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प्रश्न
What is outstanding expenses?
उत्तर
Outstanding expenses are the expenses which are unpaid.
APPEARS IN
संबंधित प्रश्न
Answer in one sentence only.
What is Surplus?
Answer in one sentence only.
What is Capital Fund?
Excess of Income over Expenditure is termed as ___________.
Expenditure on Purchase of Building is a ________ Expenditure.
Write the word/phrase/term, which can substitute the following sentence.
Donation received for a specific purpose.
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.
Write the Word/ Term/ Phrase which can substitute the following statement:
To excess of total assets over total liabilities of a Not for Profit concern.
State whether the following statement is True or False with reasons.
Income and Expenditure Account is Real Account.
Income and Expenditure Account is similar to the _____ account of Trading Concern.
Subscription received from the members is considered as ________ receipts.
Answer in one sentence only.
Which organisations prepare Income and Expenditure Account?
Complete the Table:
Salaries paid during the year
| Sr. No |
Total ₹ | Prepaid/Outstanding | ₹ | Expenditure for the year |
| 1 | 1,100 | Prepaid | 100 | ? |
| 2 | 2,700 | Prepaid | ? | 2,000 |
| 3 | 8,250 | Prepaid | ? | 6,650 |
| 4 | 1,200 | Outstanding | 200 | ? |
| 5 | ? | Outstanding | 600 | 5,100 |
| 6 | 1,800 | Outstanding | ? | 2,200 |
Salary ₹ 10,000, outstanding salary ₹ 5,000. Calculate the salary to be debited to Income and Expenditure Account.
12% p.a. Interest on Bank loan ₹ 80,000 for 1 year.
(Preparation of Income and Expenditure Account only)
Following is the Receipts and Payments Account of “Satara Sports Club” Satara Prepare Income and Expenditure Account for the year ending 31.03.2019.
| Dr | Receipts and Payments Account for the year ending 31.03.2019. | Cr | |||||
| Receipts | Amt ₹ | Amt ₹ | Payments | Amt ₹ | Amt ₹ | ||
| To Balance b/d | By Salaries | 5,000 | |||||
| Cash in hand | 4,500 | 16,500 | By Rent (Including ₹ 2,000 for 2017 - 18) | 5,000 | |||
| Cash at Bank | 12,000 | By Electricity Charges | 1,450 | ||||
| To Subscription | By Fixed Deposit | 60,000 | |||||
| 2017 - 18 | 4,000 | 52,000 | By Printing and Stationery | 750 | |||
| 2018 - 19 | 44,500 | By General Expenses (Including ₹ 500 paid for next year) | 5,500 | ||||
| 2019 - 20 | 3,500 | By Sports Material Purchased | 40,000 | ||||
| To Entrance fees | 8,000 | By Balance c/d | |||||
| To Donation for Building fund | 70,000 | Cash in Hand | 8,900 | 33,900 | |||
| To Interest | 600 | Cash at Bank | 25,000 | ||||
|
To Sale of furniture |
4,500 | ||||||
| 1,51,600 | 1,51,600 | ||||||
Adjustments:
1) Outstanding Subscription for Current Year is ₹ 4,500
2) Outstanding Rent for Current Year amounted to ₹ 1,000
3) Entrance Fees are to be treated as Revenue Income
4) Stock of Sports Material as on 01.04.2018 ₹ 6,000 and on 31.03.2019 ₹ 14,000
“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.
(Account of a Library)
Following is the Receipts Payments Account of “Dhananjay Library, Mumbai” for the year ending 31.03.2020
| Dr | Receipts and Payments Account for the year ending 31.03.2020. | Cr | |||
| Receipts | Amount ₹ |
Payments | Amount ₹ |
||
| To Balance b/d | 5,000 | By Salaries | 9,000 | ||
| To Admission Fees | 4,500 | By Rent | 7,500 | ||
| To Subscriptions | 20,000 | By Investments | 6,000 | ||
| To Lecture Hall Hire Charges | 4,200 | By Stationery | 1,350 | ||
| To Miscellaneous Income | 250 | By Electricity Charges | 850 | ||
| To Interest on Investment | 900 | By Books | 5,000 | ||
| By Outstanding Expenses (2018 - 19) | 500 | ||||
| By Balance c/d | 4,650 | ||||
| 34850 | 34850 | ||||
You are required to prepare an Income and Expenditure Account for the year ended 31.03.2020 and Balance Sheet as on that day.
The following information is also made available to you.
1) On 31.03.2019, the Library had the following Assets also; Books at ₹ 50,000, Furniture ₹ 6,500, and Machinery of ₹ 30,000
2) Subscription received in advance amounted to ₹ 500
3) Outstanding Salaries ₹ 1300 and for Rent ₹ 950
4) 50% of the Admission Fees should be capitalized.
5) Furniture to be depreciated at 10% p.a.
6) Library Books were purchased on 1st April 2019 charge Depreciation at 10% p. a.
7) The Investments were purchased on 01.04.2019 and they carry interest at 20*% p.a
Subscription due but not received for the current year is ____________.
Legacy is a ___________.
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 |
From the following Receipts and Payments account of Shahu College, Kolhapur for the year ending 31st March, 2020 and additional information, prepare Income and Expenditure Account for the year ended 31st March, 2020 and Balance Sheet as on that date:
| Dr. | Receipts and Payments Account for the year ended 31st March, 2020 |
Cr. | |
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Balance b/d | By Salaries | 11,77,500 | |
| Cash | 6,000 | By Printing and Stationery |
13,500 |
| Bank | 1,00,000 | By Books | 44,000 |
| To Interest | 30,000 | By Furniture | 39,000 |
| To Donation | 3,50,000 | By Drama Expenses | 45,000 |
| To Tuition Fees | 9,50,000 | By Postage | 3,500 |
| To Admission Fees | 32,500 | By Telephone Charges | 3,000 |
| To Drama Receipts | 50,000 | By Electricity | 30,500 |
| To Rent from use of Hall | 3,000 | By Magazine and Newspapers |
3,000 |
| To Legacies (Capital) | 30,000 | By Balance c/d | |
| Cash | 31,000 | ||
| Bank | 1,61,500 | ||
| 15,51,500 | 15,51,500 | ||
Additional information:
(1) Outstanding Salaries ₹ 35,000.
(2) 60% of donations are for Building Fund and Balance is to be treated as revenue income.
(3)
| Particulars | 1 - 4 - 2019 (₹) | 31 - 3 - 2020 (₹) |
| Capital Fund | 3,05,500 | ? |
| Building Fund | 4,13,500 | ? |
| Furniture | 1,63,000 | 1,50,000 |
| Books | 4,50,000 | 4,44,000 |
The following is the Receipts and Payments Account of Young Pensioner's Association. Leh for the year ended 31st March, 2020.
| Dr. | Receipts and Payments Account for the year ending 31st March 2020 |
Cr. | ||||
| Receipts | Amount ₹ |
Amount ₹ |
Payments | Amount ₹ |
||
| To Balance b/d | 7,000 | By Stationery | 8,000 | |||
| To Subscriptions | By Postage | 1,000 | ||||
| 2018 - 19 | 5,000 | 90,000 | By Picnic Exp | 8,000 | ||
| 2019 - 20 | 83,000 | By Salaries | 8,000 | |||
| 2020 - 21 | 2,000 | By Annual General meeting Expenses |
4,500 | |||
| To Entrance fees (Capital Receipt) |
13,000 |
By Traveling Exp |
7,500 | |||
| To Donations | 60,000 | By Rent | 12,000 | |||
| To Legacies | 40,000 | By Charity | 7,800 | |||
| To Interest on Deposit | 7,000 | By Sundry Exp. | 3,200 | |||
| To Picnic Receipts | 10,000 | By Fixed Deposit | 1,10,000 | |||
| By Furniture | 50,000 | |||||
| By Balance c/d | 7,000 | |||||
| 2,27,000 | 2,27,000 | |||||
Adjustments:
- Outstanding subscription for current year ₹ 7,000.
- Furniture was purchased on 1st Oct, 2019 and it is to be depreciated by 10 % p.a
- Outstanding picnic receipts ₹ 7,500.
- Stock of stationery on 1-4-2019 was ₹ 350 and on 31st March, 2020 was ₹ 1,700.
- 50 % of legacies and full amount of donations are to be capitalised.
With the above information, you are required to prepare Income and Expenditure Account for the year ended 31st March 2020.
Donation for Scholarship Fund is ______.
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.
Convert following Balance Sheet into Vertical Balance Sheet.
| Balance Sheet as on 31st March, 2023 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital | 1,20,000 | Fixed Assets | 1,12,500 |
| Reserves and Surplus | 30,000 | Investment | 30,000 |
| 12% Loan | 36,000 | Current Assets | 66,000 |
| Current Liabilities | 22,500 | ||
| 2,08,500 | 2,08,500 | ||
From the following transactions of Receipts and Payments Account of "Shalby Akhada", and the adjustments given, you are required to prepare Income and Expenditure Account and Balance Sheet as on 31st March, 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 | 12,000 | |||
| Cash in Hand | 10,000 | By Entertainment Expenses | 4,960 | ||
| To Subscriptions | By Sundry Expenses | 2,600 | |||
| 2021-22 | 36,000 | 36,820 | By Electricity Charges | 2,400 | |
| 2022 - 23 | 820 | By Rent | 1,400 | ||
| To Donations | 12,000 | By Investment | 30,000 | ||
| To Receipts from Entertainment | 10,800 | By Printing and Stationery | 1,600 | ||
| To Interest | 800 | By Postage | 6,400 | ||
| To Entrance Fees | 12,400 | By Fixed Deposit | 7,800 | ||
| By Balance c/d | |||||
| Cash in Hand | 1,660 | 13,660 | |||
| Cash at Bank | 12,000 | ||||
| 82,820 | 82,820 | ||||
Adjustments:
(1) There are 500 members paying an annual subscription of ₹ 100 each.
(2) Outstanding salary was ₹ 2,400.
(3) The Assets on 01 - 04 - 2021 were as follows:
Building ₹ 1,00,000, Furniture ₹ 30,000.
(4) Provide depreciation on Building and Furniture at 5% and 10% respectively.
(5) 50% Entrance Fees is to be capitalised.
(6) Interest on investment at 5% p.a. has accrued for 6 months.
(7) Capital fund is of ₹ 1,40,000 as on 01 - 04 - 2021.
Find the odd one:
Find the odd one:
