Not for Profit ion

7/31/2019 Not for Profit ion

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By: Rahul Singh [NOT FOR PROFIT ORGANISATION]

1 Vision Academy of Education, U-18 west Patel Nagar| Contact 9716242358,9999995582

Concept No. 1 Subscription A/c

(Q.) The following table shows the details of subscription for Sony Sports for the

ye ar en de d 31st March 2006:

1.4.05 ( ) 31.3.06 ( )Outstanding 25 ,0 00 17,500Received in advance 12,500 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

fo r the ye ar 31 st March 2006.

(3 Marks)

(Ans)

Details

Subscription received during the year 1,25,000

Add: Subscription outstanding as on 31.3.0617,500

Add: Subscription received in advance(1.4.05)12,500

Less: Subscription outstanding on 1.4.05(25,000)

Less: Subscription received in advance(31.3.06)(15,000)

Income from subscription for the year 2005-2006 1,15,000

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.


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(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

fo r the ye ar en de d 31.3. 20 07 :

1.4.2006 31.3.2007

Rs. Rs.

Stock of Medicines 1,75,750 1,44,650

Creditors for Medicines 15,06,900 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 Amount (Rs.)

Medicine purchased during the year. 60,80,700

Add Opening stock of medicine (i.e. on 1.4.2006) 1,75,750

Less Closing stock of medicine (i.e. on 31.3.2007) (1,44,650)

Less Opening Creditors for medicine (i.e. on 1.4.2006) (15,06,900)

Add Closing Creditors for medicine (i.e. on 31.3.2007) 18,20,700

Amount to be debited in Income and Expenditure account. 64,25,600

(Q. ) On the basis of following information, calculate the amount of stationery to be shown in

In come and expe nd it ure acco un t fo r th e yea r end ed 31 st march 2007.

Stock of stationery on 1.4.2006 25,000

Stock of stationery on 1.4.2007 20,000

Am ou nt pai d fo r sta tio ne ry du ri ng th e ye ar 1,00,000

Creditors for stationery on 1.4.2006 40,000

Creditors for stationery on 31.3.2007 20,000


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(Ans)

Calculation of the amount of stationery to be shown in Income and expenditure account

Particulars Amount (Rs.)

Amount paid for stationery during the year

1,00,000Add opening stock 25,000

Less closing stock 20,000

Less Creditors beg. 40,000

Add Creditors end 20,000

Stationery consumed during the year 85,000

Q.) Prepare Receipts and Payments A/c from given information for Dec 31, 1996.

Rs. Rs

Opening Cash in hand 450 Purchase of Radio set 2,900

Opening Cash at Bank 6,250 Bicycle Purchased 2,000

Subscriptions 12,500 Sale of investment 3,000

Sale of old Newspapers 400 Life membership fees 1,000

Entrance Fees 1,000 Purchase of Defence

Donation 4,000 Bonds 1,000

Sale of old furniture 2,000 Rent paid 1,200

Salaries 8,000 Balance Closing

Insurance Premium 600 Cash in hand 800

Purchase of Books 900 Cash at Bank 8,200

Stationery & Postage 4,000

Purchase of Sports Materials 9,000

Interest on Securities 3,500

Locker Rent 4,500


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(Ans)Receipts and Payments A/c

for year ending on Dec 31, 1996

Receipts Amount(Rs)

Payments Amount(Rs)

To Balance b/d By Salaries 8,000

Cash in hand 450 By Stationery & Postage 4,000Cash at bank 6,250 By Insurance Premium 600

To Subscriptions 12,500 By Books 900To Sale of newspaper 400 By Sports Materials 9,000

To Sale of old furniture 2,000 By Radio Set 2,900To Entrance Fees 1,000 By Defence Bonds 1,000

To Donation 4,000 By Bicycle 2,000To Sale of Investment 3,000 By Rent 1,200

To Life Membership Fees 1,000 By Balance c/dTo Interest on Securities 3,500 Cash in hand 800

To Locker Rent 4,500 Cash at Bank 8,200

TOTAL 38,600 TOTAL 38,600

(Q.)Prepare Income and Expenditure Account relating to year 1996 from the figures given below:

Receipts Am oun t

(Rs.)

Payments Amo un t

(Rs.)

To Opening Balance 1,800 By Salaries 4,800

To Subscriptions 9,000 By Rent 50 0

To Sale of Investment 2,000 By Stationery 2000

To sale of old furniture By Defence Bonds 3,000

(Books value Rs. 400) 30 0 By Furniture purchased 2,000

To Donations 10 0 By Bicycle purchased 30 0

By closing Balance 2,400


(Ans)

Dr. Income and Expenditure A/cFor the year ending Dec 1996

Cr.

Expenditure Amount (Rs) Income Amount (Rs)

To Salaries 4,800 By Subscriptions 9,000To Rent 500 By Donation 100

To Stationery 200

To Loss on sale of Furniture 100To surplus (Excess of

income over Expenditure) 3,500

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(Q. ) Fo ll owi ng Rec eip ts and Paym en ts Ac cou nt wa s pre pa red fr om th e ca sh bo ok of De lh i

Charitable Trust for the year ending December 31, 2007:

Re ce ipts Rs. Pa yme nts Rs.

Balance b/d Charity 11,500

Cash in Hand 11,500 Re nt and Ta xes 3,200

Cash at Bank 12,600 Salary 6,000

Do na ti on 9,000 Pr in tin g 600

Subscription 42,800 Po st age 300

Le ga ci es 18,000 Ad ve rt ise me nts 4,500

In te re st on In vest me nt 4,500 In su ra nce s 2,000

Sale of Old Newspaper 200 Fu rn it ure 21,000

In ves tme nt 23,000

Balance c/d

Cash in Hand 9,900

Cash at Bank 16,600

98,600 98,600

Pre pare In co me and Ex pend it ur e Acco un t fo r th e yea r end ed De cemb er 31, 200 6 and a Ba la nc e

Sheet as on that date after the following adjustments:

(a ) It wa s deci ded to tr ea t one -t hir d of th e amo unt re ce iv ed on acco unt of do na ti on as in co me .

(b ) In sura nce pre miu m was pai d in ad va nce fo r th ree mo nth s.

(c ) In ter es t on in vest men t Rs . 1,100 acc ru ed wa s no t re ceiv ed.

(d ) Rent Rs. 600, sa la ry Rs. 900 an d adv er ti se men t expe ns es Rs . 1,000 out sta nd in g as on

De ce mb er 31, 2007 .

(Ans)Balance sheet as on 1-1-2007

Liabilities Rs. Assets Rs.

Capital Fund (Bal. Fig.) 24,100 Cash in Hand 11,500

Cash at Bank 12,600

24,100 24,100

Dr. Income and Expenditure Account

For the year ending 31-12-2007

Cr.

Expenditure Rs. Income Rs.

To Insurance 2000 By Donations 3,000

Less Insurance 500 (9000 x 1/3)


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Paid in advanced 1,500 By subscriptions 42,800

To advertisement 4,500 By interest on investment 4500

Add Outstanding 1,000 5,,500 Add accrued 1100 5,600

To postage 300 By sale of old news papers 200

To printing 600

To salary 6,000

Add Outstanding 900 6,900

To rent & taxes 3,200

Add Outstanding 600 3,800

To charity 11,500

To surplus 21,500

Total 51,600 Total 51,600

Balance Sheet as on 31-12-2007


Capital fund 24,100 Furniture 21,000

Add surplus 21,500 45,600 Investment 23,000

Legacies 18,000 Prepaid Insurance 500

Donations (9000-3000) 6,000 Interest Accrued 1,100

Rent outstanding 600

Cash in Hand

9,900

Salary outstanding 900 Cash at Bank 16,600

Advertising Expenses Outstanding 1,000


. (Q. ) The following is the account of cash transactions of the Nari Kalayan Samittee for the

year ended December 31, 2006:

Rece ip ts Am oun t

(Rs.)

Paym en ts Am ou nt

(Rs.)

Balance from last year 2,270 Ren t 6,6 00

Subscriptions 32,500 El ec tr ic ch ar ges 3,200

Lif e me mb ers hi p fe e 3,250 Le ctu rer s fe e 730

Do nat io n 2,500 Office expenses 1,480

Pro fi t fr om en te rt ain men t 7,250 Pri nti ng and St ati on er y 1,050

Sale of old Books Le gal fe e. 1,870

(Books value Rs. 1,000) 750 Books 6,500


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In te re st 350 Fur nit ur e pu rch as ed 8,600

Ex pen se s on nuk ar dra ma 1,300

Cash in hand 8,040

Cash at Bank 9,500

Total 48,87 0 Total 48,8 70

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 th e be gin nin g of th e yea r th e Sa ng h ow ned bu il din g Rs. 20,000 and fu rn it ure Rs. 3,0 00 an d

Books Rs. 2,000.

(c ) Pr ovi de de pre cia tio n on fu rn it ure @5 % (i ncl udi ng pu rc ha se), bo oks @ 10% an d bu il din g @5%.

(Ans) Income and expenditure a/c.for the year ending 31-12-2006


To rent 6,600 By subscription 32,500

To electric charges 3,200 Add o/s subscription 750

To lecturers fee 730 Less subscription in advance 500 32,750

To office expenses 1,480 By donations 2,500

To printing & stationery 1,050 By profit from entertainment 7,250

To legal fee 1,870 By interest 350

To exp. on nukar drama 1,300

To dep. on Fur. (150 + 430) 580

To dep. on Books 200

To dep. on Building 1,000

To loss on sale of books. 250

To surplus i.e. excess of income over

expenditure

24,590


Balance sheet as on 1.1.2006


Capital fund (balancing figure) 27,270 Cash in hand 2,270

Building 20,000

Furniture 3,000

Books 2,000

27,270 27,270


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(Q. ) The following is the receipts and payments account of Bombay Nursing society for the year

ended 31 s t march 2007.

To opening cash balance 2,010 By car (purchased) 2,0 00

To subscriptions 1,115 By expenses of car 840

To interest 38 By salaries 656

To fees from non members 270 By board laundry 380

To municipal grant 1,000 By rent and taxes 200

To donation for building fund 1,560 By drugs and incidental exp. 670

By closing cash balance 1,247

5,993 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. Pre pare In come an d expe ndit ure ac cou nt.

(Ans)

Books of Bombay Nursing Society

Income and expenditure a/cFor the year ended 31.3.2007


To car expenses a/c 840 By subscriptions 1,115To salaries 656 Less building fund 100 1,015

To board laundry 380 By interest 38

To rent and taxes 200 By fees from non members 270To drugs and incidental expenses 670 By municipal grant 1,000

Add o/s bill 128 798 By deficit 751To depreciation on car 200

3,074 3,074

Balance Sheet as on 31.12.2006


Capital fund 51,860 Cash in hand 8,040

Opening 27,270 Cash at bank 9,500

Add surplus 24,590 Building 19,000

Subscription received in advance 500 Furniture (8,600+ 3,000- 580) 11,020

Life membership fees 3,250 Books(6,500+2,000 1,000 - 200) 7,300

Outstanding subscriptions 750

55,610 55,610


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(Q. )How wil l you dea l with th e given ite ms whi le prepari ng th e fina l acc oun ts of a cl ub

for th e ye ar ended 31 st March 2007:

Pa rt ic ula rs 31,3,2006 31,3,2007

Outstanding Locker Rent

Ad va nc e Lo cke r Ren t

920

600

1,260

80 0

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 Rs.

By Locker Rent received during the year

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)

6400

1250

600

8260

920

800

1720

6,540

BALANCE SHEET (AN EXTRACT)

As at 31St March, 2006

LIABILITIES AMOUNT ASSETS AMOUNT

Advance Locker Rent 600 Outstanding Rent 920

BALANLESHEET (AN EXTRACT)

As at 31 March, 2007

LIABILMEES AMOUNT ASSETS AMOUNT

Advance Locker Rent 800 Outstanding Locker Rent 1,260


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(Q. ) Fo ll owi ng is th e Re ceipt and Paym ent Accou nt of Li te ra cy Cl ub fo r th e yea r -en de d

31.3.2006:

Rece ip ts Amo untRs.

Pa yme nt Am oun t Rs.

Balance b/d

Subscriptions:

2004 2005 1,200

2005-2 006 26,50 0

2006-2 007 500

Sale of old newspapers

Government Grants

Sale of old furniture

(Book value Rs. 7,000)

In te re st on fi xed depo si ts

19,550

gh

28,200

1,250

10,000

n

5,700

450

SalaryNe ws pap er

El ec tr icity bi ll

Fi xed de po sit

(on 1.7.2005 @ 9% p.a.)

Books.

Re nt

Fu rn it ure

Balance c/d

3,000

2,0 50

1,000

20,0 00

10,600

6,800

10,500

11,200

65,150 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.

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


Capital fund (Balancing figure) 43,550 Furniture

Books

Subscription outstanding

Cash in hand

15,000

7,000

2,000

19,550

43,550 43,550


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Income and Expenditure a/c

Dr. For the year ended 31.03.2006 Cr.


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)

3,600

2,050

1,000

8,000

1,300

25,650

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

1,350

29,000

1,250

10,000

41,600 41,600

(Q. ) Fo ll owi ng is th e Re ceipts an d pa yme nt s ac co un t of In di an Spo rt s clu b, pre pa re In co me and

Ex pen di tu re accou nt an d ba lan ce sh ee t as on De ce mb er 31,2006:

Rece ip ts Rs. Pay me nts Rs .

To balance b/d 7,890 By salary 11,000

To subscriptions 52,000 By electric charges 5,500

To Life memb. Fee 2,200 By Billiard table 17,500

To entrance fee 3,200 By office expenses 4,1 00

To tournament fund 26,000 By printing & stationery 2,3 00

To locker rent 1,250 By tournament exp. 18,500

To sale of sports good By repair of ground 2,000

(Costing Rs. 2200 ) 2,500 By furniture purchased 7,700

To sale of newspaper

750

By sports equipment

12,000

To legacy 37,500 BY cash in hand 12,690

By cash at bank

By fixed deposit

10,000

( 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. Lo ck er re nt ou tst an di ng on De ce mb er 31, 2006 Rs. 250. Sa la ry out sta ndin g on De cemb er


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31, 2006 Rs. 1,000. On January 1, 2006, club has building Rs. 36,000, furniture Rs. 12,000, and Sports equipment

Rs. 17,500. De prec ia ti on cha rg ed on th ese it ems @ 10 % (i nc lu din g pur ch as e) .

(Books of Indian Sports Club

Income and Expenditure a/c For the year ending 31 st December 2006

Dr. Cr.


To salary 11,000 By subs. 52,000

Add o/s salary 1,000 12,000 Add outstanding (End) 3,200

To electric charges 5,500 Less outstanding (beg.) 1,200 54,000

To office expenses 4,100 By entrance fees 3,200

To printing & stationery 2,300 By locker rent 1,250

To repair of ground 2,000 Add outstanding 250 1,500

To depreciation on building 3,600 By sale of old newspapers 7,50

To depreciation on sports equipment 2,730 By interest accrued on FD 7,50

To dep. on furniture 1,970 By gain on sale of sports goods 3,00

To surplus 26,300

60,500 60,500

Balance Sheet As on 31.12.2006


Capital fund 74,590 Billiard table 17,500

Add surplus 26,300 1,00,890 Furniture (12,000+7,700-1,970) 17,730

Life membership fee 2,200 Sports equipment

Legacy 37,500 (17500+12000-2200-2730) 24,570

Tournament fund 26000 Building 32,400

Less expenses 18500 7,500 Locker rent outstanding 2,50

Outstanding salary 1,000 Subscription out. 3,200

Accrued int. on FD 7,50

Cash in hand 12,690

Cash at bank 10,000

10% fixed deposit 30,000


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Total 1,49,090 Total 1,49,090

(Q. ) The following is the Receipts and Payments Account of Free Aid Medical society for the

year ended 31-3-2000.

Receips and Payments Accountfo r th e yea r end in g 31 s t March, 2000

To Balance b/d 14,000 By Payment for Medicine 60,000

To Subscriptions 1,00000 By Honorarium to Doctors 20,000

To Donations 29,000 By Salaries 55,000

To Interest on Investments By Sundry Expenses

By Equipment

1,000

30,000

At 7 % for th e year 14 ,000 By Ch ar ity sh ow ex pen ses 2,000

To Charity Show collections 20 ,000 By Bala nce c/d 9,000

1,77,000 1,77,000

Add it io nal In fo rm ati on :

(a) Subscription due 1,000 2,00 0

(b) Subscription received in advance 2,0 00 1,000

(c) Medicine Stock 20, 000 30,000

(d) Creditors for medicine 16,000 24,0 00

(e) Equipments 42, 000 60,000

(f) Buildings 80,000 76,000

You are required to prepare Income and Expenditure Account for the year ended 31 -3-2000 and

Balance Sheet as at that date.


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(Ans)Free Aid Medical Societys Income and Expenditure AccountFor the year ended 31 -3-2000

Expenditure Amount Rs. Income Amount

Rs.

To Medicine *1 58,000 By Subscription 1,00,000

To Honorarium to Doctors 20,000 Add: Due on 31-3-00 2,000

To Salaries 55,000 Advance 1-4-99 2,000

To Sundry Expenses 1,000 1,04,000

To Depreciation on : Less: Due on 1-4-99 1,000

Equipments 12,000*2 1,03,000

Buildings Adv. 31-3-00 1,000 1,02,000

[80,000 76,000] 4,000 16,000 By Donations 29,000

To Charity Show Expenses 2,000 By Interest on Investments 14,000

To Surplus Excess of Income By Charity Show Collections 20,000

Over expenditure 13,000

1,65,000 1,65,000

Balance Sheet

As at 31-3-2000

Liabilities Amount Rs. Assets Amount Rs.Capital Fund *4 3,39,000 Buildings 76,000

Add: Surplus 13,000 3,52,000 Equipments 60,000

Subscription Received in Advanced 1,000 Investments *3 2,00,000

Creditors for Medicine 24,000 Medicine Stock 30,000

Subscription due 2,000

Cash in Hand 9,000

3,77,000 3,77,000

Working Notes :


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Creditors for Medicine A/c

Dr. Cr.

Particulars Rs. Particulars Rs.

To Bank A/c 60,000 By Balance b/d 16,000

To Balance b/d 24,000 By Purchases (Balancing Figure) 68,000

84,000 84,000

Medicine consumed = Opening Stock + Purchases Closing Stock

= Rs. 20,000 + Rs. 68,000 30,000 = Rs. 58,000

*2

Dr. Equipments A/c Cr.

Particulars Rs. Particulars Rs.

To Balance b/d 42,000 By Income & Expenditure

To Bank Depreciation 12,000

Purchases 30,000 (Balancing Figure)

By Balance c/d 60,000

72,000 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


Creditors for medicine 16,000 Buildings 80,000

Subscription received in Equipments 42,000

Advance 2,000 Medicine Stock 20,000

Capital fund Subscription due 1,000

(Balancing Figure) 3,39,000 Investments 2,00,000

Cash in Hand 14,000

3,57,000 3,57,000


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(Q. ) Fr om th e fo ll owi ng Rece ip ts and Paymen ts Acc ount of Cri cket Cl ub an d the add it io na l

information given, prepare the Income and Expenditure Account for the year ending 31 -12-99

and the Balance Sheet on that date :

Re cei pts an d Pay me nt s A/c fo r th e

Year ending 31-12-999

To Balance b/d : By Maintenance 6,820

Cash 3,520 By Crockery Purchased 2,650

Bank 27,3 80 By Match Expenses 13,240

To Fixed Deposit @ 6% 30,000 By Salaries 11,000

To Subscription (including By Conveyance 820

Rs . 6,0 00 fo r 1998) 40,0 00 By Upkeep of lawns 4,240

To Entrance Fees 2,7 50 By Postage Stamps 1,050

To Donation 5,010 By Purchase of Cricket Goods 9,720

To Int. on Fixed Deposits 900 By Sundry Expenses 2,000

To Tournament Fund 20,0 00 By Investments 5,700

To Sale of Crockery By Tournament Expenses 18,800

(Book Value Rs. 1,200) 2,000 By Balance c/d :

Cash 2,200

Bank 23,320

Fixed Deposits 30,000

1,31,560 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)

Dr. Cricket Club

Income and Expenditure Account For the year

ending 31-12-1999

Cr.


To Maintenance 6,820 By Subscription 40,000


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To Match Expenses 13,240 Received for

To Salaries 11,000 Previous Year 6,000

Add: Outstanding 1,000 12,000 34,000

To Conveyance 820 Add: O/S for

To Upkeep of Lawns 4,240 Current Year 8,000 42,000

To Postage Stamps: By Entrance Fees 2,750

Opening Balance 750 By Donation 5,010

Add: Purchases 1,050 By Interest on

1,800 Fixed Deposit 900

Less: Closing Stock 900 900 Add: Outstanding 900 1,800

To Cricket Goods: By Profit on Sale

Opening Balance 3,210 Of Crockery

Add: Purchases 9,720 (2,000 1,200) 800

12,930

Less: Closing Stock 2,800 10,130

To Sundry Expenses 2,000

To Excess of Income over

Expenditure 2,210

52,360 52,360

Balance Sheet As on 1-1-1999


Capital 72,660 Cash in Hand 3,520

(Balancing Figure) Cash at Bank 27,380

Fixed Deposit 30,000

Subscription Due 6,600

Stock of Postage stamps 750

Stock of Cricket Goods 3,210

Crockery 1,200


18/23



72,660 72,660

Balance Sheet

As on 31-12-1999


Tournament fund 20,000 Cash 2,200

Less: Tournament Exp. 18,000 1,200 Bank 23,320

Salary Outstanding 1,000 Fixed Deposit 30,000

Capital 72,660 Investment 5,700

Add: Excess of Income Crockery 2,650

Over Expenditure 2,210 74,870 Accrued Interest on

Fixed Deposit 900

Subscription Due

1998 (6,600 6,000) 600

1999 8,000

Stock of:

Postage stamps 900

Cricket Goods 2,800

77,070 77,070

(Q. ) Fr om th e fo ll owi ng part icu la rs rel atin g to a Ch ari ta bl e Ho spit al, Pre pa re In co me and

Ex pen di tu re Acc ou nt fo r th e ye ar en de d 31 s t March, 1993 and Balance sheet as at that time:

Receipts and Payments Account

For th e year en di ng 31 st March, 1993

Receipts Rs . Paym en ts Rs.

To Balance b/d 7,130 By Doctors Honorarium 9,000

To subscriptions 47,996 By suppliers of Medicines 30,590

To Donations 4,500 By Petty Expenses 461

To Legacies 10,000 By Salaries 27,500

To Interest on Investment By Equipments Purchased 15,000

@ 10% for full year 7,000 By Expenses on Charity Show 2,750

To proceeds from Charity Show 10,450 By Balance c/d 1,775


19/23



87,076 87,076

Ad di ti ona l In fo rm ati on :

1-4-1992 31-3-1993

Subscriptions Due 650 800

Subscriptions received in advance 254 300

Stock of medicines 8,910 9,800

Supplies of medicines 4,000 2,5 00

Outstanding salaries 3,600 4,8 00

Eq ui pme nt 21,200 31,600

Buildings (cost less depreciation) 90,000 81,000

(An s) Income and Expenditure A/c (for the year ending 31 st March, 1993)

Part icul ar Amo unt

Rs.

Pa rt icu la r Am ou nt

Rs .

To Doctors

Honorarium

9,000 By Subscription 47,996

To Medicines 30,590 Le ss: Due O.S. 650

Add : O.S. Stock 8,910 47,346

39,500 Add: Recd. In Adv. O.S. 254

Le ss: Paid for L.Y. 4,000 47,600

35,500 Ad d: Due 800

Less: Medicines Unused 9,800 48 ,400

25 ,70 0 Le ss: Recd. In Adv. 300 48,100

Add : Still payable 2,500 28,200 By Donation 4,500

To Petty Expenses 461 By Legacies 10,000

To salaries 27,500 By Int. on

Installments

7,000

Le ss: Paid for O.S. 3,600 By Prod. Of Charity 10,450

23 ,90 0 By deficit (Balance fig.) 2, 66 1


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Add : due 4,800 28,700

To expenses on

Charity

2,75 0

To Depreciation

Equipment 4,600

Building 9,000

82,711 82,711

Balance Sheet of Charitable Hospital

As on 31st March, 1993

Particular Amount

Rs.

Particular Amount

Rs.

Subs. Recd. in Advance 300 Cash in Hand 1,775

Suppliers of Medicines 2,500 Investments (10%) 70,000

Salaries Outstanding 4,800 Equipment as on 1-1-92 21,200

Capital Fund Add: Purchase 15,000

As on 1-4-92 1,90,036 36,200

Less: Deficit 2,661 1,87,375 Less: Depreciation 4,600 31,600

Building 90,000

Less: Depreciation 9,000 81,000

Subscription Due 800

Stock of Medicines 9,800

1,94,975 1,94,975

Working Notes:


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Balance sheet of Last Year

i.e. as on 31st March, 1992

Liabilities Amount (Rs.) Assets Amount (Rs.)

Subs. recd. in Advance 254 Cash in Hand 7,130

Due to suppliers of Medicines 4,000 Investments (10%) 70,000

Due for Salaries 3,600 Subscriptions Due 650

Capital Funds (Balancing Figure) 1,90,036 Stock of Medicines 8,910

Equipments 21,200

Buildings 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

De ce mb er 2004:

Rece ip ts Rs . Pay me nts Rs.

To Cash 10,000 By bank overdraft 14,000

To subscriptions By Investments 13,600

2003 1,2 00 By furniture 5,960

2004 64, 800 By Salaries 20,400

2005 600 66,600 By Printing & stationery 3,560

To entrance fees 2,680 By Postage and telegrams 4,400

To Proceeds from Drama 8,160 By Cost of drama 7,000

To interest from securities 2,000 By sundry expenses 5,600

To sale proceeds from old By balance

Fur nit ure (co st Rs. 320) 400 Cash in hand 3,320

Cash at bank 12,000

89,840 89,840

You are required to compile the Income and Expenditure account for the year ended 31 s t

De ce mb er 2004 an d th e ba la nce she et as on th at da te af ter ta kin g in to acc ou nt th e fo ll owi ng

information: (1) On 1 s t Jan 2004, the club premises stood at Rs. 1,00,000, Investments at Rs. 24,000, and

fu rn it ure 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.


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(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 20,400 By Subscriptions 64,800

Add o/s salary 1,600 22,000 Add o/s subs 7,200 72,000

To consumption of printing and By Entrance fees 1,340

stationery (3,560+360400) 3,520 By Proceeds

from drama 8,160

To Postage and telegrams 4,400 Less cost of drama 7,000 1,160

To Sundry expenses 5,600 By interest from securities 2,000

To surplus i.e. excess of By profit on sale of

income over expenditure 41,060 furniture (400-320) 80

76,580 76,580

Balance Sheet

As on 31st December 2004


Salaries outstanding 1,600 Outstanding subscriptions 7,200

Subscription received in advance 600 Cash in hand 3,320

Capital fund 1,33,560 Cash at bank 12,000

Add entrance 1,340 Stock of stationery 400

Fees Investment 13,600

Add surplus 41,060 1,75,960 Add purchases 24,000 37,600

Furniture 12,000

Add purchases 5,960

Less old fur. Sold 320 17,640

Club Premises 1,00,000

1,78,160 1,78,160


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23 Vision Academy of Education U-18 west Patel Nagar| Contact 9716242358 9999995582

Working notes:

Balance Sheet

As on 1st January 2004


Bank Overdraft 14,000 Premises 1,00,000

Capital fund (Balancing figure) 1,33,560 Furniture 12,000

Investments 24,000

Stock of stationery 360

Cash-in-hand 10,000

Subscriptions in arrear 1,200

1,47560 1,47560

Documents

Not for Profit ion