Advertisements
Advertisements
Question
From the following information, calculate amount of subscriptions to be credited to the Income and Expenditure Account for the year ended 31st March, 2019:
| ₹ | ||
| 1st April, 2018 | Subscriptions in Arrears | 50,000 |
| Subscriptions Received in Advance | 30,000 | |
| 31st March, 2019 | Subscriptions in Arrears | 25000 |
| Subscriptions Received in Advance | 70,000 |
Subscriptions received during the year ended 31st March, 2019
– ₹ 3,00,000
Subscription still in arrears for the year 2017 – 18 – ₹ 10,000.
Solution
Statement of Subscriptionfor the year ended March 31, 2019
|
Particulars |
Amount (₹) |
|
Subscription received during the year 2018-19 |
3,00,000 |
|
Less: Subscription-in-Arrears for 2017-18 |
50,000 |
|
Add: Subscription-in-Arrears for 2018-19 |
25,000 |
|
Add: Subscription-in Advance for 2018-19 |
30,000 |
|
Less: Subscription-in Advance for 2019-20 |
70,000 |
|
Subscription to be Credited to Income and Expenditure Account |
2,35,000 |
APPEARS IN
RELATED QUESTIONS
Prepare Income and Expenditure Account and Balance Sheet for the year ended December 31, 2016 from the following Receipt and Payment Account and Balance Sheet of culture club:
Receipt and Payment Account
for the year ending March 31, 2016
| Receipts | Amount (Rs) | Payments | Amount (Rs) | |
| Opening cash balance | 12000 | Furniture | 4,000 | |
| Subscription | Telephone expenses | 800 | ||
| 2014-2015 | 2,000 | 24,000 | Salary | |
| 2015-2016 |
22,000 |
2014-2015 | 1000 | |
| Entrance fees | 2,800 | 2015-2016 | 4000 | |
| Locker rent | 1000 | Newspapers | 700 | |
| Life membership fee | 1200 | Sundry expenses | 1,000 | |
| Government grant | 11,000 | Defence bonds | 18,000 | |
| Land | 20,000 | |||
| Closing cash balance | 2,500 | |||
| 52000 | 52,000 | |||
Balance Sheet
for the year ending March 31, 2015
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Advance locker rent |
200 |
Cash in hand | 12,000 |
| Subscription Received in |
1,000 |
Outstanding Expenses | 3,000 |
| Advance Outstanding salary | 2,000 | Building | 35,000 |
| Loan | 10,000 | ||
| Capital fund |
36,800 |
||
| 50000 | 50000 |
How are the following items dealt with while preparing Income and Expenditure Account of a club for the year ended 31st March, 2019?
| 1st April, 2018 (₹) |
31st March, 2019 (₹) | |
| Outstanding Locker Rent | 4,600 | 6,300 |
| Advance Locker Rent | 3,000 | 4,000 |
Locker Rent received during the year ended 31st March, 2019 – ₹ 52,000.
Prepare Income and Expenditure Account from the following Receipts and Payments Account of Delhi Nursing Society for the year ended 31st March, 2019
| Dr. | Receipts and Payment Account for the year ended 31st March, 2019 |
Cr. | |||
| Receipts | Amount (₹) | Payments | Amount (₹) | ||
| To Balanceb/d (Cash at Bank) |
2,01,000 | By Salaries of Nurses | 65,600 | ||
| To Sunscriptions | 1,11,500 | By Board, Laundry and Domestic Help | 38,000 | ||
| To Fees from Non-members | 27,000 | By Rent, Rates and Taxes | 20,000 | ||
| To Government Grant | 1,00,000 | By Cost of Car | 2,00,000 | ||
| To Donations for Building Fund | 1,56,000 | By Expenses of Car | 84,000 | ||
| To Interest | 3,800 | By Drugs and Incidental Expenses | 67,000 | ||
| By Balance c/d (Cash at Bank) | 1,24,700 | ||||
| 5,99,300 | 5,99,300 | ||||
Donation of ₹ 10,000 received for Building Fund was wrongly included in the Subscriptions Account. A bill of medicines purchased during the year amounted to ₹12,800 was outstanding. Government Grant is not for a specific purpose.
From the given Receipts and Payments Account and additional information of Shine Club for the year ended 31st March 2019, prepare Income and Expenditure Account for the year ended 31st March 2019.
Receipts and Payments Account of Shine Club for the year ended 31st March, 2019
| Receipts |
Amount (₹) |
Payments |
Amount (₹) |
| To balance b/d |
50,000 |
By Furniture & equipments |
1,22,000 |
| To donations |
45,000 |
By Salaries |
32,000 |
| To subscriptions : |
|
By balance c/d |
13,400 |
| 2017-18 - 1,600 |
|
|
|
| 2018-19 - 60,000 |
|
|
|
| 2019-20 - 5,000 |
66,600 |
|
|
| To interest received |
5,800 |
|
|
|
1,67,400 |
1,67,400 |
Additional Information :
(i) Furniture and equipments were purchased on 1-10-2018. Depreciation @ 10% p.a. was to be provided on furniture and equipments.
(ii) Subscriptions in arrears for the year 2018-19 were ₹ 2,000
(iii) Outstanding salary ₹ 6,000.
How will the following items be treated while preparing the financial statements of a not-for-profit organization for the year ended 31st March, 2019?
| As at 31-3-2018 (₹) | As at 31-3-2019 (₹) | |
| Creditors for medicines | 33,000 | 67,000 |
| Stock of medicines | 27,000 | 43,000 |
During 2018-19, the payment made to the creditors was ₹ 4,25,000.
How will the following items be treated while preparing the financial statements of a not-for-profit-organization for the year ended 31st March, 2019.
| As at 31-3-18 (₹) | As at 31-3-19 (₹) | |
| Creditors for stationery | 78,000 | 50,000 |
| Stock of stationery | 62.000 | 41,000 |
During 2018-19, payment made to creditors was ₹ 1,80,000.
Present the following information for the year ended 31st March 2018 in the financial statements of a not-for-profit organisation.
| Particulars | (₹) |
| Opening balance of Match Fund | 5,00,000 |
| Sale of Match tickets | 3,75,000 |
| Donations for Match Fund received during the year | 1,24,000 |
| Match expenses | 10,00,000 |
What are the significant sources of income for not-for-profit-organization?
How would you treat the following item in the case of a 'not-for-profit 'organization?
"Receipts from Charity Show Rs.7,000. Expenses on Charity Show Rs.3,000".
Income and Expenditure Account records ______.
Income and Expenditure Account is a ______.
Assertion (A): The Income and Expenditure Account is like the cash book.
Reason (R): Income and Expenditure Account shows the surplus or deficit that is earned during the financial year by the non-profit organisation.
The following is the extract of the Receipts and Payments Account of the Rajasthan Society for the year ending 31st December 2021.
| Receipts | Amount (₹) |
Payments | Amount (₹) |
| By medicine | 18,000 |
A bill of medicine purchased during the year amounting to ₹ 2,000 was outstanding. The amount debited to the Income and Expenditure Account will be:
From the following which item is not entered in the Income and Expenditure Account?
The amount received from sale of old sports materials by an organisation will be shown in which of the following?
Donations for specific purpose are always capitalised and it is transferred to ______, irrespective of the fact whether the amount is big or small.
Ledger Folio columns are shown by:
From the following information, calculate the amount of stationery to be shown in Income and Expenditure Account for the year ended 31st March, 2021:
| Particulars | 1st April, 2020 (₹) |
31st March, 2021 (₹) |
| Creditors for Stationery | 5,600 | 12,800 |
| Stock of Stationery | 25,000 | 35,000 |
During the year ended 31st March, 2021 payments made to creditors amounted to ₹ 62,800. Stationery purchased during the year was ₹ 2,00,000.
From the following information obtained from the books of 'Murlidhar Charitable Hospital', calculate the amount of medicines to be debited to the Income and Expenditure Account of the hospital for the year ended 31.03.2022.
| Particulars | 31.3.2021 Amount (₹) |
31.3.2022 Amount (₹) |
| Stock of medicines | 1,70,000 | 3,75,000 |
| Creditors for medicines | 5,40,000 | 8,25,000 |
During the year ₹ 11,49,000 were paid to the Creditors for medicines. Medicines of ₹ 3,30,000 were purchased in cash for emergency use.
