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Question
Aurangabad University prepares _______ Account instead of Profit and Loss Account.
Solution
Aurangabad University prepares Income and Expenditure Account instead of Profit and Loss Account.
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RELATED QUESTIONS
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.
The credit balance of Income and Expenditure Account.
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.
State whether the following statement is True or False with reasons.
Excess of Assets over liabilities is called Capital Fund.
Mumbai University prepares _______ Account instead of a Profit and Loss account.
The transactions recorded in Income and Expenditure Account are related only to the _______ year.
Answer in one sentence only.
Why Income and Expenditure Account is prepared?
Answer in one sentence only.
What do you mean by Non-recurring Expenses?
10% p.a. Depreciation on Furniture ₹ 50,000 (for three months)
Library Books ₹______? Less 10 % Depreciation ₹ 5,000 = ₹ 45,000
Find odd one :
(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
How annual subscription is dealt with in the final accounts of the not-for-profit organisation?
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 |
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.
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.
Complete the following table:
| Sr. No |
Income (₹) |
Expenditure (₹) |
Surplus/Deficit (₹) |
| 1. | 10,000 | ? | 5,000 (Deficit) |
Complete the following table:
Salaries paid during the year
| Total (₹) |
Prepaid/ Outstanding |
(₹) | Expenditure for the year |
| ? | Outstanding | 600 | 5,100 |
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 |
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 prepare ______ Account instead of a Profit and Loss account.
Find the odd one:
Mumbai University prepares ______ Account instead of a Profit and Loss account.
