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प्रश्न
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
‘Not for Profit’ Concerns prepare _________________ Account instead of Profit and loss Account.
पर्याय
Trading
Income and Expenditure
Cash
Receipts and Payments
उत्तर
‘Not for Profit’ Concerns prepare Income and Expenditure Account instead of Profit and loss.
Explanation: Not-for Profit concerns prepare Income and Expenditure Account to ascertain the surplus/deficit resulting from the activities of an organisation. Like Profit and Loss Account, Income and Expenditure Account is prepared as a part of final accounts. All revenue expenses and all revenue incomes are recorded in this account.
APPEARS IN
संबंधित प्रश्न
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.
| Balance Sheet as on 1st April 2007 | |||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Entrance Fees | 6,000 | Furniture | 16,800 |
| Capital Fund | 1,03,800 | Laboratory | 20,000 |
| Library | 25,000 | ||
| Investment | 40,000 | ||
| Cash in hand | 1,000 | ||
| Cash at bank | 3,000 | ||
| Outstanding Tuition Fees | 4,000 | ||
| 1,09,800 | 1,09,800 | ||
| Receipts and Payments Account for the year ended 31st March 2008 | |||
| Receipts | Amount (Rs) | Payments | Amount (Rs) |
| To Balance b/d | By Furniture Purchased | 5,400 | |
| Cash in hand | 1,000 | By Salaries | 60,000 |
| Cash at bank | 3,000 | By Rent | 28,000 |
| To Tuition Fees | 80,000 | By Sundry Expenses | 15,200 |
| To Term Fees | 26,200 | By Annual Gathering Expenses | 11,300 |
| To Government Grant | 16,000 | By Insurance | 4,000 |
| To Donation of Library | 30,000 | By Closing Balance | |
| To Interest on Investment | 2,000 | Cash at bank | 34,300 |
| 1,58,200 | 1,58,200 | ||
Adjustments:
1. Tuition fees still receivable are Rs. 10,000.
2. Salaries still payable are Rs. 30,000
3. An insurance premium is paid for one year ending 30.9.2008.
4. Rent paid in advance Rs. 4,000.
5. Depreciate furniture and library at 10%.
Depreciation to be charged on the closing balances of the assets.
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.
Following is the Balance Sheet as on 1.4.2009 and the Receipts and Payments Account for the year ending 31.3.2010 of Bright Students Junior College, Pune.
Balance Sheet as on 1.4.2009
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capital fund (Balancing figure) |
13,18,000 |
Building Furniture Books Bank deposits Tuition fees receivable Cash in hand Cash at bank |
10,00,000 1,20,000 60,000 1,00,000 10,000 19,000 9,000 |
|
13,18,000 |
13,18,000 |
Receipts and Payment Account
For the year ended 31.03.2010
|
Receipts |
Amount |
Payments |
Amount |
|||
|
To Balance b/d |
|
By Salaries to teachers |
1,80,000 |
|||
|
Cash in hand |
9,000 |
By Salaries to office staff |
30,000 |
|||
|
Cash at bank |
19,000 |
By Books purchased on 1.1.2010 |
20,000 |
|||
|
To Tuition fees |
|
By Printing and stationary |
41,000 |
|||
|
2008-2009 : |
10,000 |
|
By Office rent |
10,000 |
||
|
2009-2010 : |
1,70,000 |
1,80,000 |
By Repair to Jr. College building |
24,000 |
||
|
To Fine collected |
5,200 |
By Sports expenses |
8,600 |
|||
|
To Admission fees |
20,000 |
By Annual gathering expenses |
14,000 |
|||
|
To Donations |
1,00,000 |
By Furniture (Purchased on 1.1.2010) |
80,000 |
|||
|
To Interest on bank deposits |
5,000 |
By Balance c/d |
|
|||
|
To Government grant (Revenue) |
2,00,000 |
Cash in hand |
2,600 |
|||
|
|
|
Cash at bank |
1,28,000 |
|||
|
|
5,38,200 |
|
5,38,200 |
|||
Additional information:
(1) For the current year (2009–2010) tuition fees receivable (outstanding) Rs 24,000.
(3) Salary to teachers is outstanding Rs 12,000.
You are required to prepare:
(b) Balance Sheet as on 31.3.2010
Income and Expenditure Account includes items of ____ nature only.
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.
Answer in one sentence only.
What is Capital Fund?
Answer in one sentence only.
What is deferred revenue expenditure?
Answer in one sentence only.
What does ‘surplus’ mean?
Answer in one sentence only.
Which receipts are called ‘Revenue Receipts?
Answer in one sentence only.
What is ‘Deficit’?
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
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.
Every year, ‘Bal Vikas Mandir’, a primary school, prepares Income and expenditure Account.
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
|
