Q1.
Distinguish Between
Receipt and Payment and Income and Expenditure Account.
see in detail
Q2.
The following is the
Receipts and Payments Account of Lion Club for the year ended 31st March, 2016.
|
Receipts
|
Rs.
|
Payments
|
Rs.
|
|
Opening balance:
|
|
Salaries
|
1,20,000
|
|
Cash
|
10,000
|
Creditors
|
15,20,000
|
|
Bank
|
3,850
|
Printing and stationary
|
70,000
|
|
Subscription received
|
2,02,750
|
Postage
|
40,000
|
|
Entrance donation
|
1,00,000
|
Telephones and telex
|
52,000
|
|
Interest received
|
58,000
|
Repairs and maintenance
|
48,000
|
|
Sale of assets
|
8,000
|
Glass and table linen
|
12,000
|
|
Miscellaneous income
|
9,000
|
Crockery and cutlery
|
14,000
|
|
Receipts at Coffee room
|
10,70,000
|
Garden upkeep
|
8,000
|
|
Soft drinks
|
5,10,000
|
Membership fees
|
4,000
|
|
Swimming pool
|
80,000
|
Insurance
|
5,000
|
|
Tennis court
|
1,02,000
|
Electricity
|
28,000
|
|
|
|
Closing balance:
|
|
|
|
|
Cash
|
8,000
|
|
|
|
Bank
|
2,24,000
|
|
|
21,53,600
|
|
21,53,600
|
The assets and
liabilities as on 1.4.2015 were as follows:
|
|
Rs.
|
|
Fixed assets (net)
|
5,00,000
|
|
Stock
|
3,80,000
|
|
Investment in 12% Government securities
|
5,00,000
|
|
Outstanding subscription
|
12,000
|
|
Prepaid insurance
|
1,000
|
|
Sundry creditors
|
1,12,000
|
|
Subscription received in advance
|
15,000
|
|
Entrance donation received pending membership
|
1,00,000
|
|
Gratuity fund
|
1,50,000
|
The following adjustments
are to be made while drawing up the accounts:
(i) Subscription
received in advance as on 31st March, 2016 was Rs.18,000.
(ii) Outstanding
subscription as on 31st March, 2016 was Rs.7,000.
(iii) Outstanding
expenses are salaries Rs.8,000 and electricity Rs.15,000.
(iv) 50% of the
entrance donation was to be capitalized. There was no pending membership as on
31st March, 2016.
(v) The cost of assets
sold net as on 1.4.2015 was Rs.10,000.
(vi) Depreciation is
to be provided at the rate of 10% on assets.
(vii) A sum of Rs.20,000
received in October 2015 as entrance donation from an applicant was to be refunded
as he has not fulfilled the requisite membership qualifications. The refund was
made on 3.6.2016.
(viii) Purchases made
during the year amounted Rs.15,00,000.
(ix) The value of
closing stock was Rs.2,10,000.
(x) The club as a
matter of policy, charges off to income and expenditure account all purchases
made on account of crockery, cutlery, glass and linen in the year of purchase.
You are required to
prepare an Income and Expenditure Account for the year ended 31st March, 2016
and the Balance Sheet as on 31st March, 2016 along with necessary workings.
see in detail
Q3.
During the year ended
31st March, 2016, Sachin Cricket Club received subscriptions as follows:
|
|
Rs.
|
|
For year ending 31st March, 2015
|
12,000
|
|
For year ending 31st March, 2016
|
6,15,000
|
|
For year ending 31st March, 2017
|
18,000
|
|
Total
|
6,45,000
|
There are 500 members
and annual subscription is Rs.1,500 per member.
On 31st March, 2016,
a sum of Rs.15,000 was still in arrears for subscriptions for the year ended 31st March, 2015.
Ascertain the amount
of subscriptions that will appear on the credit side of Income and Expenditure Account
for the year ended 31st March, 2016. Also show how the items would appear in
the Balance Sheet as on 31st March, 2015 and the Balance Sheet as on 31st
March, 2017.
see in detail
Q4.
Summary of receipts
and payments of Bombay Medical Aid society for the year ended 31.12.2016 are as
follows:
Opening cash balance
in hand Rs.8,000, subscription Rs.50,000, donation Rs.15,000 (raised for
meeting revenue expenditure), interest on investments @ 9% p.a. Rs.9000,
payments for medicine supply Rs.30,000 Honorarium to doctor Rs.10,000, salaries
Rs.28,000, sundry expenses Rs.1,000, equipment purchase Rs.15,000, charity show
expenses Rs.1,500, charity show collections Rs.12,500.
Additional
information:
|
|
1.1.2016
|
31.12.2016
|
|
Subscription due
|
1,500
|
2,200
|
|
Subscription received in advance
|
1,200
|
700
|
|
Stock of medicine
|
10,000
|
15,000
|
|
Amount due for medicine supply
|
9,000
|
13,000
|
|
Value of equipment
|
21,000
|
30,000
|
|
Value of building
|
50,000
|
48,000
|
You are required to
prepare receipts and payments account and income and expenditure account for the
year ended 31.12.2016 and balance sheet as on 31.12.2016.
see in detail
Q5.
From
the following Receipts & Payments Account of Cricket Club started pm 01st
April, 2014 and other additional information supplied to you, prepare an Income
& Expenditure A/c for the year ended 31st Mar, 13.
Receipts
& Payments A/c for the year ended 31st March
|
Receipts
|
Amt.
|
Payments
|
Amt.
|
|
To
Subscription
|
1,100
|
By
Salaries
|
1,000
|
|
To
Bar Receipts
|
600
|
By
Printing & Stationery
|
100
|
|
To
Interest on Securities
|
150
|
By
Telephone
|
150
|
|
To
Cricket fees
|
250
|
By
Gardening
|
120
|
|
To
Tennis fees
|
300
|
By
Cricket
|
200
|
|
To
Billiard fees
|
250
|
By
Insurance
|
100
|
|
To
Life Members fees
|
2,000
|
By
Tennis
|
300
|
|
To
Donations
|
24,800
|
By
Billiards
|
400
|
|
To
Entrance fees
|
3,000
|
By
Bar expenses
|
1,200
|
|
To
Tournament Fund
|
1,000
|
By
Investments
|
5,000
|
|
|
|
By
Land & Buildings
|
20,000
|
|
|
|
By
Tournament expenses
|
1,000
|
|
|
|
By
Furniture
|
1,200
|
|
|
|
By
Sports Material
|
1,000
|
|
|
|
By
Current A/c Balance
|
1,000
|
|
|
|
By
Cash in hand
|
680
|
|
|
33,450
|
|
33,450
|
Additional
Information:
1. Subscriptions
outstanding for the year Rs. 550.
2. Subscriptions of Rs.
100 were received in advance.
3. Half of the entrance
fees received was to be capitalized.
4. Donations and Life
Member’s fees were to be capitalized.
5. Interest due but not
received Rs. 100.
6. Depreciate furniture
by 5% and land & building by 2 ½ %
From the above information, prepare an Income
& Expenditure A/c for the year ended 31st Mar, 2013.
see in detail
