance Sheet of culture club:
Receipt and Payment Account
for the year ending March 31, 2016
| Receipts | Amount (Rs) | Payments | Amount (Rs) | |
| Opening cash balance | 12000 | Furniture | 4,000 | |
| Subscription | Telephone expenses | 800 | ||
| 2014-2015 | 2,000 | 24,000 | Salary | |
| 2015-2016 |
22,000 |
2014-2015 | 1000 | |
| Entrance fees | 2,800 | 2015-2016 | 4000 | |
| Locker rent | 1000 | Newspapers | 700 | |
| Life membership fee | 1200 | Sundry expenses | 1,000 | |
| Government grant | 11,000 | Defence bonds | 18,000 | |
| Land | 20,000 | |||
| Closing cash balance | 2,500 | |||
| 52000 | 52,000 | |||
Balance Sheet
for the year ending March 31, 2015
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Advance locker rent |
200 |
Cash in hand | 12,000 |
| Subscription Received in |
1,000 |
Outstanding Expenses | 3,000 |
| Advance Outstanding salary | 2,000 | Building | 35,000 |
| Loan | 10,000 | ||
| Capital fund |
36,800 |
||
| 50000 | 50000 |
The book value of furniture on 1st April, 2018 is ₹ 60,000. Half of this furniture is sold for ₹ 20,000 on 30th September, 2018. Depreciation is to be charged on furniture @ 10% p.a.
Calculate loss on sale of furniture. Show how the loss on sale and depreciation on furniture will be shown in the Income and Expenditure Account for the year ended 31st March, 2019.
How are the following items dealt with while preparing Income and Expenditure Account of a club for the year ended 31st March, 2019?
| 1st April, 2018 (₹) |
31st March, 2019 (₹) | |
| Outstanding Locker Rent | 4,600 | 6,300 |
| Advance Locker Rent | 3,000 | 4,000 |
Locker Rent received during the year ended 31st March, 2019 – ₹ 52,000.
How will the following items be treated while preparing the Income and Expenditure Account and Balance Sheet of a Not-for-profit-organization for the year ended 31st March 2019?
| As at 1-4-2018 | As at 31-3-2019 | |
| (₹) | (₹) | |
| Creditors for sports materials | 18,000 | 41,000 |
| Stock of sports materials | 27,000 | 38,000 |
During 2018-19 the payment made to creditors for sports material was ₹ 5,23,000.
How will the following items be treated while preparing the financial statements of a not-for-profit organization for the year ended 31st March, 2019?
| As at 31-3-2018 (₹) | As at 31-3-2019 (₹) | |
| Creditors for medicines | 33,000 | 67,000 |
| Stock of medicines | 27,000 | 43,000 |
During 2018-19, the payment made to the creditors was ₹ 4,25,000.
Answer the following question:
State the basis of accounting of preparing the 'Income and Expenditure Account' of a 'Not-For-Profit Organisation.
The Income and Expenditure Account is prepared on which basis with the help of the Receipts and Payments Account?
Arrange the Steps in Ascending order in the preparation of the income and Expenditure Account?
- Pursue the Receipt and Payment Account thoroughly.
- Exclude the opening and closing balances of cash and bank as they are not an income.
- Consider the following items not appearing in the Receipt and Payment Account that need to be taken into account for determining the surplus I deficit for the current year: (1) Depreciation affixed assets. (2) Provision for doubtful debts, if required. (3) Profit or loss on sale of affixed assets.
- Consider only the revenue receipts to be shown on the income side of the Income and Expenditure Account. Some of these need to be adjusted by excluding the amounts relating to the preceding and the succeeding periods and including the amounts relating to the current year not yet received.
- Take the revenue expenses to the expenditure side of the Income and Expenditure Account with due adjustments as per the additional information provided relating to the amounts received in advance and those not yet received.
- Exclude the capital receipts and capital payments as these are to be shown in the Balance Sheet.
Any gain or loss on the sale of the old assets is taken to which account in the case of a 'not-for-profit' organization?
Income and Expenditure Account records ______.
The following is the extract of the Receipts and Payments Account of the Rajasthan Society for the year ending 31st December 2021.
| Receipts | Amount (₹) |
Payments | Amount (₹) |
| By medicine | 18,000 |
A bill of medicine purchased during the year amounting to ₹ 2,000 was outstanding. The amount debited to the Income and Expenditure Account will be:
Subscription Outstanding at the beginning of the current year will be:
In Receipts and Payments, Account ______ balance is carried forward to the same account for the next accounting period.
The amount received from sale of old sports materials by an organisation will be shown in which of the following?
Locker's rent amount received by a school is treated as:
Income and Expenditure Account is generally prepared in:
