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Question
The transactions recorded in Income and Expenditure Account are related only to the _______ year.
Solution
The transactions recorded in Income and Expenditure Account are related only to the Current year.
RELATED QUESTIONS
Answer in one sentence only.
What is Capital Fund?
Subscription received in advance during the accounting year is _______.
Income and Expenditure Account is a ________ Account.
Excess of Income over Expenditure is termed as ___________.
Write the word/phrase/term, which can substitute the following sentence.
Donation received for a specific purpose.
Income and Expenditure Account is similar to the _____ account of Trading Concern.
Library Books ₹______? Less 10 % Depreciation ₹ 5,000 = ₹ 45,000
12% p.a. Interest on Bank loan ₹ 80,000 for 1 year.
Find odd one :
“Bhartiya Kala Kendra”, Solapur gives you the following information, for the year ended on 31.03.2018 Prepare Income and Expenditure Account for the year ending 31.03.2018
| Dr. | Receipts and payments Account for the year ending 31.03.2018. | Cr. | |||
| Receipts | Amount ₹ | Payments | Amount ₹ | ||
| To Balance b/d | By Stationery | 600 | |||
| Cash in Hand | 200 | By Furniture Purchased | 7,000 | ||
| Cash at Bank | 12,500 | By Investments in govt securities | 14,000 | ||
| To Locker Rent | 400 | By Expenses of Drama | 3,000 | ||
| To Entrance fees | 2,900 | By Postage | 450 | ||
| To Sale of old newspapers | 250 | By Magazine and newspaper | 600 | ||
| To Receipts from Drama | 9,000 | By Salaries | 4,400 | ||
| To Legacies | 12,000 | By Balance c/d | |||
| To Interest of Govt. Securities | 400 | Cash in Hand | 700 | ||
| To Miscellaneous Receipts | 400 | Cash at Bank | 7,300 | ||
| 38,050 | 38,050 | ||||
Additional Information :
1) Legacies are to be capitalised.
2) Outstanding Salary ₹ 200.
3) 50 % of Entrance Fees are to be Capitalised.
(Newly Started Art Circle)
“Jeevan Jyoti Art Circle” a newly established concern has presented the following information.
| Dr | Receipts and Payments Account for the year ending 31.03.2018. | Cr | |||||
| Receipts | Amount ₹ |
Amount ₹ |
Payments | Amount ₹ |
Amount ₹ |
||
| To Admission fees | 22,000 | By Furniture | 12,000 | ||||
| To Subscriptions | 40,000 | By Stationery | 4,000 | ||||
| To Donations | 18,000 | By Office Rent | 2,600 | ||||
| By Newspapers & Periodicals | 300 | ||||||
| By Telephone Expenses | 560 | ||||||
| By Investments | 23,000 | ||||||
| By Balance c/d | |||||||
| Cash in Hand | 7,540 | ||||||
| Cash at Bank | 30,000 | 37,540 | |||||
| 80,000 | 80,000 | ||||||
Adjustments:
1) Subscription Outstanding for the year was ₹ 5,000
2) Depreciate Furniture @10 % p.a
3) Full amount of Admission Fees and 50*% Donations are to be capitalized.
You are required to prepare Income and Expenditure Account for the year ending 31.03.2018 and Balance Sheet as on that date.
Given below is the Receipts and Payments Account of “Vithai Mahila Mandal” Pandharpur for the year ending 31.03.2018. Prepare an Income and Expenditure Account for the year ended 31.03.2018 and Balance Sheet as on that date.
| Dr | Receipts and Payments Account for the year ending 31.03.2018. | Cr | |||||
| Receipts | Amount ₹ |
Amount ₹ |
Payments | Amount ₹ |
Amount ₹ |
||
| To Balance b/d | By Stationery | 6000 | |||||
| Cash in Hand | 3,000 | By Repairs to Furniture | 950 | ||||
| Cash at Bank | 20,000 | 23,000 | By Rent | 8,300 | |||
| To Entrance Fees | 3,500 | By Salaries | 15,000 | ||||
| To Subscription | 19,000 | By Miscellaneous Expenses | 450 | ||||
| To Miscellaneous Receipts | 850 | By Balance c/d | |||||
| Cash in Hand | 1,650 | ||||||
| Cash at Bank | 14,000 | 15,650 | |||||
| 46,350 | 46,350 | ||||||
Adjustments :
1) Capital Fund on 01.04.2017 was ₹ 90,000
2) Outstanding Subscription ₹ 4,000
3) Entrance Fees are to be capitalized
4) Rent paid includes ₹ 800 paid for April 2018
5) They have the following Assets and Liabilities 01.04.2017
Furniture ₹ 9,000,
Building ₹ 70,000,
Outstanding Expenses ₹ 12,000
Donations received for a specific purpose is ____________.
What is the income and expenditure account?
From the following receipts and payments account of Tenkasi Thiruvalluvar Manram, prepare income and expenditure account for the year ended 31st March, 2019.
| Receipts | ₹ | Payments | ₹ |
| To Balance b/d | By Salaries | 20,000 | |
| Cash in hand | 14,000 | By Rent | 24,000 |
| To Interest received | 5,000 | By Travelling expenses | 2,000 |
| To Subscription | 55,000 | By Printing and stationery | 6,000 |
| To Legacies | 48,000 | By Investments made | 50,000 |
| To Entrance fees | 7,000 | By Sports equipment purchased | 33,000 |
| To Sale of furniture (Book value: ₹ 17,000) |
16,000 | By Balance c/d | |
| Cash in hand | 10,000 | ||
| 1,45,000 | 1,45,000 |
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 will the following items appear in the final accounts of a club for the year ending 31st March 2017? Received subscription of ₹ 40,000 during the year 2016-17. This includes a subscription of ₹ 5,000 for 2015-16 and ₹ 3,000 for the year 2017-18. Subscription of ₹ 1,000 is still outstanding for the year 2016-17.
Aurangabad University prepares _______ Account instead of Profit and Loss Account.
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.
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 |
Following is the Receipts and Payments Account of "Satara Sports Club". Prepare Income and Expenditure Account for the year ending 31 - 03 - 2022. Also prepare Balance sheet as on 31 -03-2022.
| Dr. | Receipts and Payments Account for the year ending 31 - 03 - 2022 | Cr. | |||
| Receipts | Amount (₹) | Amount (₹) | Payments | Amount (₹) | Amount (₹) |
| To Balance b/d | By Salaries | 10,000 | |||
| Cash in Hand | 9,000 | 33,000 | By Rent (Including ₹ 4,000 for 2020-21) | 10,00 | |
| Cash at Bank | 24,000 | By Electricity Charges | 2,900 | ||
| To Subscription | By Fixed Deposit | 1,20,000 | |||
| 2020 - 21 | 8,000 | 1,04,000 | By Printing and Stationery | 1,500 | |
| 2021 - 22 | 89,000 | By General Expenses (Including ₹ 1000 paid for next year) | 11,000 | ||
| 2022 - 23 | 7,000 | By Sports Material | |||
| To Entrance Fees | 16,000 | Purchased | 80,000 | ||
| To Donation for | By Balance c/d | ||||
| Building Fund | 1,40,000 | Cash in Hand | 17,800 | 67,800 | |
| To Interest | 1,200 | Cash at Bank | 50,000 | ||
| To Sale of Furniture (Book Value ₹ 16,000) | 9,000 | ||||
| 3,03,200 | 3,03,200 | ||||
Adjustments:
(1) Outstanding subscription for current year is ₹ 9,000.
(2) Outstanding rent for current year amounted to ₹ 2,000.
(3) Entrance Fees are to be treated as Revenue Income.
(4) Stock of sports material as on 01 - 04 - 2021 ₹ 12,000 and on 31 - 03 - 2022 ₹ 28,000.
Convert following Balance Sheet into Vertical Balance Sheet.
| Balance Sheet as on 31st March, 2023 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital | 1,20,000 | Fixed Assets | 1,12,500 |
| Reserves and Surplus | 30,000 | Investment | 30,000 |
| 12% Loan | 36,000 | Current Assets | 66,000 |
| Current Liabilities | 22,500 | ||
| 2,08,500 | 2,08,500 | ||
From the following particulars relating to "Radha-Krishna Charitable Hospital". Prepare Income and Expenditure Account for the year ending 31 - 03 - 2023 and Balance Sheet as on that date.
| Dr. | Receipts and Payments Account for the year ending on 31- 03 - 2023 | Cr. | ||
| Receipts | Amount (₹) | Payments | Amount (₹) | |
| To Balance b/d | By Medicines Purchased | 82,000 | ||
| Cash | 16,460 | By General Expenses | 2,100 | |
| To Subscriptions | 1,04,000 | By Salaries | 47,000 | |
| To Donations (General) | 35,000 | By Stationery | 4,000 | |
| To Interest on Investments | 20,000 | By Expenses on Charity Show | 1,100 | |
| To Proceeds from Charity Show | By Surgery and Dispensary Exp. | 8,400 | ||
| By Equipments | 20,000 | |||
| By Balance c/d | ||||
| Cash in Hand | 1920 | 27,920 | ||
| Cash at Bank | 26,000 | |||
| 1,92,520 | 1,92,520 | |||
Additional Information:
| Particulars | 01-04-2022 (₹) | 31 - 03-2023 (₹) |
| 1. Subscription Due | 620 | 750 |
| 2. Subscription Received in Advance | 1,200 | 300 |
| 3. Stock of Medicines | 16,000 | 22,000 |
| 4. Estimated Value of Equipments | 30,000 | ? |
| 5. Buildings | 80,000 | ? |
| 6. Capital Fund | 3,41,880 | ? |
| 7. 10 % Investment | 2,00,000 | ? |
Provide Depreciation on Equipments ₹ 3,800 and on Building ₹ 3,000.
Write the word/phrase/term which can substitute each of the following statement:
Reduction in the value of fixed assets due to its continuous use.
Find Surplus/Deficit:
| Sr. No. | Expenditure | Income | Surplus/Deficit |
| (i) | ? | 5,500 | 1,000 (Surplus) |
| (ii) | ? | 17,000 | 2,500 (Deficit) |
Mumbai University prepares ______ Account instead of a Profit and Loss account.
