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Question
In the year ended 31st March, 2019, subscriptions received by the Jaipur Literary Society were ₹ 4,20,000. These subscriptions include ₹ 14,000 received for the year ended 31st March, 2018. On 31st March, 2019, subscriptions due but not received were ₹ 10,000. What amount should be credited to Income and Expenditure Account for the year ended 31st March, 2019 as subscription?
Solution
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Income and Expenditure Account for the year ended March 31, 2019 |
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Dr. |
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Cr. |
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Expenditure |
Amount (₹) |
Income |
Amount (₹) |
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Subscription |
4,20,000 |
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Less: Outstanding for 2017-18 |
14,000 |
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Add: Outstanding for 218-19 |
10,000 |
4,16,000 |
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RELATED QUESTIONS
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.
Subscriptions received during the year ended 31st March ,2019 are
| ₹ | ₹ | |
| For the year ended 31st March, 2018 | 1,600 | |
| For the year ended 31st March, 2019 | 84,400 | |
| For the year ended 31st March, 2020 | 3,200 | 89,200 |
There are 450 members, each paying an annual subscription of ₹ 200; ₹ 1,800 were in arrears for the year ended 31st March, 2018.
Calculate amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2019.
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.
How are the following items of subscriptions shown in the Income and Expenditure Account for the year ended 31st March, 2019 and Balance Sheets as at 31st March, 2018 and 2019?
| ₹ | |
| Subscriptions received during the year ended 31st March, 2019 | 358,500 |
| Subscriptions outstanding on 31st March, 2018 | 30,000 |
| Subscriptions received in Advance on 31st March, 2018 | 22,500 |
| Subscriptions received in Advance on 31st March, 2019 | 13,500 |
| Subscriptions outstanding on 31st March, 2019 | 37,500 |
| (including ₹ 12,500 for the year ended 31st March, 2018) |
How are the following dealt with while preparing the final accounts for the year ended 31st March, 2019?
|
RECEIPTS AND PAYMENTS ACCOUNT (AN EXTRACT) |
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Dr. |
|
Cr. | ||
| Receipts | ₹ |
Payments |
₹ | |
|
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By Payments for Medicines | 1,50,000 | ||
Additional information :
| As at 1st April, 2018 (₹) |
As at 31st March, 2019 (₹) |
|
| Stock of Medicines | 50,000 | 75,000 |
| Creditors for Medicines | 40,000 | 60,000 |
How are the following dealt with while preparing the final accounts of a sports club for the year ended 31st March, 2019?
RECEIPTS AND PAYMENTS ACCOUNT
for the year ended 31st March, 2019
| Dr. | Cr. | |||
|
Receipts |
₹ | Payments | ₹ | |
| To Sale of Sports Materials | 26,000 | By Creditors for Sports Materials | 61,000 | |
| (Book value ₹ 20,000) | By Cash purchase of Sports Materials | 10,000 | ||
Additional information :
| As at 31st March, 2018 (₹) |
As at 31st March, 2019 (₹) |
|
| Sports Materials | 20,000 | 25,000 |
| Creditors for Sports Materials | 7,000 | 15,000 |
The Income and Expenditure Account is prepared on which basis with the help of the Receipts and Payments 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.
Income and Expenditure Account is a ______.
If there is no 'Match Fund', then match expenses are transferred to:
The following information has been extracted from the financial statements of a not-for-profit organization for the year ended 31st March, 2019:
| Particulars | Amount (₹) |
| Opening Balance of Match Fund | 5,00,000 |
| Sale of Match tickets | 3,75,000 |
| Donation for Match Fund received during the year |
1,24,000 |
| Match expenses | 10,00,000 |
Which of the following statements is correct for the presentation of the above items in the financial statements of the not-for-profit organization?
Subscriptions received in cash during the year amounted to ₹ 40,000; subscription outstanding at the end of the previous year was ₹ 1,500 and outstanding at the end of the current year was ₹ 2,000. Subscription received in advance for next year was ₹ 800. The amount credited to the Income and Expenditure Account will be:
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?
In Receipts and Payments, Account ______ balance is carried forward to the same account for the next accounting period.
Which financial statement is a nominal account in the case of a not-profit earning entity?
Ledger Folio columns are shown by:
Sports expenses of Friends Club are ₹ 27,000 (including ₹ 7,000 prepaid expenses). The amount to be credited to the Receipts and Payments account will be:
Income and Expenditure Account is generally prepared in:
