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प्रश्न
Salary ₹ 10,000, outstanding salary ₹ 5,000. Calculate the salary to be debited to Income and Expenditure Account.
उत्तर
| Dr. | Income and Expenditure Account | Cr. | |||||
| Particulars | Amt ₹ | Amt ₹ | Particulars | Amt ₹ | Amt ₹ | ||
| To Salary |
10,000 |
|
|||||
| Add: Outstanding Salary |
5,000 |
15,000 |
|||||
संबंधित प्रश्न
Subscription received in advance during the accounting year is _______.
Income and Expenditure Account is a ________ Account.
Outstanding subscription at the end of the Accounting Year represents _______.
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/phrase/term, which can substitute the following sentence.
Donation received for a specific purpose.
Mumbai University prepares _______ Account instead of a Profit and Loss account.
Answer in one sentence only.
Why Income and Expenditure Account is prepared?
Find odd one:
Find odd one :
(Presentation of Subscription only)
| Balance Sheet as on 01.04.2018 | |||||
| Liabilities | Amt. ₹ | Amt. ₹ | Assets | Amt. ₹ | Amt .₹ |
|
Subscription received in Advance for 2018 - 19 |
20,000 | Outstanding Subscription | |||
| 2016 - 17 | 26,000 | 61,000 | |||
| 2017 - 18 | 35,000 | ||||
| Dr | Receipts and Payments Account for the year ending 31.03.2019. | Cr | |||||
| Receipts | Amt. ₹ | Amt. ₹ | Payments | Amt.₹ | Amt. ₹ | ||
| To Subscriptions | |||||||
| 2016 - 17 | 23,000 | 4,84,000 | |||||
| 2017 - 18 | 30,000 | ||||||
| 2018 - 19 | 4,10,000 | ||||||
| 2019 - 20 | 21,000 | ||||||
Adjustments :
Outstanding Subscription for 2018 - 19 is ₹ 32,000
With the above information present the item Subscription in Income and Expenditure Account for the year ended 31.03.2019 Balance Sheet as on the date.
“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.
(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.
Subscription due but not received for the current year is ____________.
Donations received for a specific purpose is ____________.
There are 500 members in a club each paying ₹ 100 as annual subscription. Subscription due but not received for the current year is ₹ 200; Subscription received in advance is ₹ 300. Find out the amount of subscription to be shown in the income and expenditure account.
State the differences between Receipts and Payments Account and Income and Expenditure Account.
How the following items are dealt with in the final accounts of the not-for-profit organisation?
- Sale of sports materials
- Life membership fees
- Tournament fund
From the following receipts and payment account, prepare income and expenditure account of Kumbakonam Basket Ball Association for the year ended 31st March, 2018.
| Receipts | ₹ | ₹ | Payments | ₹ | ₹ |
| To Balance b/d | By Rent of ground paid | 12,000 | |||
| Cash in hand | 23,000 | By Printing charges | 5,000 | ||
| Cash at bank | 12,000 | 35,000 | By Bank charges | 1,000 | |
| To Rent of hall received | 6,000 | By Insurance for building | 2,000 | ||
| To Subscription received | 9,000 | By Tournament expenses | 16,000 | ||
| To Life membership fees | 7,000 | By Audit fees | 3,000 | ||
| To Locker rent received | 2,000 | By Sports materials purchased | 4,000 | ||
| By Balance c/d | |||||
| Cash in hand | 2,000 | ||||
| Cash at bank | 14,000 | 16,000 | |||
| 59,000 | 59,000 |
From the following receipts and payments account and the additional information given below, calculate the amount of subscription to be shown in the Income and expenditure account for the year ending 31st December, 2018.
| Receipts | ₹ | ₹ | Payments | ₹ |
| To Subscription | ||||
| 2017 | 28,000 | |||
| 2018 | 1,72,000 | |||
| 2019 | 12,000 | 2,12,000 | ||
Additional information: Subscription outstanding for the year 2018 is ₹ 8,000.
Compute income from the subscription for the year 2018 from the following particulars relating to a club.
| Particulars | 1.1.2018 ₹ |
31.12.2018 ₹ |
| Outstanding subscription | 3,000 | 5,000 |
| Subscription received in advance | 4,000 | 7,000 |
Subscription received during the year 2018: ₹ 45,000.
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 |
10% Depreciation on Furniture ₹ 12,000/- 3 Months
Complete the following table:
Salaries paid during the year
| Total (₹) |
Prepaid/ Outstanding |
(₹) | Expenditure for the year |
| ? | Outstanding | 600 | 5,100 |
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.
Opening stock of medicines ₹ 25,000, Purchase of medicines ₹ 1,00,000, Outstanding medicines bill ₹ 36,000, Closing stock of medicines ₹ 16,000. Find out amount of medicines consumed.
Mumbai University prepares ______ Account instead of a Profit and Loss account.
