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Question
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.
Solution
|
Income and Expenditure Account |
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Dr. |
for the year ended 31st March, 2019 |
Cr. |
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Expenditure |
Amount (₹) |
Income |
Amount (₹) |
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Locker Rent Received |
52,000 |
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Add: Outstanding at the end |
6,300 |
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Add: Advance in the beginning |
3,000 |
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|
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Less: Outstanding in the beginning |
4,600 |
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Less: Advance at the end |
4,000 |
52,700 |
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RELATED QUESTIONS
From the following Receipt and Payment Account of Jan Kalyan Club, prepare Income and Expenditure Account and Balance Sheet for the year ending March 31, 2017.
| Dr. | Receipt and Payment Account for the year ending March 31, 2017 |
Cr. | |
| Receipts | Amount (Rs) | Payments | Amount (Rs) |
| Cash in hand as on 1.4.16 | 6,800 | Salaries | 24,000 |
| Subscription | 60,200 | Traveling Expenses | 6,000 |
| Donation | 3,000 | Stationery | 2,300 |
| Sale of furniture (Book value Rs 6,000) | 4,000 | Rent | 16,000 |
| Entrance fee | 800 | Repair | 700 |
| Life membership fee | 7,000 | Books purchased | 6,000 |
| Interest on investment (@ 5% for full year) | 5,000 | Building purchased | 30,000 |
| Cash in hand as 31.3.2017 | 1,800 | ||
| 86800 | 86800 | ||
Additional Information:
|
As on |
As on |
||
| i) | Subscription received in advance | 1,000 | 3,200 |
| ii) | Outstanding subscription |
2,000 |
3,700 |
| iii) | Stock of stationery | 1,200 | 800 |
| iv) | Books | 13,500 | 16,500 |
| v) | Furniture |
16,000 |
8,000 |
| vi) | Outstanding rent | 1,000 | 2,000 |
How is Entrance Fees dealt with while preparing the final accounts for the year ended 31st March, 2019 in each of the following alternative cases?
Case I During the year ended 31st March, 2019, Entrance Fees received was ₹ 1,00,000.
Case II During the year ended 31st March, 2019, Entrance Fees received was ₹ 1,00,000.Out of this, ₹ 25,000 was received from individuals whose membership is not yet approved.
The book value of furniture on 1st April, 2018 is ₹ 60,000. Half of this furniture is sold for ₹ 20,000 on 30th September, 2018. Depreciation is to be charged on furniture @ 10% p.a.
Calculate loss on sale of furniture. Show how the loss on sale and depreciation on furniture will be shown in the Income and Expenditure Account for the year ended 31st March, 2019.
Prepare Income and Expenditure Account for the year ended 31st March, 2019 from the following
|
RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019 |
|||||
| Dr. | Cr. | ||||
| Receipts | ₹ | Payments | ₹ | ||
| To Balance b/d (cash) | 1,80,000 |
By Salaries |
4,80,000 | ||
| To Subscriptions | 9,00,000 | By Rent | 50,000 | ||
| To Sale of Investments | 2,00,000 | By Stationery | 20,000 | ||
| To Sale of Old Furniture (Book Value ₹ 40,000) | 30,000 | By Defence Bonds | 3,00,000 | ||
| To Donations | 10,000 | By Furniture | 2,00,000 | ||
| By Bicycles | 30,000 | ||||
| By Balance c/d (Cash) | 2,40,000 | ||||
|
13,20,000 |
13,20,000 | ||||
How will the following items be treated while preparing the Income and Expenditure Account and Balance Sheet of a Not-for-profit-organization for the year ended 31st March 2019?
| As at 1-4-2018 | As at 31-3-2019 | |
| (₹) | (₹) | |
| Creditors for sports materials | 18,000 | 41,000 |
| Stock of sports materials | 27,000 | 38,000 |
During 2018-19 the payment made to creditors for sports material was ₹ 5,23,000.
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.
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 |
The Income and Expenditure Account is prepared on which basis with the help of the Receipts and Payments Account?
What is the nature of the Income and expenditure Account?
Name the funds which are invested in securities and the income earned on such investments is added to the respective fund and not credited to the Income and Expenditure Account.
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 ______.
If there is no 'Match Fund', then match expenses are transferred to:
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:
In Receipts and Payments, Account ______ balance is carried forward to the same account for the next accounting period.
Salary paid for the year ended 31st March, 2010 amounted to ₹ 75,000. How much amount will be recorded in Income and Expenditure Account in the following case?
| Year | 31-3-2009 | 31-3-2010 |
| Outstanding Salary | 6,500 | 6,000 |
| Prepaid Salary | 1,200 | 1,000 |
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 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.
