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प्रश्न
Write the word/phrase/term which can substitute of the following statement:
The debit balance of Income and Expenditure Account.
उत्तर
Deficit
APPEARS IN
संबंधित प्रश्न
Answer in one sentence only.
What is Capital Fund?
Subscription received in advance during the accounting year is _______.
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.
The income which is earned during the year but not received during the year.
Mumbai University prepares _______ Account instead of a Profit and Loss account.
Subscription received from the members is considered as ________ receipts.
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:
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.
Find odd one:
(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.
(Accounts of a Charitable Hospital)
From the following particulars relating to “Radha-Krishna Charitable Hospital” Pune. Prepare Income and Expenditure Account for the year ending 31.03.2020 and Balance Sheet as on that date.
| Dr. | Receipts and payments Account for the year ending 31 Mar 2020. | Cr. | ||||
| Receipts | Amount ₹ | Payments | Amount ₹ | |||
| To Balance b/d | By Medicines Purchased | 41,000 | ||||
| Cash | 8,230 | By General Expenses | 1,050 | |||
| To Subscriptions | 52,000 | By Salaries | 23,500 | |||
| To Donations (General) | 17,500 | By Stationery | 2,000 | |||
| To Interest in Investments | 10,000 | By Expenses on Charity Show | 550 | |||
| To Proceeds from Charity Show | 8,530 | By Surgery and Dispensary Exp | 4,200 | |||
| By Equipments | 10,000 | |||||
| By Balance c/d | ||||||
| Cash in Hand | 960 | |||||
| Cash at Bank | 13,000 | 13,960 | ||||
| 96,260 | 96,260 | |||||
Additional Information :
| Particulars | 01.04.2019 ₹ | 31.03.2020 ₹ |
| 1. Subscription Due | 310 | 350 |
| 2. Subscription Received in Advance | 600 | 150 |
| 3. Stock of Medicine | 8,000 | 11,000 |
| 4. Estimated Value of Equipment | 15,000 | ? |
| 5. Building | 40,000 | ? |
| 6. Capital Fund | 1,70,940 | ? |
| 7. 10 % Investment | 1,00,000 | ? |
Provide Depreciation on Equipments ₹ 1,900 and on Building ₹ 1,500
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
(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
Which of the following should not be recorded in the income and expenditure account?
Subscription due but not received for the current year is ____________.
Donations received for a specific purpose is ____________.
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 particulars, show how the item ‘subscription’ will appear in the Income and Expenditure Account for the year ended 31-12-2018?
Subscription received in 2018 is ₹ 50,000 which includes ₹ 5,000 for 2017 and ₹ 7,000 for 2019. Subscription outstanding for the year 2018 is ₹ 6,000. Subscription of ₹ 4,000 was received in advance for 2018 in the year 2017.
Complete the following table:
Rent received during the year
| Total Received (₹) |
Rent received in Advance/Accrued |
(₹) | Income for the Year |
| 1,700 | Accrued | ? | 2,150 |
Donation for Scholarship Fund is ______.
Mumbai University prepares ______ Account instead of a Profit and Loss account.
Mumbai University prepares ______ Account instead of a Profit and Loss account.
Mumbai University prepares ______ Account instead of a Profit and Loss account.
