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प्रश्न
The transactions recorded in Income and Expenditure Account are related only to the _______ year.
उत्तर
The transactions recorded in Income and Expenditure Account are related only to the Current year.
संबंधित प्रश्न
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.
An Account which records only revenue items in case of Not for profit concern.
State whether the following statement is True or False with reasons.
Excess of Assets over liabilities is called Capital Fund.
Income and Expenditure Account is similar to the _____ account of Trading Concern.
Answer in one sentence only.
Which organisations prepare Income and Expenditure Account?
Answer in one sentence only.
What is ‘Legacy’?
Answer in one sentence only.
What do you mean by Non-recurring Expenses?
Answer in one sentence only.
To which account ‘Surplus’ or ‘Deficit’ is transferred?
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 | ? |
10% p.a. Depreciation on Furniture ₹ 50,000 (for three months)
Library Books ₹______? Less 10 % Depreciation ₹ 5,000 = ₹ 45,000
“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.
From the following Receipts and Payments Account “K.B.P. Engineering College” Nashik for the year ending on 31.03.2019 and additional information, prepare Income and Expenditure Account for the year ending 31.03.2019 and Balance Sheet as on that date.
| Dr | Receipts and payments Account for the year ending 31.03.2019. | Cr | |||
| Receipts | Amount ₹ | Payments | Amount ₹ | ||
| To Balance b/d | By Salaries to Teaching Staff | 11,70,000 | |||
| Cash in Hand | 18,000 | By Electricity Charges | 55,000 | ||
| Cash at Bank | 1,00,400 | By Books | 61,000 | ||
| To Interest | 55,000 | By Furniture | 51,000 | ||
| To Subscriptions | 28,300 | By Stationery | 21,850 | ||
| To Life Membership fees | 25,000 | By Fixed Deposit (31.03.2019) | 8,50,000 | ||
| To Donation | 7,00,000 | By Balance c/d | |||
| To Tuition Fees | 12,30,000 | Cash in Hand | 16,650 | ||
| To Term Fees | 2,00,800 | Cash at Bank | 2,00,000 | ||
| To Sundry Receipts | 8,000 | ||||
| To Admission Fees (Revenue) | 60,000 | ||||
| 24,25,500 | 24,25,500 | ||||
Additional Information :
| Particulars | 01.04.2018 ₹ | 31.03.2019 ₹ |
| Books | 6,00,000 | 6,00,000 |
| Furniture | 3,19,000 | 3,00,000 |
| Building Fund | 10,00,000 | ? |
| Fixed Deposit | 9,10,000 | ? |
| Capital Fund | 9,47,400 | ? |
1) 50% of Donation are for Building Fund and the balance is to be treated Revenue Income.
2) Outstanding subscription ₹ 5,300
3) Life membership fees are to capitalised
Income and Expenditure Account is prepared to find out __________.
Subscription due but not received for the current year is ____________.
Donations received for a specific purpose is ____________.
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.
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.
Complete the following table:
| Sr. No |
Income (₹) |
Expenditure (₹) |
Surplus/Deficit (₹) |
| 1. | 10,000 | ? | 5,000 (Deficit) |
Complete the following Table:
| Rent | Outstanding Rent | Debited to Income & Expenditure A/c |
| 12,000 | 8,000 | ? |
Following is the Receipts and Payments Account of "Satara Sports Club". Prepare Income and Expenditure Account for the year ending 31 - 03 - 2022. Also prepare Balance sheet as on 31 -03-2022.
| Dr. | Receipts and Payments Account for the year ending 31 - 03 - 2022 | Cr. | |||
| Receipts | Amount (₹) | Amount (₹) | Payments | Amount (₹) | Amount (₹) |
| To Balance b/d | By Salaries | 10,000 | |||
| Cash in Hand | 9,000 | 33,000 | By Rent (Including ₹ 4,000 for 2020-21) | 10,00 | |
| Cash at Bank | 24,000 | By Electricity Charges | 2,900 | ||
| To Subscription | By Fixed Deposit | 1,20,000 | |||
| 2020 - 21 | 8,000 | 1,04,000 | By Printing and Stationery | 1,500 | |
| 2021 - 22 | 89,000 | By General Expenses (Including ₹ 1000 paid for next year) | 11,000 | ||
| 2022 - 23 | 7,000 | By Sports Material | |||
| To Entrance Fees | 16,000 | Purchased | 80,000 | ||
| To Donation for | By Balance c/d | ||||
| Building Fund | 1,40,000 | Cash in Hand | 17,800 | 67,800 | |
| To Interest | 1,200 | Cash at Bank | 50,000 | ||
| To Sale of Furniture (Book Value ₹ 16,000) | 9,000 | ||||
| 3,03,200 | 3,03,200 | ||||
Adjustments:
(1) Outstanding subscription for current year is ₹ 9,000.
(2) Outstanding rent for current year amounted to ₹ 2,000.
(3) Entrance Fees are to be treated as Revenue Income.
(4) Stock of sports material as on 01 - 04 - 2021 ₹ 12,000 and on 31 - 03 - 2022 ₹ 28,000.
Write the word/phrase/term which can substitute of the following statement:
The debit balance of Income and Expenditure Account.
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.
Find Surplus/Deficit:
| Sr. No. | Expenditure | Income | Surplus/Deficit |
| (i) | ? | 5,500 | 1,000 (Surplus) |
| (ii) | ? | 17,000 | 2,500 (Deficit) |
Mumbai University prepares ______ Account instead of a Profit and Loss account.
