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Question
(Calculation of Drugs Consumed during the year)
From the information given below calculate the amount of Drugs consumed in a hospital, during the year 2012-2013. Show its presentation in Income and Expenditure Account and Balance Sheet as on 31-03-2013.
| Stock Drugs in Hand | On 01-04-2012 Rs 25,000 | On 31-03-2013 Rs 27,000 |
|
Drugs purchased during the year |
Rs 1,20,000 |
- |
| Bill of drugs payable on 31-03-2013 | Rs 19,500. | - |
Solution
Dr. Cr.
| Expenditure |
Amount
(Rs)
|
Amount
(Rs)
|
Income |
Amount
(Rs)
|
| Stock of Drugs Consumed during the year | 137,500 | |||
| Stock of Drugs as on Apr.01,2012 | 25,000 | |||
| Add: Purchases | 120,000 | |||
| Add: Outstanding Bill | 19,500 | |||
| Less: Stock of Drugs at the end of Mar.31,2013 | 27,000 | |||
| Liabilities |
Amount
(Rs)
|
Assets | Amount (Rs) |
| Outstanding Bill of Drugs | 19,500 | Stock of Drugs | 27,000 |
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RELATED QUESTIONS
Miss Kalpana started her business with a capital of 1,30,000 on 1st April, 2015. Her financial position on 31st March 2016 was as follows:
| Amount ( Rs) | |
| Cash | 9,120 |
| Stock | 10,250 |
| Bills payable | 12,880 |
| Creditors | 17,180 |
| Debtors | 31,000 |
| Prepaid insurance | 550 |
| Bills receivable | 29,120 |
| Premises | 85,800 |
| Vehicles | 40,200 |
Additional information :
1. Miss Kalpana brought additional capital of 20,000 on 30th September, 2015
2. Interest on capital is to be allowed at 5% p.a.
3. She withdrew 10, 000 for personal use.
4. Reserve for doubtful debts is to be provided at 2½ % after writing off bad debts of 1,000.
5. Depreciate vehicles at 10% p.a. and premises at 5 % p.a.
6. Creditors were overvalued by 2,180.
Prepare :
(1) Closing Statement of Affairs as on 31.03.2016.
(2) Statement of Profit or Loss for the year ended 31.03.2016.
Goods brought into the joint venture by a co-venturer from his own stock is debited to _____.
A sum of money, goods or any asset, given to someone voluntarily, without any compensation is called ____.
The major source of revenue to a non-trading concern from its members.
(Accounts of a Charitable Hospital)
Following information has been provided by “Janseva Charitable Hospital”, Latur. You are required to prepare Income and Expenditure Account for the year ending on 31/03/2013 and Balance Sheet as on that date.
Balance Sheet as on 01/04/2012
| Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.) |
| Capital Fund | 10,37,000 | Building | 10,00,000 |
| Bank Loan | 600,000 | Ambulance | 350,000 |
| Outstanding bill for Drugs | 45,000 | Stock of Drugs | 35,000 |
| Hospital Equipments | 295,000 | ||
|
Cash in Hand |
2,000 | ||
| 16,82,000 | 16,82,000 |
Receipts and Payments Account for the year ending 31.03.2013
Dr. Cr.
| Receipts |
Amount (Rs.)
|
Payments |
Amount (Rs.)
|
| To Balance b/d | 2,000 | By Purchases of Drugs | 190,000 |
| To subscription | 210,000 | By Salary of staff | 85,000 |
| To Life Membership Fees | 27,500 | By Honararium to Doctors | 385,000 |
| To Hospital Receipts (Revenue) | 520,900 | By Repairs and Maintenance | 17,900 |
| By Furniture | 40,000 | ||
|
By General Expenses |
12,600 | ||
|
By Balance c/d |
29,900 | ||
| 760,400 | 760,400 | ||
Adjustments:
1) On 31/03/2013 stock of Drugs was valued Rs 20,000.
2) Depreciate Building @ 5% p.a. and Ambulance by Rs 20,000
3) Life Membership Fees are to be capitalized.
From the following information supplied to you, prepare Income and Expenditure Account for the year ending on 31/03/2013 and Balance Sheet as on that date for Suryodaya Club, Nasik.
Balance Sheet as on 01/04/2012
| Liabilities |
Amount (Rs.) |
Assets |
Amount (Rs.)
|
| Capital Fund | 50,000 |
Land |
60,000 |
| Bank Overdraft | 35,000 | Outstanding Subscriptions | 5,000 |
| Outstanding Salary | 2,000 | Prepaid Insurance Premium | 2,500 |
| Cash in Hand | 9,500 | ||
| Furniture | 10,000 | ||
| 87,000 | 87,000 |
Receipts and Payments Account for the year ending 31.03.2013
Dr. Cr.
| Receipts |
Amount (Rs.)
|
Payments | Amount (Rs.) | Amount (Rs.) |
| To Balance b/d | 9,500 | By Bank Overdraft (Repaid) | 35,000 | |
| To Subscription | 95,000 | By Salary | 12,500 | |
| To Admission Fees | 7,500 | By Insurance Premium | 8,000 | |
|
By Interest |
1,700 | |||
| By Miscellaneous Expenses | 4,400 | |||
| By Furniture | 20,000 | |||
| By Balance c/d Cash in Hand Cash at Bank |
5,400 25,000 |
30,400 | ||
| 112,000 | 112,000 |
Adjustments:
1) Subscriptions received, includes Rs 3,000 for 2011-2012 and Outstanding Subscriptions for 2012-2013 was Rs 8,000.
2) Salary Paid includes Rs 2,000 Paid for last year
3) On 31/03/2013, Prepaid Insurance Premium was Rs 3,000
4) Admissions Fees are to be capitalized.
5) Depreciate Furniture by Rs 2,000.
(Accounting of a School)
From the information given below of Jeevan Vikas Vidyalaya Khamgaon, You are required to prepare, Income and Expenditure Account and Balance Sheet for the year ending on 31.03.2011.
Balance Sheet as at 01.04.2010
| Liabilities |
Amount (Rs.)
|
Assets |
Amount (Rs.) |
| Capital Fund | 499,100 | Library Books | 115,500 |
| Loan | 500,000 | Laboratory Equipments | 125,000 |
| Furniture | 110,000 | ||
| Building | 625,000 | ||
| Cash in Hand | 3,500 | ||
| Cash at Bank | 20,100 | ||
| 999,100 | 999,100 |
Receipts and Payments Account for the year ending 31.03.2011
Dr. Cr.
| Receipts |
Amount
(Rs.)
|
Payments |
Amount
(Rs.)
|
Amount (Rs.)
|
| To Balance b/d | By Salaries | 625,200 | ||
| Cash in Hand | 3,500 | By Purchases i. Laboratory Equipments ii. Library Books iii. Furniture |
10,000 50,000 20,000 |
80,000 |
| Cash at Bank | 20,100 | By Sundry Expenses | 10,000 | |
| To Tuition Fees | 367,500 | By Printing and Stationery | 35,800 | |
| To Term Fees | 35,000 | By Annual Social Gathering Expenses |
18,000 | |
| To Admission Fees | 30,600 | By Balance c/d Cash in Hand Cash at Bank |
4,000 35,000 |
|
| To Government Grant (Revenue) | 350,000 | |||
| To Sundry Receipts | 1,300 | |||
| 808,000 | 808,000 |
Adjustments:
1) Tuition Fees Outstanding Rs 13,500
2) Outstanding Interest on Loan Rs 60,000
3) Entire admission Fees are to be Capitalized.
4) Depreciation is to be written off as under:
| Library Books Rs 50,000 | Furniture Rs 30,000 |
| Laboratory Equipment Rs 20,000 | Building Rs 30,000 |
(Only Income and Expenditure Account)
The following is the Receipts and Payments Account of Star Citizen’s Association, Bilaspur for the year ending on 31/03/2012
Receipts and Payment Account for the year ending on 31/03/2012
Dr. Cr.
| Receipts |
Amount
(Rs.)
|
Amount
(Rs.)
|
Payments |
Amount
(Rs.)
|
Amount
(Rs.)
|
| To Balance b/d | 5,500 | By Postage and Telegram | 1,500 | ||
| To Subscriptions | 87,900 | By Stationary Purchased | 6,000 | ||
| 2010-2011 | 3,900 | By Fixed Deposits | 100,000 | ||
| 2011-2012 | 81,500 | By Picnic Expenses | 7,900 | ||
| 2012-2013 | 2,500 | By Salaries | 20,000 | ||
| To Entrance Fees (to be Capitalized) |
2,000 | By Annual General - meeting expenses |
4,500 | ||
| To Donations | 50,000 | By Insurance Premium | 3,450 | ||
| To Legacies | 10,000 |
By Sundry Expenses |
4,800 | ||
| To Interest on Deposits | 30,000 | By Furniture | 26,000 | ||
| To Picnic Receipts | 5,750 | By Balance c/d | 17,000 | ||
| 191,150 | 191,150 |
Adjustments:
1) Outstanding Picnic Receipts Rs 4,250.
2) Furniture was purchased on 01/10/2011 and it is to be depreciated @ 10% p.a.
3) Outstanding subscriptions for current year Rs 8,200.
4) Stock of Stationery on 01/04/2011 was Rs 650 and on 31/03/2012 was Rs 1,150.
5) Entries amount of legacies and 50% of Donations are to be capitalized.
With the above information, you are required to prepare Income and Expenditure Account for the year ending on 31/03/2012.
(Newly started Associations)
Following is the Receipts and Payments Account of Bavdhan Pensioners Association newly started on 01.04.2010.
Receipts and Payment Account for the year ending on 31-03-2011
Dr. Cr.
| Receipts |
Amount
(Rs.)
|
Amount
(Rs.)
|
Payments |
Amount
(Rs.)
|
Amount
(Rs.)
|
| To Subscriptions received | 93,900 | By rent | 6,000 | ||
| For 2010-2011 | 85,000 | By Travelling Expenses | 2,800 | ||
| For 2011-2012 | 6,900 | By Expenses for get-together Function | 3,300 | ||
| For 2012-2013 | 2,000 | By Charity | 1,000 | ||
| To Entrance Fees | 11,000 | By Salaries | 4,500 | ||
| To Donations | 25,000 | By Furniture | 30,500 | ||
| By Fixed Deposit | 50,000 | ||||
| By Balance c/d | 31,800 | ||||
| 129,900 | 129,900 |
Adjustments:
1) Outstanding Subscription for current year Rs 10,000.
2) Entrance Fees are to be capitalized.
3) ‘Capital Fund’ should be created out of Entrance Fees and Surplus of the current year’.
4) Depreciate Furniture by Rs 2,500.
You are required to prepare Income and Expenditure Account for the year ending on 31/03/2011 and Balance Sheet as on that date.
(Simple Problem)
With the information given below, prepare Income and Expenditure Account and Balance sheet of Sudarshan charitable Organisation for the year ending on 31-03-2012.
Receipts and Payment Account for the year ending on 31-03-2012
Dr. Cr.
| Receipts |
Amount
(Rs.)
|
Amount
(Rs.)
|
Payments |
Amount
Rs
|
Amount
Rs
|
| To Balance b/d | 40,000 | By Salaries | 18,000 | ||
| Cash in Hand | 500 | By Printing and stationery | 20,000 | ||
| Cash at Bank | 39,500 | By Charity Expenses | 20,000 | ||
| To Subscriptions (includes Rs 5,500 for 2009-10) |
81,000 | By Investments | 60,000 | ||
| Interest on Investments | 1,800 | By Office expenses | 2,000 | ||
| To Sale of Furniture (Book Value Rs 10,000) |
8,000 | By Balance c/d Cash in Hand |
700 | ||
| Cash at Bank | 10,100 | ||||
| 130,800 | 130,800 |
Additional Information:
1) There are Rs 800 members, paying annual subscription Rs 100 each.
2) Outstanding salary Rs 2,000.
3) The Assets on 01-04-2012 were as following:
Furniture Rs 40,000, Investment Rs 20,000, Land Rs 1,00,000
4) On 01-04-2012 Capital Fund was Rs 2,05,500
(Presentation of Subscriptions only)
With the information given below regarding ‘Subscription’ give accounting effects of it in the Final Accounts of a ‘Not for Profit’ concern.
Receipts and Payments Account for year ending on 31-03-2013
Dr. Cr.
| Receipts |
Amount (Rs.) |
Amount (Rs.) |
Payments | Amount (Rs.) | Amount (Rs.) |
| To subscriptions received | 487,500 |
Additional Information:
• Subscription received during the year, includes
• Subscriptions received for 2011-2012 Rs 17,500 and for 2013-2014 Rs 15,000
• There are 500 members of the concern and each member pays Rs 1,000 as annual subscription.
• During the year 2011-2012 subscription received for the year 2012-2013 was Rs 25,000.
(Presentation of Subscriptions only)
Balance Sheet as on 01/04/2012
| Liabilities |
Amount (Rs.)
|
Amount (Rs.)
|
Assets |
Amount (Rs.) |
Amount (Rs.) |
| Subscription received in |
Outstanding subscriptions |
||||
| Advance for 2012-2013 | 15,000 | 2010-2011 | 20,000 | ||
| 2011-2012 | 30,000 | 50,000 |
Receipts and Payments Account for the year ending on 31-03-2013
Dr. Cr.
| Receipts | Amount (Rs.) | Amount (Rs.) | Payments | Amount (Rs.) | Amount (Rs.) |
| To subscriptions | |||||
| 2010-2011 | 16,000 | ||||
| 2011-2012 | 25,000 | ||||
| 2012-2013 | 330,000 | ||||
| 2013-2014 | 19,000 |
Adjustment:
Outstanding Subscription for 2012-2013 is Rs 22,000. With the above information present the item 'Subscription’ in Income and expenditure Account and Balance sheet for the year ended on 31st March 2013.
State whether the following statement is True or False with reasons.
Charitable Institutions prepare Profit and Loss Account, at the end of every financial year.
Given below is the balance sheet as on 1st April, 2015 and Receipts and Payments Account for the year ending 31st March, 2016 of Decent sports Club, Kudal.
From the given information prepare Income and Expenditure Account for the year ended 31st March, 2016 and the Balance Sheet as on that date :
Balance Sheet as on 1st April, 2015
Dr Cr
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
| Capital Fund | 9,25,000 | Play-ground | 8,00,000 |
| Building fund | 5,00,000 | Furniture | 36,000 |
| Subscription received in advance for the year | Stock of sports material | 44,000 | |
| 2015 - 2016 | 9,000 | Building fund investment | 5,00,000 |
| Cash at bank | 20,000 | ||
| Outstanding subscriptions | 34,000 | ||
| 14,34,000 | 14,34,000 |
Receipts and Payments Account
for the year ending 31st March, 2016
Dr Cr
| Receipts | Amount (Rs.) | Payments | Amount (Rs.) |
| To Balance c/d | By Sports material purchased | 52,000 | |
| Cash in bank | 20,000 | By salaries and wages | 87,000 |
| To Subscription | 201,800 | By office expenses | 126,000 |
| To Donations | 56,000 | By Telephone charges | 12,400 |
| To Admission fees | 13,000 | By Balance c/d | |
| To Sundry Receipts | 2,700 | Cash at bank | 34,100 |
| To Interest on Investment in building fund | 18,000 | ||
| 3,11,500 | 3,11,500 |
Adjustment :
(1) Stock of sports material in hand on 31st March, 2016 was Rs. 48,000.
(2) Admissin fees and donations are to be capitalised.
(3) Subscription received during the year included Rs. 34,000 for previous year and Rs. 10,000 for the next year. Current year's subscription Rs. 29,000 is to be received.
Not for Profit Concerns prepares _________ account instead of Profit and Loss account to know the result.
Not for Profit Organization is also called __________ organization.
Write the word/phrase/term, which can substitute the following sentence.
The Form of Organization providing services to the society only.
State whether the following statement is True or False with reasons.
Not for Profit concerns do not prepare Balance Sheet.
Not for Profit Organization never is engaged in __________ activities.
Answer in one sentence only.
What do you mean by ‘Not for Profit’ Concern?
Find odd one:
The final accounts of a 'not-for-profit organization' consist of the following ______?
Complete the following sentence.
"______ also known as admission fee is paid only once by the member at the time of becoming a member. In case of organizations like clubs and some charitable institutions".
Complete the following sentence.
______ is a membership fee paid by the member on annual basis. This is the main source of income for such organizations.
Distinguish between profit and not-for-profit organisation.
What is meant by a Not For Profit Organisation?
Not for Profit Concern renders ______ services to public at large.
Which of the following is not considerd a tool for formetive assesment?
The branch of economics that deals with the allocation of resources.
- Micro economics
- Macro economics
- Econometrics
- None of these
The branch of economics that deals with the allocation of resorces.
- Micro economies
- Macro economies
- Econometrics
- None of these
Assertion: The SI system of units is the suitable system for measurements.
Reason: The SI unit of temperature is kelvin.
Assertion: the SI system of units is the suitable system for measurement.
Reason: The SI unit of thempereture is kelvin.
Consider the following statements and choose the appropriate answer.
- The Vellore revolt was held in 1801.
- The family members of Tippu were imprisoned at Vellore fort after the fourth Mysore war.
- At the time of Vellore revolt, the Governor of Madras was Lord William Bentinck.
- The victory of revolt of Vellore against British was one of the significant event in the history of India.
Find the odd one.
Ethylene is synthesised in ______.
The pressure of a liquid column ______ with the depth of the column.
ANALOGY
Knot in a thread : ______ friction; ball bearing : ______ friction
Which the word/phease/term, which can subsitude the following sentence.
Persons who form the partnership firm.
Write the word/phrase/term, which can substitute the following sentence.
Persons who form the partnership firm.
Complete the Correlation:
Perfect competition : Free entry and exit :: ______ : Barriers to entry.
State whether the following statement is True or False with reason.
Income and Expenditure Account represents either surplus or deficit.
Find the incoreect pair from group A and B.
Not for profit concerns, do not prepare balance sheet.
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5: 3 : 2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The average number of months for which interest on drawings will be calculated will be ______.
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5: 3 : 2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The partnership deed provided that interest on capital will be allowed @10% p.a. The amount of interest on Ishita's capital will be ______.
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5 : 3 : 2. Their fixed capitals are ₹ 180,000; ₹ 160,000 and ₹ 2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The partnership deed provided that interest on capital will be allowed @10% p.a. The amount of interest on Ishita's capital will be ______.
