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By: Rahul Singh

Concept No. 1 Subscription A/c

[NOT FOR PROFIT ORGANISATION]

The following table shows the details of subscription for Sony Sports for the year ended 31 st March 2006:
(Q.)

1.4.05 ( ) Outstanding Received in advance 25,000 12,500

31.3.06 ( ) 17,500 15,000

Subscriptions received for the year ended 31 st March 2006 are 1, 25,000. Calculate the amount of subscription to be shown in Income/Expenditure A/c for the year 31 st March 2006.
(3 Marks) (Ans)

Details Subscription received during the year 1,25,000 17,500 12,500 (25,000) (15,000) 1,15,000

Add: Subscription outstanding as on 31.3.06 Add: Subscription received in advance(1.4.05) Less: Subscription outstanding on 1.4.05 Less: Subscription received in advance(31.3.06)
Income from subscription for the year 2005-2006

Concept-2:Life-Membership Fees Life Membership Fees is received by not for profit organisations from its members at the time of admission. It is a capital receipt and hence shown in the Balance Sheet on liability side. Concept-3 Donation/ Legacies: General donations, not meant for specific purpose are credited to Income and Expenditure Account. Specific donations are shown in the Balance Sheet. Concept-4 Entrance Fee: Treatment of Entrance Fee or Admission Fee, depends upon the nature of organisation which is getting it. In absense of any specific information it may be taken as revenue receipt and credited to Income and Expenditure Account.

Concept 5: Sale of old sports material: Any amount realized from sale of sports material will be treated as income. This is shown on the Receipts side of Receipts and Payments Account and credited to Income and Expenditure Account Concept 6:Consumption of stationery etc.

Vision Academy of Education, U-18 west Patel Nagar| Contact

9716242358,9999995582

By: Rahul Singh

[NOT FOR PROFIT ORGANISATION]

(Q.) On the basis of information given below calculate the amount of medicines to be debited in the Income and Expenditure Account of Good Health Hospital for the year ended 31.3.2007: 1.4.2006 Rs. Stock of Medicines Creditors for Medicines 1,75,750 15,06,900 31.3.2007 Rs. 1,44,650 18,20,700

Medicine purchased during, the year ended 31.3.2007 were Rs. 60,80,700.
(Ans)

Calculation of Amount to be debited in Income and Expenditure account. Particulars Medicine purchased during the year. Add Opening stock of medicine (i.e. on 1.4.2006) Less Closing stock of medicine (i.e. on 31.3.2007) Less Opening Creditors for medicine (i.e. on 1.4.2006) Add Closing Creditors for medicine (i.e. on 31.3.2007) Amount to be debited in Income and Expenditure account. Amount (Rs.) 60,80,700 1,75,750 (1,44,650) (15,06,900) 18,20,700 64,25,600

On the basis of following information, calculate the amount of stationery to be shown in Income and expenditure account for the year ended 31 s t march 2007.
(Q.)

Stock of stat ionery on 1.4.2006 Stock of stat ionery on 1.4.2007 Amount paid fo r stat ioner y during the year

25,000 20,000 1,00,000 40,000 20,000

Creditors for stationery on 1.4.2006 Creditors for stationery on 31.3.2007

Vision Academy of Education, U-18 west Patel Nagar| Contact

9716242358,9999995582

By: Rahul Singh


(Ans)

[NOT FOR PROFIT ORGANISATION]

Calculation of the amount of stationery to be shown in Income and expenditure account Particulars
Amount paid for stationery during the year Add opening stock Less closing stock Less Creditors beg. Add Creditors end Stationery consumed during the year

Amount (Rs.) 1,00,000 25,000 20,000 40,000 20,000 85,000

Q.) Prepare Receipts and Payments A/c from given information for Dec 31, 1996.
Rs. Opening Cash in hand Opening Cash at Bank Subscriptions Sale of old Newspapers Entrance Fees Donation Sale of old furniture Salaries Insurance Premium Purchase of Books Stationery & Postage Purchase of Sports Materials Interest on Securities Locker Rent 450 6,250 12,500 400 1,000 4,000 2,000 8,000 600 900 4,000 9,000 3,500 4,500 Purchase of Radio set Bicycle Purchased Sale of investment Life membership fees Purchase of Defence Bonds Rent paid Balance Closing Cash in hand Cash at Bank 800 8,200 1,000 1,200 Rs 2,900 2,000 3,000 1,000

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By: Rahul Singh


(Ans)

[NOT FOR PROFIT ORGANISATION]

Receipts To Balance b/d Cash in hand Cash at bank To Subscriptions To Sale of newspaper To Sale of old furniture To Entrance Fees To Donation To Sale of Investment To Life Membership Fees To Interest on Securities To Locker Rent TOTAL
(Q.)Prepare

Receipts and Payments A/c for year ending on Dec 31, 1996 Amount (Rs) 450 6,250 12,500 400 2,000 1,000 4,000 3,000 1,000 3,500 4,500 38,600

Payments By Salaries

Amount (Rs) 8,000 4,000 600 900 9,000 2,900 1,000 2,000 1,200 800 8,200 38,600

By Stationery & Postage By Insurance Premium By Books By Sports Materials By Radio Set By Defence Bonds By Bicycle By Rent By Balance c/d Cash in hand Cash at Bank TOTAL

Receip ts

Income and Expenditure Account relating to year 1996 from the figures given below: Amount Payments (Rs.) 1,800 9,000 2,000 By Salaries By Rent By Station ery By Defence Bonds 300 100 By Furniture purch ased By Bicycle purchas ed By closing Balan ce

Amount (Rs.) 4,800 500 2000 3,000 2,000 300 2,400 13, 200

To Op eni ng Balan ce To Subscrip tio ns To Sale o f Investm en t To sale o f old furni ture (Books value Rs. 400) To Do nations

TOTAL
(Ans)

13, 200

TOTAL

Dr. Expenditure To Salaries To Rent To Stationery To Loss on sale of Furniture To surplus (Excess of income over Expenditure) TOTAL

Income and Expenditure A/c For the year ending Dec 1996 Amount (Rs) Income 4,800 By Subscriptions 500 By Donation 200 100 3,500 9,100 TOTAL

Cr. Amount (Rs) 9,000 100

9,100

Vision Academy of Education, U-18 west Patel Nagar| Contact

9716242358,9999995582

By: Rahul Singh


(Q.)

[NOT FOR PROFIT ORGANISATION]

Following Receipts and Payments Account was prepared from the cash book of Delhi Charitable Trust for the year ending December 31, 2007: Receipts Balance b/d Cash in Hand Cash at Bank Donation Subscription Legacies Interest on Investment Sale of Old Newspaper 11,500 12,600 9,000 42,800 18,000 4,500 200 Rs. Payments Charity Rent and Taxes Salary Printing Postage Advertisements Insurances Furniture Investment Balance c/d Cash in Hand Cash at Bank 98,600 9,900 16,600 98,600 Rs. 11,500 3,200 6,000 600 300 4,500 2,000 21,000 23,000

Prepare Income and Expenditure Account for the year ended December 31, 2006 and a Balance Sheet as on that date after the following adjustments: (a) It was decided to treat one -third of the amount received on account of donation as income. (b) Insurance premium was paid in advance for three months. (c) Interest on investment Rs. 1,100 accrued was not received. (d) Rent Rs. 600, salary Rs. 900 and advertisement expenses Rs. 1,000 outstanding as on December 31, 2007.
(Ans) Balance

sheet as on 1-1-2007 Assets Cash in Hand Cash at Bank Rs. 11,500 12,600 24,100 Cr.

Liabilities Capital Fund (Bal. Fig.)

Rs. 24,100

24,100 Dr. Income and Expenditure Account For the year ending 31-12-2007 Expenditure To Insurance Less Insurance 2000 500 Rs. Income By Donations (9000 x 1/3)

Rs. 3,000

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By: Rahul Singh


Paid in advanced To advertisement Add Outstanding To postage To printing To salary Add Outstanding To rent & taxes Add Outstanding To charity To surplus Total

[NOT FOR PROFIT ORGANISATION]


1,500 4,500 1,000 5,,500 300 600 6,000 900 3,200 600 3,800 11,500 21,500 51,600 Total 51,600 6,900 By subscriptions By interest on investment Add accrued By sale of old news papers 4500 1100 5,600 200 42,800

Balance Sheet as on 31-12-2007 Liabilities Capital fund 24,100 Add surplus 21,500 Legacies Donations (9000-3000) Rent outstanding Salary outstanding Advertising Expenses Outstanding Total 45,600 18,000 6,000 600 900 1,000 72,100 Total 72,100 Rs. Assets Furniture Investment Prepaid Insurance Interest Accrued Cash in Hand Cash at Bank Rs. 21,000 23,000 500 1,100 9,900 16,600

The following is the account of cash transactions of the Nari Kalayan Samittee for the year ended December 31, 2006:
.(Q.)

Receipts

Amount (Rs.)

Payments

Amount (Rs.)

Balance from last year Subscriptions Life membership fee Donation Profit from entertainment Sale of old Books (Books value Rs. 1,000)

2,270 32,500 3,250 2,500 7,250

Rent Electric charges Lecturers fee Office expenses Printing and Stationery Legal fee.

6,600 3,200 730 1,480 1,050 1,870 6,500

750

Books

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Interest

[NOT FOR PROFIT ORGANISATION]


350 Furniture purchased Expenses on nukar drama Cash in hand Cash at Bank 8,600 1,300 8,040 9,500 48,870

Total

48,870

Total

You are required to prepare an Income and Expenditure Account after the following adjustments. (a) Subscription still to be received are Rs. 750, But subscription include Rs. 500 for the year 2007. (b) In the beginning of the year the Sangh owned building Rs. 20,000 and furniture Rs. 3,000 and Books Rs. 2,000. (c) Provide depreciation on furniture @5% (including purchase), books @ 10% and building @ 5%.
(Ans)

Income and expenditure a/c. for the year ending 31-12-2006 Expenditure To rent To electric charges To lecturers fee To office expenses To printing & stationery To legal fee To exp. on nukar drama To dep. on Fur. (150 + 430) To dep. on Books To dep. on Building To loss on sale of books. Rs. 6,600 3,200 730 1,480 1,050 1,870 1,300 580 200 1,000 250 24,590 42,850 Balance sheet as on 1.1.2006 Liabilities Capital fund (balancing figure) Rs. 27,270 Assets Cash in hand Building Furniture Books 27,270 Rs. 2,270 20,000 3,000 2,000 27,270 Total 42,850 Income By subscription 32,500 Add o/s subscription 750 Less subscription in advance 500 By donations By profit from entertainment By interest 32,750 2,500 7,250 350 Rs.

To surplus i.e. excess of income over expenditure Total

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By: Rahul Singh

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The following is the receipts and payments account of Bombay Nursing society for the year ended 31 s t march 2007.
(Q.)

To opening cash balance To subscript ions

2,010 1,115 38 270 1,000 1,560

By car (purchased) By expenses of car By salaries By board laundry By rent and taxes By drugs and incidental exp. By closing cash balance

2,000 840 656 380 200 670 1,247 5,993

To interest
To fees from non members

To municipal grant To donation for building fund

5,993

Other Information: (1) Donation received for building fund Rs. 100 was wrongly added to subscriptions account. (2) Depreciate car @ 10% pa for full year. (3) Medicines bill due as on 31.3.2007 was Rs. 128. Prepare Income and expenditure account.
(Ans)

Expenditure To car expenses a/c To salaries To board laundry

Books of Bombay Nursing Society Income and expenditure a/c For the year ended 31.3.2007 Rs. Income 840 By subscriptions 1,115 656 Less building fund 100 380 By interest 200 798 200 3,074 By fees from non members By municipal grant By deficit

Rs. 1,015 38 270 1,000 751 3,074

To rent and taxes To drugs and incidental expenses 670 Add o/s bill 128 To depreciation on car

Balance Sheet as on 31.12.2006 Liabilities Capital fund Opening Add surplus 27,270 24,590 500 3,250 Rs. 51,860 Assets Cash in hand Cash at bank Building Furniture (8,600+ 3,000- 580) Books(6,500+2,000 1,000 - 200) Outstanding subscriptions 55,610 Rs. 8,040 9,500 19,000 11,020 7,300 750 55,610

Subscription received in advance Life membership fees

Vision Academy of Education, U-18 west Patel Nagar| Contact

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By: Rahul Singh

[NOT FOR PROFIT ORGANISATION]

( Q . ) How

will you deal with the given items while preparing the final accounts of a club for the year ended 31 s t March 2007: Particulars Outstanding Locker Rent Advance Locker Rent 31,3,2006 920 600 31,3,2007 1,260 800

Locker rent received during the year 2006 -07 Rs. 6,400
(Ans)

Income and Expenditure Account (An extract) for the year ended 31 March, 2007 Amount
By Locker Rent received during the year

Rs. 6400 1250 600 8260 920 800 1720


BALANCE SHEET (AN EXTRACT) As at 31St March, 2006

6,540

Add: Outstanding Locker Rent (31.3.2007) Advance Locker Rent ( 31-3-2006) Less: Outstanding Locker Rent (31-3-2006) Advance Locker Rent(31.3.2007)

LIABILITIES Advance Locker Rent

AMOUNT

ASSETS Outstanding Rent

AMOUNT 920

600

BALANLESHEET (AN EXTRACT) As at 31 March, 2007 LIABILMEES Advance Locker Rent AMOUNT 800 ASSETS Outstanding Locker Rent AMOUNT 1,260

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By: Rahul Singh


(Q.)

[NOT FOR PROFIT ORGANISATION]

Following is the Receipt and Payment Account of Literacy Club for the year -ended 31.3.2006: Receipts Amount Rs. 19,550 Payment Amount Rs.

Balance b/d Subscriptions: 2004 2005 1,200 2005-2006 26,500 2006-2007 500 Sale of old newspapers Government Grants Sale of old furniture (Book value Rs. 7,000) Interest on fixed deposits

Salary

3,000 2,050 1,000 20,000 10,600 6,800 10,500 11,200

gh
28,200 1,250 10,000 n 5,700 450

Newspaper Electricity bill Fixed deposit (on 1.7.2005 @ 9% p.a.) Books. Rent Furniture Balance c/d

65,150 Additional Information: Subscriptions outstanding as on 31.3.2005 were Rs. 2,000 and on 31.3.2006 Rs. 2,500. On 31.3.2006 salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200.

65,150

The Club owned furniture Rs. 15,000 and books Rs. 7,000 on 1.4.2005. Prepare Income and Expenditure Account of the Club for the year ended 31.3.2006 and ascertain Capital Fund on 31.3.2005.
(Ans) Calculation

of Capital fund in the beginning Balance sheet As on 31.03.2005

Liabilities Capital fund (Balancing figure)

Rs. 43,550

Assets Furniture Books Subscription outstanding Cash in hand

Rs. 15,000 7,000 2,000 19,550 43,550

43,550

10

Vision Academy of Education, U-18 west Patel Nagar| Contact

9716242358,9999995582

By: Rahul Singh

[NOT FOR PROFIT ORGANISATION]


Income and Expenditure a/c Dr. For the year ended 31.03.2006 Cr.

Expenditure To salary 3,000 Add out. End 600 To newspaper To Electricity bill To rent 6,800 Add out. End 1,200 To loss on sale of furniture To surplus (balancing figure)

Rs. 3,600 2,050 1,000 8,000 1,300 25,650

Income By interest on fixed deposits 450 Add outstanding 900 By subscription 26,500 Add outstanding end 2,500 By sale of old news papers By government grants

Rs. 1,350 29,000 1,250 10,000

41,600

41,600

Following is the Receipts and payments account of Indian Sports club, prepare Income and Expenditure account and balance sheet as on December 31,2006:
(Q.)

Receipts To balance b/d To subscriptions To Life memb. Fee To entrance fee To tournament fund To locker rent To sale of sports good (Costing Rs. 2200 ) To sale of newspaper To legacy

Rs. 7,890 52,000 2,200 3,200 26,000 1,250

Payments By salary By electric charges By Billiard table By office expenses By printing & stationery By tournament exp. By repair of ground

Rs. 11,000 5,500 17,500 4,100 2,300 18,500 2,000 7,700 12,000 12,690 10,000

2,500 750 37,500

By furniture purchased By sports equipment BY cash in hand By cash at bank By fixed deposit ( on 1.10.06 for 10% p.a.)

30,000 1,33,290

1,33,290 Other Information:

Subscription outstanding was on December 31 ,2005 Rs. 1,200 and Rs. 3,200 on December 31 , 2006. Locker rent outstanding on December 31, 2006 Rs. 250. Salary outstanding on December

11

Vision Academy of Education, U-18 west Patel Nagar| Contact

9716242358,9999995582

By: Rahul Singh

[NOT FOR PROFIT ORGANISATION]

31, 2006 Rs. 1,000. On January 1, 2006, club has building Rs. 36,000, fur niture Rs. 12,000, and Sports equipment Rs. 17,500. Depreciation charged on these items @ 10 % (including purchase).
(Books

of Indian Sports Club

Income and Expenditure a/c For the year ending 31st December 2006 Dr. Expenditure To salary Add o/s salary To electric charges To office expenses To printing & stationery To repair of ground To depreciation on building To depreciation on sports equipment To dep. on furniture To surplus 11,000 1,000 12,000 5,500 4,100 2,300 2,000 3,600 2,730 1,970 26,300 60,500 Balance Sheet As on 31.12.2006 Liabilities Capital fund 74,590 Add surplus 26,300 Life membership fee Legacy Tournament fund 26000 Less expenses 18500 Outstanding salary 7,500 1,000 1,00,890 2,200 37,500 Rs. Assets Billiard table Furniture (12,000+7,700-1,970) Sports equipment (17500+12000-2200-2730) Building Locker rent outstanding Subscription out. Accrued int. on FD Cash in hand Cash at bank 10% fixed deposit 24,570 32,400 2,50 3,200 7,50 12,690 10,000 30,000 Rs. 17,500 17,730 60,500 Rs. Income By subs. Add outstanding (End) Less outstanding (beg.) By entrance fees By locker rent Add outstanding By sale of old newspapers By interest accrued on FD By gain on sale of sports goods 1,250 250 1,500 7,50 7,50 3,00 52,000 3,200 1,200 54,000 3,200 Cr. Rs.

12

Vision Academy of Education, U-18 west Patel Nagar| Contact

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By: Rahul Singh


Total

[NOT FOR PROFIT ORGANISATION]


1,49,090 Total 1,49,090

The following is the Receipts and Payments Account of Free Aid Medical society for the year ended 31-3-2000.
(Q.)

Receips and Payments Account

for the year ending 31 s t March, 2000 To Balance b/d To Subscriptions To Donations To Interest on Investments 14,000 1,00000 29,000 By Payment for Medicine By Honorarium to Doctors By Salaries By Sundry Expenses By Equipment At 7 % for the year To Charity Show collections 14,000 20,000 1,77,000 Additional Information: (a) Subscription due (b) Subscription received in advance (c) Medicine Stock (d) Creditors for medicine (e) Equipments (f) Buildings 1,000 2,000 20,000 16,000 42,000 80,000 2,000 1,000 30,000 24,000 60,000 76,000 By Charity show expenses By Balance c/d 60,000 20,000 55,000 1,000 30,000 2,000 9,000 1,77,000

You are required to prepare Income and Expenditure Account for the year ended 31 -3-2000 and Balance Sheet as at that date.

13

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9716242358,9999995582

By: Rahul Singh

[NOT FOR PROFIT ORGANISATION]

(Ans) Free

Aid Medical Societys Income and Expenditure AccountFor the year ended 31-3-2000 Expenditure Amount Rs. Income Amount Rs.

To Medicine *1 To Honorarium to Doctors To Salaries To Sundry Expenses To Depreciation on : Equipments 12,000*2 Buildings [80,000 76,000] 4,000 To Charity Show Expenses To Surplus Excess of Income Over expenditure

58,000 20,000 55,000 1,000

By Subscription 1,00,000 Add: Due on 31-3-00 2,000 Advance 1-4-99 2,000 1,04,000 Less: Due on 1-4-99 1,000 1,03,000 Adv. 31-3-00 1,000 1,02,000 29,000 14,000 20,000

16,000 2,000

By Donations By Interest on Investments By Charity Show Collections

13,000 1,65,000 Balance Sheet As at 31-3-2000 1,65,000

Liabilities

Amount Rs.

Assets Buildings

Amount Rs. 76,000 60,000 2,00,000 30,000 2,000 9,000 3,77,000

Capital Fund *4 3,39,000 Add: Surplus 13,000 Subscription Received in Advanced Creditors for Medicine 3,52,000 1,000 24,000

Equipments Investments *3 Medicine Stock Subscription due Cash in Hand

3,77,000 Working Notes :

14

Vision Academy of Education, U-18 west Patel Nagar| Contact

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By: Rahul Singh


Creditors for Medicine A/c Dr. Particulars To Bank A/c To Balance b/d

[NOT FOR PROFIT ORGANISATION]

Cr. Rs. 60,000 24,000 84,000 Particulars By Balance b/d By Purchases (Balancing Figure) Rs. 16,000 68,000 84,000

Medicine consumed = Opening Stock + Purchases Closing Stock = *2 Dr. Particulars To Balance b/d To Bank Purchases 30,000 Rs. 42,000 Equipments A/c Particulars By Income & Expenditure Depreciation (Balancing Figure) By Balance c/d 72,000 *3 Calculation of Investments Interest is received at 7% p.a. for full year = Rs. 14,000 Investments = Rs. 14,000 100/7 = Rs. 2,00,000 *4 Calculation of Capital Fund as on 1-4-1999 Balance Sheet As on 1-4-1999 Liabilities Creditors for medicine Subscription received in Advance Capital fund (Balancing Figure) 3,39,000 2,000 Rs. 16,000 Assets Buildings Equipments Medicine Stock Subscription due Investments Cash in Hand 3,57,000 Rs. 80,000 42,000 20,000 1,000 2,00,000 14,000 3,57,000 60,000 72,000 12,000 Cr. Rs. Rs. 20,000 + Rs. 68,000 30,000 = Rs. 58,000

15

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9716242358,9999995582

By: Rahul Singh


(Q.)

[NOT FOR PROFIT ORGANISATION]

From the following Receipts and Payments Account of Cricket Club and the additional information given, prepare the Income and Expenditure Account for the year ending 31 -12-99 and the Balance Sheet on that date : Receipts and Payments A/c for the

Year ending 31-12-999


To Balance b/d : Cash Bank To Fixed Deposit @ 6% To Subscription (including Rs. 6,000 for 1998) To Entrance Fees To Donation To Int. on Fixed Deposits To Tournament Fund To Sale of Crockery (Book Value Rs. 1,200) 2,000 40,000 2,750 5,010 900 20,000 3,520 27,380 30,000 By Maintenance By Crockery Purchased By Match Expenses By Salaries By Conveyance By Upkeep of lawns By Postage Stamps By Purchase of Cricket Goods By Sundry Expenses By Investments By Tournament Expenses By Balance c/d : Cash Bank Fixed Deposits 1,31,560 Additional Information : (i) Salary outstanding is Rs. 1,000. (ii) Opening balance of Stock of Postage and Stationery and Cricket goods is Rs. 750 and Rs. 3,210 respectively. Closing stock of the same is Rs. 900 and Rs. 2,800 respectively. (iii) Outstanding subscription for 1998 and 1999 is Rs. 6,600 and Rs. 8,000 respectively.
(Ans)

6,820 2,650 13,240 11,000 820 4,240 1,050 9,720 2,000 5,700 18,800

2,200 23,320 30,000 1,31,560

Dr.

Cricket Club Income and Expenditure Account For the year ending 31-12-1999

Cr.

Expenditure To Maintenance

Rs. 6,820

Income By Subscription 40,000

Rs.

16

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To Match Expenses To Salaries 11,000 Add: Outstanding To Conveyance To Upkeep of Lawns To Postage Stamps: Opening Balance Add: Purchases

[NOT FOR PROFIT ORGANISATION]


13,240 Received for Previous Year 1,000 12,000 820 4,240 Add: O/S for Current Year By Entrance Fees 750 1,050 1,800 By Donation By Interest on Fixed Deposit 900 Add: Outstanding By Profit on Sale 3,210 9,720 12,930 Of Crockery (2,000 1,200) 800 900 900 1,800 8,000 42,000 2,750 5,010 6,000 34,000

Less: Closing Stock To Cricket Goods: Opening Balance Add: Purchases

900

Less: Closing Stock To Sundry Expenses To Excess of Income over Expenditure

2,800

10,130 2,000

2,210 52,360 52,360

Balance Sheet As on 1-1-1999


Liabilities

Rs. 72,660

Assets Cash in Hand Cash at Bank Fixed Deposit Subscription Due Stock of Postage stamps Stock of Cricket Goods Crockery

Rs. 3,520 27,380 30,000 6,600 750 3,210 1,200

Capital (Balancing Figure)

17

Vision Academy of Education, U-18 west Patel Nagar| Contact

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By: Rahul Singh

[NOT FOR PROFIT ORGANISATION]


72,660 Balance Sheet As on 31-12-1999 72,660

Liabilities Tournament fund Less: Tournament Exp. Salary Outstanding Capital Add: Excess of Income Over Expenditure 2,210 72,660 20,000 18,000

Rs.

Assets Cash

Rs. 2,200 23,320 30,000 5,700 2,650

1,200 1,000

Bank Fixed Deposit Investment Crockery

74,870

Accrued Interest on Fixed Deposit Subscription Due 1998 (6,600 6,000) 1999 Stock of: Postage stamps Cricket Goods 900 2,800 77,070 600 8,000 900

77,070

From the following particulars relating to a Charitable Hospital, Prepare Income and Expenditure Account for the year ended 31 s t March, 1993 and Balance sheet as at that time:
(Q.)

Receipts and Payments Account

For the year ending 31 s t March, 1993


Receipts

Rs. 7,130 47,996 4,500 10,000

Payments By Doctors Honorarium By suppliers of Medicines By Petty Expenses By Salaries By Equipments Purchased

Rs. 9,000 30,590 461 27,500 15,000 2,750 1,775

To Balance b/d To subscriptions To Donations To Legacies To Interest on Investment @ 10% for full year To proceeds from Charity Show

7,000 10,450

By Expenses on Charity Show

By Balance c/d

18

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87,076 87,076

Additional Information : 1-4-1992 Subscriptions Due Subscriptions received in advance Stock of medicines Supplies of medicines Outstanding salaries Equipment Buildings (cost less depreciation)
(Ans)

31-3-1993 800 300 9,800 2,500 4,800 31,600 81,000

650 254 8,910 4,000 3,600 21,200 90,000

Income and Expenditure A/c (for the year ending 31 st March, 1993)
Amount Rs. Particular
Amount

Particular

Rs.

To Doctors Honorarium To Medicines


Add:

9,000 30,590 8,910 39,500

By Subscription Due O.S.

47,996 650 47,346

Less:

O.S. Stock

Add: Recd. In Adv. O.S.

254 47,600

Less:

Paid for L.Y.

4,000 35,500
Add:

Due

800 48,400

Less: Medicines Unused

9,800 25,700
Less:

Recd. In Adv.

300

48,100 4,500 10,000 7,000 10,450 2,661

Add:

Still payable

2,500

28,200 461

By Donation By Legacies By Int. on Installments By Prod. Of Charity By deficit (Balance fig.)

To Petty Expenses To salaries Paid for O.S. 27,500 3,600 23,900

Less:

19

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Add:

[NOT FOR PROFIT ORGANISATION] 4,800 28,700 2,750

due

To expenses on Charity
To Depreci ation

Equipment Building

4,600 9,000
82,711 Balance Sheet of Charitable Hospital As on 31st March, 1993 82,711

Particular

Amount Rs.

Particular

Amount Rs.

Subs. Recd. in Advance Suppliers of Medicines Salaries Outstanding Capital Fund As on 1-4-92 Less: Deficit 1,90,036 2,661

300 2,500 4,800

Cash in Hand Investments (10%) Equipment as on 1-1-92 Add: Purchase 21,200 15,000 36,200

1,775 70,000

1,87,375

Less: Depreciation Building Less: Depreciation Subscription Due Stock of Medicines

4,600 90,000 9,000

31,600

81,000 800 9,800 1,94,975

1,94,975 Working Notes:

20

Vision Academy of Education, U-18 west Patel Nagar| Contact

9716242358,9999995582

By: Rahul Singh

[NOT FOR PROFIT ORGANISATION]


Balance sheet of Last Year i.e. as on 31st March, 1992

Liabilities Subs. recd. in Advance Due to suppliers of Medicines Due for Salaries Capital Funds (Balancing Figure)

Amount (Rs.) 254 4,000 3,600 1,90,036

Assets Cash in Hand Investments (10%) Subscriptions Due Stock of Medicines Equipments Buildings

Amount (Rs.) 7,130 70,000 650 8,910 21,200 90,000 1,97,890

1,97,890

( Q . The

following is the Receipts and Payments a/c of Super Time Club for the year ended 31 s t December 2004: Receipts To Cash
To subscript ions

Rs. 10,000

Payments By bank overdraft By Investments

Rs. 14,000 13,600 5,960 20,400 3,560 4,400 7,000 5,600

2003 2004 2005 To entrance fees

1,200 64,800 600 66,600 2,680 8,160 2,000

By furniture By Salaries By Printing & stationery By Postage and telegrams By Cost of drama By sundry expenses By balance 400 Cash in hand Cash at bank 89,840

To Proceeds from Drama To interest from securities To sale proceeds from old Furniture (cost Rs. 320)

3,320 12,000 89,840

You are required to compile the Income and Expenditure account for the year ended 31 s t December 2004 and the balance sheet as on that date after taking into account the following information: (1) On 1 s t Jan 2004, the club premises stood at Rs. 1,00,000, Investments at Rs. 24,000, and furniture at Rs. 12,000. (2) The club had 720 members each paying an annual subscription of Rs. 100. (3) Salaries for December 2002 amounting to Rs. 1,600 are outstanding.

21

Vision Academy of Education, U-18 west Patel Nagar| Contact

9716242358,9999995582

By: Rahul Singh

[NOT FOR PROFIT ORGANISATION]

(4) Half of the entrance fees are to be capitalized. (5) Stock of stationery on 31 December 2003 was Rs. 360 and on 31 s t December 2004 was Rs. 400.

Dr. Income and Expenditure account Cr. Expenditure Amount Rs. Income Amount Rs. To Salaries Add o/s salary 20,400 1,600 22,000 By Subscriptions Add o/s subs By Entrance fees 3,520 By Proceeds from drama To Postage and telegrams To Sundry expenses To surplus i.e. excess of income over expenditure 41,060 76,580 Balance Sheet As on 31st December 2004 Liabilities Salaries outstanding Subscription received in advance Capital fund Add entrance Fees Add surplus 41,060 1,75,960 1,33,560 1,340 Rs. 1,600 600 Assets Outstanding subscriptions Cash in hand Cash at bank Stock of stationery Investment Add purchases Furniture Add purchases Less old fur. Sold Club Premises 1,78,160 13,600 24,000 12,000 5,960 320 17,640 1,00,000 1,78,160 37,600 Rs. 7,200 3,320 12,000 400 4,400 5,600 Less cost of drama By interest from securities By profit on sale of furniture (400-320) 80 76,580 8,160 7,000 1,160 2,000 64,800 7,200 72,000 1,340

To consumption of printing and stationery (3,560+360400)

22

Vision Academy of Education, U-18 west Patel Nagar| Contact

9716242358,9999995582

By: Rahul Singh

[NOT FOR PROFIT ORGANISATION]


Working notes: Balance Sheet As on 1st January 2004

Liabilities Bank Overdraft Capital fund (Balancing figure)

Rs. 14,000 1,33,560

Assets Premises Furniture Investments Stock of stationery Cash-in-hand Subscriptions in arrear

Rs. 1,00,000 12,000 24,000 360 10,000 1,200 1,47560

1,47560

23

Vision Academy of Education, U-18 west Patel Nagar| Contact

9716242358,9999995582