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प्रश्न
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.
उत्तर
Capital Fund.
APPEARS IN
संबंधित प्रश्न
Subscription received in advance during the accounting year is _______.
Income and Expenditure Account is a ________ Account.
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.
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.
Income and Expenditure Account represents either surplus or deficit.
Subscription received from the members is considered as ________ receipts.
Answer in one sentence only.
What is a Subscription?
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 |
Complete the Table:
Rent received during the year
| Sr.No | Total Received ₹ | Rent received in Advance/Accrued | ₹ | Income for the year ₹ |
| 1 | 1,300 | Received in Advance | 200 | ? |
| 2 | ? | Received in Advance | 400 | 1,400 |
| 3 | 2,650 | Received in Advance | ? | 2,000 |
| 4 | ? | Accrued | 290 | 3,190 |
| 5 | 1,700 | Accrued | ? | 2,150 |
| 6 | 2,600 | Accrued | 500 | ? |
10% p.a. Depreciation on Furniture ₹ 50,000 (for three months)
12% p.a. Interest on Bank loan ₹ 80,000 for 1 year.
(Calculation of stationery consumed during the year)
| Balance Sheet as on 01.04.2018 | |||||
| Liabilities | Amt. ₹ | Amt. ₹ | Assets | Amt. ₹ | Amt. ₹ |
| Stock of Stationery | 400 | ||||
| Dr | Receipts and Payments Account for the year ending 31.03.2019 | Cr | |||
| Receipts | Amt. ₹ | Amt. ₹ | Payments | Amt. ₹ | Amt. ₹ |
| By Stationery Purchased | 6,300 | ||||
Adjustments :
1. ₹ 1,000 Outstanding for Stationery bill.
2. Stock of Stationery as on 31.03.2019 was valued at ₹1,800
With the above information, calculate the amount of Stationery consumed during the year and show its presentation in final Accounts of a concern.
| Dr | Receipts and Payments Account for the year ending 31.03.2018. | Cr | |||||
| Receipts | Amt. ₹ | Amt. ₹ | Payments | Amt.₹ | Amt. ₹ | ||
| To Subscriptions | |||||||
| 2016 - 17 | 2,000 | ||||||
| 2017 - 18 | 60,000 | ||||||
| 2018 - 19 | 4,500 | 66,500 | |||||
Adjustments :
Subscription Outstanding for the year 2017 - 18 is ₹ 6,000.
During previous year Subscription received in advance for 2017 - 18 is ₹ 2,000.
Outstanding subscription of 2016 - 2017 is ₹ 2,500
With the help of the above information present the item Subscription in Income and Expenditure Account for the year ending 31.03.2018 and Balance Sheet as on that date.
(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
(Outstanding Expenses and Prepaid Expenses)
From the following information supplied to you, prepare Income and Expenditure Account for the year ending on 31.03.2020 and Balance Sheet as on that date for “Morya Sports Club” Thane.
| Balance Sheet as on 01.04.2019. | |||
| Liabilities | Amount ₹ | Assets | Amount ₹ |
| Capital Fund | 64,500 | Machinery | 69,000 |
| Bank overdraft | 38,000 | Outstanding Subscriptions | 8,000 |
| Outstanding Salary | 4,000 | Prepaid Insurance Premium | 2,000 |
| Furniture | 15,000 | ||
| Cash in Hand | 12,000 | ||
| Outstanding Locker’s Rent | 500 | ||
| 1,06,500 | 1,06,500 | ||
| Dr. | Receipts and Payments Account for the year ended 31.03.2020 | Cr. | |||
| Receipts | Amount ₹ | Payments | Amount ₹ |
||
| To Balance b/d | 12,000 | By Balance b/d (Bank Overdraft) | 38,000 | ||
| To Subscription | 1,05,000 | By Salary | 17,500 | ||
| To Entrance Fees (Capitalised) | 9,300 | By Insurance Premium | 11,000 | ||
| To Locker Rent | 1,500 | By Interest | 1,400 | ||
| To Donations (Capitalised) | 800 | By Refreshment Expenses | 4,200 | ||
| By Furniture | 30,000 | ||||
| By Balance c/d | |||||
| Cash in Hand | 6,500 | ||||
| Cash at Bank | 20,000 | ||||
| 1,28,600 | 1,28,600 | ||||
Adjustments :
1) Subscription received includes ₹ 3,000 for 2018 - 19 and Outstanding Subscription for 2019 - 20 was ₹ 14,000.
2) On 31.03.2020, Prepaid Insurance Premium was ₹ 2,500.
3) Depreciate Furniture by ₹ 3,000.
4) Locker Rent Outstanding for 2019 - 20 is ₹ 400
Donations received for a specific purpose is ____________.
What is legacy?
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 |
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 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 |
Following is the Receipts and Payments Account of Parnil Sports Club, Pune and additional information given below you are required to prepare Income and Expenditure Account for the year ended 31st March 2019 and a Balance Sheet as on that date.
| Dr. | Receipts and Payments Account for the year ended 31st March, 2019 |
Cr. | ||
| Receipts | Amount (₹) | Payments | Amount (₹) | |
| To Balance b/d | 5,000 | By Bank Overdraft (Repaid) | 32,000 | |
| To Subscriptions: | By Salaries | 10,000 | ||
| 2016-17 | 2,000 | 75,000 | By Electrical Charges | 4,000 |
| 2017-18 | 3,000 | By Municipal Taxes | 2,700 | |
| 2018-19 | 70,000 | By Purchase of Sports Materials | 50,000 | |
| To Donations | 15,000 | By General Expenses | 500 | |
| To Entrance fees | 1,700 | By Billiard Expenses | 3,000 | |
| To Life membership fees (Revenue) | 17,000 | By Repairs to Ground | 500 | |
| To Tournaments Receipts | 60,000 | By Tournaments Exp. | 50,000 | |
| By Balance c/d: | ||||
| Cash in Hand | 7,000 | |||
| Cash at Bank | 14,000 | |||
| 1,73,700 | 1,73,700 | |||
Additional Information :
- 50% Donations are towards Building Fund.
- 70% entrance fees should be capitalised.
- Subscriptions ₹ 500 for the year 2016-17 ₹ 1,000 for 2017-18 are still in arrears.
- Following are the balances appeared in the books as on 1-4-2018 :
Building Fund ₹ 47,000, Bank Overdraft ₹ 32,000, Land ₹ 1,50,000, Sports Materials ₹ 30,000. Outstanding Subscription for 2016-17 is ₹ 2,500 and 2017-18 is ₹ 4,000. - Outstanding Subscription for current year is ₹ 8,000.
- Closing Stock of Sports Material was ₹ 8,000 on which depreciation to be provided at 12.50% p.a.
Symbiosys school, Pune showed the following position on 31st March, 2018.
| Balance Sheet as on 31st March 2018 | |||
| Liabilities | Amount ₹ |
Assets | Amount ₹ |
| Capital Fund | 6,80,000 | Cash in Hand | 5,000 |
| Entrance fees | 20,000 | Cash at Bank | 8,000 |
| Laboratory | 15,000 | ||
| Building | 6,00,000 | ||
| Furniture | 40,000 | ||
| Books | 22,000 | ||
| Tuition fees Receivable |
10,000 | ||
| 7,00,000 | 7,00,000 | ||
| Dr. | Receipts and Payments Account for the year ending 31st March 2019 | Cr. | |||||
| Receipts | Amount ₹ | Amount ₹ | Payments |
Amount ₹ |
Amount ₹ |
||
| To Balance b/d | By Salaries to Teachers | 1,80,000 | |||||
| Cash | 5,000 | 13,000 | By Salaries to Office staff | 30,000 | |||
| Bank | 8,000 | By Books (Purchased on 1-1-2019) | 15,000 | ||||
| To Tuition Fees | By Printing & Stationery | 5,000 | |||||
| 2017 - 18 | 8,000 | 1,08,000 | By Annual Gathering Exp | 10,000 | |||
| 2018 - 19 | 1,00,000 | By Office Rent | 16,000 | ||||
| To Fine Collected | 2,000 | By Repairs | 15,000 | ||||
| To Admission fees | 10,000 | By Sports Exp. | 5,000 | ||||
| To Term fees | 7,000 | By Furniture (Purchased on 1-7-2018) | 50,000 | ||||
| To Donations to for Library | 1,000 | By Balance c/d | |||||
| To Interest on Bank Deposits | 5,000 | Cash | 8,000 | 20,000 | |||
| To Govt. Grants (Revenue) | 2,00,000 | Bank | 12,000 | ||||
| 3,46,000 | 3,46,000 | ||||||
Additional Information:
- Tuition fees are outstanding for current year ₹ 5,000.
- Salary to teachers is outstanding ₹ 15,000
- Rent paid in advance is ₹ 3,000
- Depreciation on Books @ 15 % p.a. and 10 % on Furniture.
You are required to prepare Income & Expenditure Account for the year ended 31st March, 2019 and a balance sheet as on that date.
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.
Mumbai University prepares ______ Account instead of a Profit and Loss account.
From the following information, prepare Income and Expenditure Account for the year ending 31 - 03 - 2022 and Balance Sheet as on that date for "Karnavati Club".
| Balance Sheet as on 01 - 04 - 2022 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital Fund | 1,29,000 | Machinery | 1,38,000 |
| Bank Overdraft | 76,000 | Outstanding Subscriptions | 16,000 |
| Outstanding Salary | 8,000 | Prepaid Insurance Premium | 4,000 |
| Furniture | 30,000 | ||
| Cash in Hand | 24,000 | ||
| Outstanding Locker's Rent | 1,000 | ||
| 2,13,000 | 2,13,000 | ||
| Dr. | Receipts and Payments Account for the year ended on 31 - 03 - 2023 | Cr. | |
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Balance b/d | 24,000 | By Balance b/d (Bank Overdraft) | 76,000 |
| To Subscription | 2,10,000 | By Salary | 35,000 |
| To Entrance Fees (Capitalised) | 18,600 | By Insurance Premium | 22,000 |
| To Locker Rent | 3,000 | By Interest | 2,800 |
| To Donations (Capitalised) | 1,600 | By Refreshment Expenses | 8,400 |
| By Furniture | 60,000 | ||
| By Balance c/d | |||
| Cash in Hand | 13,00 | ||
| Cash at Bank | 40,000 | ||
| 2,57,200 | 2,57,200 | ||
Adjustments:
(1) Subscription received includes ₹ 6,000 for 2021-22 and outstanding subscription for 2022 - 23 was ₹ 28,000.
(2) On 31 - 03 - 2023, Prepaid insurance premium was ₹ 5,000.
(3) Depreciate Furniture by ₹ 6,000.
(4) Locker rent outstanding for 2022 - 23 is ₹ 800.
Find the odd one:
