Wednesday, January 23, 2019

AHSEC Accountancy Question Bank: Accounting for Not for Profit Organisation


PRACTICAL PROBLEMS ON ACCOUNTING FOR NOT FOR PROFIT ORGANISATION
1. From the following information ascertain the amount of subscription to be credited to the Income and Expenditure Account for the year 2010.
(i) Subscription received during the year Rs. 11,750 (including Rs. 1,000 for 2009 and Rs. 500 for 2011)

(ii) Subscription received in 2009 for 2010 Rs. 700.
(iii) Subscription outstanding on 31st Dec, 2010 Rs. 900.
2. In 2008 the amount of subscription received was Rs. 20,000. This includes Rs. 500 for 2007 and Rs. 800 for 2009. There are 500 members and each member pays annually Rs.50. Ascertain the amount of subscription that should be credited to the income and Expenditure account prepared for the year ended 31st December, 2008.      
3. Calculate from the following information the amount to be posted to Income and Expenditure Account for the year ending 31.12.98 under the head stationery expenses.
Stock of stationery (1.1.98) Rs. 300
Stock of stationery (31.12.98) Rs. 50
Creditors for stationery outstanding Rs. 200
Amount paid for stationery during the year 1998 Rs. 1080.
4. From the following information ascertain the amount of subscription relating to the year 2000 for a club.
(i) Subscription relating to the year 2000 received in 1999 – Rs. 200.
(ii) Subscription relating to the year 1999 received in 2000 Rs. 500.
(iii) Subscription relating to the year 2001 received in 2000 – Rs. 400.
(iv) Total subscription received in the year 2000 was – Rs. 8,000.               
5. From the following details calculate the amount of depreciation and explain its treatment in income and expenditure account:
Opening balance of furniture: Rs. 5,000.
Purchase of furniture Rs. 10,000
Sale of furniture Rs. 4000 (book value = Rs. 2,500)
Closing balance of furniture Rs. 3,500.   
6. Tournament fund appears in the books Rs. 15,000 and expenses on tournament during the year were Rs. 18000. How will you show this in format while preparing financial statement of a not-for-profit organisation?
7. As per Receipt and Payments account for the year ended on March 31, 2008, the subscription received were Rs. 2,50,000. Addition information given is as follows:
(i) Subscriptions outstanding on 01-04-2007 Rs. 50,000.
(ii) Subscription outstanding on 31-03-2008 Rs. 35,000.
(iii)Subscription Received in advance as on 31-03-2008 Rs. 30000.
Ascertain the amount of income from subscription for the year 2007-08.
8. From the following extracts of Receipts and Payments Account and the additional information given below, compute the amount of income from subscriptions and show us how they would appear in the Income and Expenditure Account for the year ending March 31, 2007and the Balance sheet on that date:
Receipts and Payments A/C
For the year ending March 31, 2007
Receipts
Rs.
Payments
Rs.
Subscription:
2005-06 = 7000
2006-07 = 30000
2007-08 = 5000



42000


Additional information:-
a)      Subscription outstanding on March 31, 2006 Rs. 8500.
b)      Total subscriptions outstanding on March 31, 2007 Rs. 18,500.
c)       Subscriptions received in advance as on March 31, 2006 Rs. 4000.
9. From the following particulars of a club, calculate the amount of salaries to be shown in Income and expenditure account for the year ended 31 March, 2008:
a)      Total salaries paid during the year 2007-08  Rs. 87,000
b)      Outstanding salaries on 01-04-2007 Rs. 17,000
c)       Prepaid salaries on 01-04-2007 Rs. 19,000
d)      Outstanding salaries on 31-03-200 Rs. 32,000
e)      Prepaid salaries on 31-03-2008  Rs 20,000
10. Calculate the amount to be debited to Income and Expenditure account under the heading sports items for the year 2006-07 in respect of the Osmosis club:
a)      Stock of sports items on 01-04-2006  Rs. 44,700
b)      Stock of sports items on 31-03-2007  Rs. 24,500
c)       Paid for sports items during the year Rs. 97,900
d)      Creditors for supplies of sports items 31-03-2007 Rs. 26,500.
11. Show the following information in the Balance Sheet of the Cosmos club as on 31st March 2007:-
Particulars
Dr (Rs)
Cr (Rs)
Tournament Fund
-
1,50,000
Tournament Fund Investment
1,50,000
-
Income From Tournament Fund Investment

18,000
Tournament Expenses
12,000
-
Additional Information: Interest accrued on Tournament Fund Investment Rs. 6000.
12. Calculate the amount medicines to be debited in the Income and Expenditure Account of a Hospital on the basis of the following information:

01-04-2006
31-03-2007
Stock of Medicines
90,000
1,24,000
Creditors for Medicines
2,40,000
2,04,000
Amount paid for medicines during the year was Rs. 6,79,000.
Preparation of Receipts and Payments Account
1. Novodoi Club of Doomdooma had a cash and balance of Rs. 740 and Rs. 16,300 respectively    on 1.4.98. From the following details prepare its Receipt and Payments Account for the year               ending 31st March, 1999.               2000
Entrance fees received
Donation received
Donation received for new club building
Salaries paid to staff (including Rs. 4,000 of 1997-98)
Furniture purchases
Repairs to building
Rent received from auditorium
Honorarium to coaches
Wages paid to laborers’
Receipt from sale of old newspaper
Expenses for tournament paid
Subscription received from members:
    1997-98
    1998-99
    1999-2000
Life membership fee received
Balance at Bank as on 31.3.99.
10,000
20,000
80,000
14,400
20,000
1,900
2,400
3,400
6,240
1,050
8,300

4,000
24,000
6,800
2,000
1,10,000
2. Jorhat Club had a cash and bank balance of Rs. 950 and Rs. 1,800 respectively on 1.4.2000. From the following details, prepare it receipts and payments account for the year ending 31st March, 2001.   
Subscription received during the year from members.
1999 – 2000                                                                                         Rs. 3,000
2000 – 2001                                                                                         Rs. 25,000
2001 – 2002                                                                                         Rs. 7,000
Entrances fees                                                                                  Rs. 8,000
Donation received                                                                           Rs. 15,000
Life Membership fees                                                                   Rs. 2,000
Rent received From Auditorium                                                                Rs. 1,600
Salaries to staff                                                                                 Rs. 13,200
Outstanding salary                                                                          Rs. 6,800
Repairs to building                                                                           Rs. 950
Sale of old newspaper                                                                   Rs. 685
Furniture purchased                                                                       Rs. 21,520
Balance at Bank on 31.3.2001                                                      Rs. 45,000
3. Star Cricket Club has a cash balance of Rs. 500 a bank balance of Rs. 1000 on 1.4.2004. From the following details, prepare its Receipts and Payments Account for the year ended 31.3.2005.            
Subscription received for the year                                                           16,000
Subscription outstanding on 31.3.05                                                        2,000
Subscription for 2003 – 04 received during the year                          1,000
Life membership fees received                                                                 5,000
Donation for the club house received                                                     10,000
Rent paid for the year                                                                                    6,000
Advance Rent paid                                                                                          600
Sale of furniture (Book value Rs. 600)                                                     500
Honorarium to coach                                                                                      5,000
Sports Expenses                                                                                               8,000
Construction of club house                                                                          9,000
Salary                                                                                                                    6,000
Maintenance Grant                                                                                        1,000
Depreciation                                                                                                      1,000
Salary outstanding on 31.3.2005                                                                500
Cash in hand on 31.3.2005                                                                            1,400
4. Young Star Club had a Cash and Bank Balance of Rs. 950 and Rs. 18,000 respectively on 1.4.2006. From the following details, prepare its Receipts and Payments A/c for the year ended 31st March, 2007.
Subscriptions received during the year                 
2005-06                                                                                                                3,000
2006-07                                                                                                                25,000
2007-08                                                                                                                7,000
Subscriptions outstanding on 31.3.2007                                                                 5,000
Entrance fees received                                                                                                 8,000
Donation received                                                                                                           15,000
Life Membership fees received                                                                                 2,000
Rent received from Auditorium                                                                                 1,600
Salaries to staff                                                                                                                 13,200
Outstanding salaries on 31.3.07                                                                                 6,800
Depreciation                                                                                                                      2,000
Capital Grant                                                                                                                      5,000
Repairs to Building                                                                                                           950
Sale of old Newspaper                                                                                                  685
Furniture Purchased                                                                                                       21,250
Balance at Bank on 31.3.07                                                                                           45,000
5. Tangla Tea Managers club had a cash and bank balance of Rs. 6,200 and Rs. 10,500 respectively on 1st April, 2009. From the following information, prepare a Receipt and Payment A/c for the year ended 31st March, 2010.
Entrance fees received                                                                                 4,000
Salaries paid                                                                                       7,600
Donations                                                                                           5,000
Subscription received                                                                    5,000
    2008-2009                                                                                        2,100
    2009-2010                                                                                        24,500
    2010-2011                                                                                        3,000
Outstanding subscription for 2009-2010                                 4,200
Sports materials purchased                                                         18,000
Sundry expenses                                                                             1,500
Life membership fees                                                                    10,000
Annual sports day expenses                                                       9,600
Outstanding salaries for 2009-10                                               800
Repairs                                                                                                                 1,000
Books purchased                                                                             10,000
Donation for building                                                                     15,000
Honorarium                                                                                        6,000
Municipal tax paid                                                                           7,000
Cash in hand 31.3.2010                                                                  4,200
(Entrance fee to be treated as revenue receipt)
6. Guwahati Club has a cash and bank balance of Rs. 1,600 and Rs. 20,000 respectively on 1-4-2011. From the following details, prepare a Receipts and Payments A/c for the year ended 31-3-2012:

(Rs.)
Donation received
Entrance fee received
Donation received for building
Furniture purchased
Salary paid for the year
Salary paid in advance
Repairs of Building
Rent received
Wages paid
Outstanding salary
Sales of old newspaper
Subscription received:
For 2010-2011
For 2011-2012
For 2012-2013
Life Membership Fees
Balance of bank on 31-3-2012
18,000
6,000
90,000
18,000
10,500
2,000
1,500
1,500
6,000
1,500
900

8,000
25,000
1,000
4,000
1,35,500
7. Star Cricket Club had a cash balance of Rs. 500 and a bank balance of Rs. 1,000, on 1-4-2011. From the following details, prepare its Receipts and Payments A/c for the year ended 31-03-2012.
Particulars
(Rs.)
Subscription received for the year
Subscription outstanding on 31-03-2011
Subscription for 2010-2011 received during the current year
Life membership fees received
Donation for club house received
Rent paid for the year
Advance rent paid/Rent prepared
Sale of furniture (book value Rs. 600)
Honorarium to Coach
Sports Expenses
Construction of club house
Salary
Printing & Stationery
Postage & Telegram
Maintenance grant
Depreciation during the year
Salary outstanding on 31-03-2011
Outstanding salary on 1-4-2011 paid during the year
Cash in hand on 31-03-2011
Stationery in hand on 31-03-2011
16,000
2,000
1,000
5,000
10,000
6,000
600
500
5,000
8,000
9,000
4,500
400
600
1,000
1,000
500
500
1,400
100
8. Joker’s Club had a cash balance of Rs. 1,200 and a bank balance of Rs. 23,500 on 1-1-2011. From the following particulars, prepare a Receipts and Payments A/c for the year ended 31-12-2011
Particular
(Rs.)
Salary paid: (including Rs. 1,000 for 2010 and Rs. 500 for 2012)
Salary outstanding for 2011
Books purchased
Sports material purchased
Sports material used
Subscriptions received: (including Rs. 2,000 for 2010 and Rs. 3,000 for 2012)
Printing and Stationery consumed/used
Sale of furniture (Book value Rs. 1,000)
Subscription received in 2010 for 2011
Subscription outstanding for 2011
General Expenses
Entrance Fees received
10% Investment purchased
Electricity
Donation received
Newspaper and Magazine
Sale of old Newspaper
Depreciation of furniture
Interest on investment received
Honorarium to coaches
Cash in hand on 31-12-2011
Printing and Stationery on 1-1-2011
Printing and Stationery on 31-1-2011
24,000
800
20,000
30,000
3,000
40,000
2,600
800
1,600
4,000
4,000
2,000
5,000
1,600
40,000
2,000
600
2,000
500
1,200
1,500
1,000
1,200
9. The Bee Line Club of Guwahati had a cash and a bank balance of Rs. 740 and Rs. 16,300 as on 1-4-2011. From the following details, prepare its Receipts and Payments A/c for the year ended on 31-3-2012.
Particulars
(Rs.)
Entrance fee received
Donation received
Donation received for new building
Salaries paid to staff (including Rs. 4,000 for 2010-2011)
Repair to building
Rent received from Auditorium
Rent for auditorium outstanding
Honorarium to coaches
Wages paid to labourers
Ground rent and municipal tax due
Received from sale of old newspaper
Expenses for tournament:
Paid
Outstanding
Subscription received from
For 2010-2011
For 2011-2012
For 2012-2012
Subscription outstanding for 2011-2012
Life membership fees
Legacy
Furniture on 1-4-2011
Furniture on 31-3-2012
10,000
20,000
60,000
14,400
1,900
2,400
800
3,400
6,240
2,000
1,050

8,300
1,000

4,000
24,000
6,800
8,500
2,000
20,000
5,000
25,000
There was no depreciation on furniture.
10. Jorhat Club has a cash and a bank balance of Rs. 950 and Rs. 18,000 respectively on 1-4-2011. From the following details, prepare its receipts and payment A/c for the year ended 31-03-2012.

(Rs.)
Subscription received during the year from members:
For 2010-2011
For 2011-2012
For 2012-2013
Entrance Fees
Donation Received
Life Membership fees
Rent received from auditorium
Salary to staff
Outstanding salary
Repairs to Building
Sale of old newspaper
Furniture purchased
Bank on 31-03-2012
Sports goods: 01-04-2011
Sports goods: 31-03-2012
Depreciation on sports goods at 10%

3,000
25,000
7,000
8,000
15,000
2,000
1,600
13,200
13,200
950
685
11,520
45,000
10,000
18,500

Preparation of Income and Expenditure Account
1. Dihing Charitable Society was formed on 1-4-2011. From the following particulars prepare the Income & Expenditure A/c of the society for the year ended on 31.03.2012 and a balance Sheet as on that date.
Receipts
Amount
Payments
Amount
Subscription for members
Donation
Life Member Subscription
Govt. Grant:
Maintenance
Capital

3,080
2,000
1,000

2,000
20,000
Salaries
Scholarship to Students
Free dispensary to the poor
Office furniture
Investment
Doctors fees
Affiliation fee of Society (till 31-03-2012)
Balance c/d
850
740
760
1,000
1,500
500
2,000
20,730

28,080

28,080
Additional information:
                     i.            Outstanding on 31-03-2012:
a.       Free dispensary: Rs. 240.
b.      Subscription from member:  Rs. 920
                   ii.            Donation and Life Membership fees has to be treated as capital receipts
2. The Netaji  Subhash Club gives you the following information:
Receipts and Payment A/c of Star Sporting Club for the year ended 31-12-2011
Receipts
Amount
Payments
Amount
To Cash & Bank
To subscriptions
To Tournament fund
To Life membership fees
To Entrance fees
To Donation for pavilion
To Sale of grass
2,250
5,800
1,500
2,000
500
2,700
100
By Ground man fees
By Mowing machine
By Salary to coaches
By tournament expenses
By Office expenses
By Sports Equipment
By Cash & Bank
1,500
1,100
3,600
900
2,900
1,200
3,650

14,850

14,850
Subscription due on 31-12-2011 were Rs. 800. Subscription received also include subscription for 2012 Rs. 200. The value placed on the sports equipment in hand on 31-12-2011 was Rs. 1,300. The mowing machine was purchased on 1.07.2011 and it is to be depreciated @ 20% p.a. Office expenses Rs. 100 are still due for payment. Prepare Income and Expenditure A/c of the Club for the year ended 31-12-2011.
3. Following is receipts and payment A/c of Yuba Sanskritik Sanga, Dhing for the year ended 31-03-2012.
Receipts
Amount
Payments
Amount
Balance b/d
Subscriptions
Interest on Investment @ 8% p.a.
47,500
1,65,000
10,000
Salaries (for 11 months)
Sports Equipment
Balance c/d
82,500
1,00,000
40,000

2,22,500

2,22,500
Additional information:
                     i.            The Sanga had received Rs. 5,000 for subscription in 2010-2011 for 2011-2012.
                   ii.            Stock of sports material on 31st March 2011 Rs. 75,000 and on 31st March 2012 Rs. 1,62,500.
From the above, prepare the Income & Expenditure A/c of the Sanga for the year ended on 31-03-2012 and a Balance Sheet as on that date.
4. Following is the receipts and payments A/c of Ujjala Literacy Club for the year ended 31-03-2012.
Receipts
Amount
Payments
Amount
Balance b/d
Subscriptions:
2010-2011                         1,200
2011-2012                       26,500
2012-2013                            500
Interest on fixed deposits
Sale of old newspapers
Government Grants
Sale of old furniture (Book value Rs. 7,000)
19,550



28,200
450
1,250
10,000

5,700
Salary
Newspapers
Electricity Bill
Fixed deposit (on 1-7-2011 @ 9%)
Books
Rent
Furniture
Balance c/d
3,000
2,050
1,000
20,000
10,600
6,800
10,500
11,200

65,150

65,150
Additional Information:
a)      Subscriptions outstanding as on 31-3-2011 were Rs. 2,000 and on 31-3-2012 Rs. 2,500.
b)      On 31-3-2012 salary outstanding was Rs. 600 and Rent outstanding was Rs. 1,200.
c)       The Club owned furniture Rs. 15,000 and books Rs. 7,000 on 1-4-2012.
Prepare Income & Expenditure A/c for the year ended 31-3-2012 and ascertain ‘Capital Fund’ on 31-3-2011. Also prepare a Balance Sheet as on 31st March 2012.
5. Following is the receipts and payments A/c of Literacy Club for the year ended 31-12-2011.
Receipts
Amount
Payments
Amount
Balance b/d
Subscriptions
Entrance Fee
Tournament Fund
Sale of old newspapers
Legacy  
10,000
52,000
5,000
26,000
1,000
37,000
Salary
Billiard Table
Office Expenses
Tournament Expenses
Sports Equipment
Balance c/d
15,000
20,000
6,000
31,000
40,000
19,000

1,31,000

1,31,000
Other Information: On 31.12.2011 subscription outstanding was Rs. 2,000 and on 31.12.2010 subscription outstanding was Rs. 3,000. Salary outstanding on 31.12.2011 was 1,500. On 1.1.2011 the club had building Rs. 75,000, furniture Rs. 18,000, 12% investment Rs. 30,000 and sports equipment Rs. 30,000. Depreciation is to be charged on sports equipment including purchases by 10%.
Prepare Income & Expenditure A/c for the year ended 31.12.2011 and ascertain ‘Capital Fund’ on 31-12-2010. Also prepare a Balance Sheet as on 31.12.2011.
6. Given below is the Receipts and Payment A/c of Star Sporting Club for the year ended 31.03.2012.
Receipts
Amount
Payments
Amount
To Balance b/d
Cash in hand & bank
To Entrance Fees
To Subscriptions:
2010-2011                         1,000
2011-2012                         9,000
2012-2013                         1,400
To Interest on Investment
To Hire of Lecture Hall

4,000
400



11,400
400
2,400
By Salaries
By Electric Charges
By Printing & Stationery
By Furniture purchased
By Investment @ 12% p.a.
(Purchased on 1-7-2011)
By Sundry Expenses
By Balance c/d
Cash in hand & Bank
4,800
300
500
4,000

6,000
1,000

2,000

18,600

18,600
Prepare an Income & Expenditure A/c for the year ended 31.2012 and a Balance Sheet as on that date after taking into consideration the following additional information –
a)      On 31.3.2012 salary outstanding was Rs. 800 and subscriptions accrued were Rs. 600.
b)      Depreciation furniture @ 10% p.a.
c)       On 01-04-2011, the Club possessed furniture valued Rs. 6,000 and Rs. 400 on account of salary was outstanding.
7. Following is the Receipts and Payments A/c of Guwahati Club for the year ended 31-12-2011. Prepare an Income & Expenditure A/c for the year ended 31-12-2011 and a Balance Sheet of the Club as on that date:
Receipts
Amount
Payments
Amount
To Balance b/d
To Subscriptions:
For 2010
For 2011
For 2012
To Sale of old furniture (Costing Rs. 100)
To Rent from the use of hall
To Profit from entertainment
250

250
1,000
200
60
740
500
By Salaries
By General Expenses
By Furniture
By Books
By Newspaper
By Balance c/d
1,200
550
250
100
400
500

3,000

3,000
Additional Information:
1.       The club has 50 members each paying an annual subscription of Rs. 25. Subscriptions outstanding on 31.12.2010 were Rs. 300.
2.       On 31.12.2011 salary outstanding amounted to Rs. 100. Salaries paid included Rs. 100 for the year ended 2010.
3.       On 1.1.2011 the club owned Land & Building valued Rs. 10,000, Furniture Rs. 600 and books Rs. 500.
8. Following is the Receipts and Payment A/c of Modern Club for the year ended 31.3.2012. Prepare an Income & Expenditure A/c for the year ended 31.3.2012 and a Balance Sheet of the club as on that date.
Receipts
Amount
Payments
Amount
To Balance b/d
Cash
Bank
To Subscriptions:
For 2010 - 2011
For 2011 - 2012
For 2012 - 2013
To Entrance Fees
To Income from entertainment
To Sale of old newspapers

450
9,550

600
18,000
500
350
2,800
150
By Investment in 8% securities (1.10.2011)
By Furniture
By Salaries
By Stationery
By Electric Charges
By Misc. expenses
By Balance b/d
Cash
Bank

10,000
5,400
4,500
1,200
1,400
1,000

1,400
7,500

32,400

32,400
Additional Information:
1.       The club has 400 members each playing an annual subscription of Rs. 50. Subscriptions in arrears on 2010-2011 were Rs. 800 and received in advance for 2011-2012 Rs. 600.
2.       Stock of stationery on 31st March, 2011 was Rs. 780 and on 31st March, 2012 it was Rs. 860.
3.       On 1st April, 2011 Premises were of Rs. 16,000. Depreciation to be charged on premises @ 5% and on furniture @ 10%.
9. From the following receipts and payments A/c for the year ended 2011 and other details of the Jagriti Club, Jorhat, prepare in income and expenditure A/c for the year ended 31-12-2011:
Receipts
Amount
Payments
Amount
Cash & Bank on 1.1.2011
Entrance fees
Subscription received
Donation for Building
Donation received
Life membership fees
12,000
2,000
20,000
30,000
10,000
4,000
Upkeep of ground
Salaries (Rs. 1,000 per month)
Electric Charge
News paper & Journal
Furniture purchased
Book Purchased
Construction of Building
Annual Dinner
Cash at Bank on 1.1.2011
6,000
13,000
2,500
2,000
4,000
10,000
25,000
2,000
13,500

78,000

78,000
Additional Information:
a)      The club had Land Rs. 50,000, Sport’s goods Rs. 5,000 and a Building Fund Rs. 15,000 on 1.1.2011.
b)      Subscription received include Rs. 500 for 2010 and Rs. 200 for 2012 and subscription for 2011 received in 2010 was Rs. 300
c)       50% of the entrance fees and total of life membership fees is to be capitalized.
d)      Depreciation on Furniture and Sport’s Goods at 10%.
e)      Building construction is in progress.
10. Following is the Receipts and Payments A/c of Maharana Club for the year ended 31.12.12. Prepare an Income & Expenditure A/c for the year ended 31.12.2012 and a Balance Sheet of the Club as on that date:
Receipts
Amount
Payments
Amount
To Balance b/d
To Entrance Fees
To Subscriptions:
For 2011                            600
For 2012                       50,800
For 2013                            900
To Locker rent
To Subscription for Governor’s party 
1,900
2,650



52,300
2,500
12,350
By Rent
By Printing & Stationery
By Wages
By Table Tennis Board
By Electric Bill
By Interest
By Balance b/d
16,600
9,200
16,900
12,500
2,400
4,600
9,500

71,700

71,700
Additional Information:
a)      Locker rent Rs. 180 relates to 2011 and Rs. 270 still owing.
b)      Rent Rs. 3,900 has been paid for 2011 and Rs. 3,900 is sill due.
c)       Printing & Stationery Rs. 936 related to 2011 and Rs. 1092 is yet to be paid.
d)      Subscription unpaid for 2012 Rs. 2,604.
e)      Special subscription for governor’s party is outstanding Rs. 1,650.
f)       Sports materials of the value of Rs. 48,000 were owned by the club on 1st January 2012. This was valued at Rs. 40,500 on 31st December 2012.
11. Given below is the Receipts and Payments Account of New Star Sporting Club for the year ended March, 31, 1996.
Receipt
Rs.
Payments
Rs.
Balance b/d
Cash in Hand
Entrance Fees
Subscriptions
    1994-95
    1995-96
    1996-97
Interest on Investments
Hire of Lecture Hall

300
400

1,000
9,000
1,400
400
2,400
By Salaries
Electric charges
Rent
Printing & Stationery
Furniture purchased  (on 1.10.95)
Investment @ 12% p.a. purchased
  (on 1st July, 1995)
Sundry expenses
Balance c/d
Cash at Bank
4,000
300
800
500
4,000
6,000

1,000
200
1,800

18,600

18,600
Prepare an Income and Expenditure Account for the year ended 31st March, 1996 after taking into consideration the following additional information.
(i) On 31st March, 1996 salary outstanding was Rs. 800 and subscriptions accrued were Rs. 600.
(ii) Depreciate furniture @ 10% per annum.
(iii) On 1st April, 1995, the club possessed furniture value Rs. 6,000 and Rs. 400 on account of salary was outstanding.
12. From the following Receipts and Payments A/c for the year ended 31st December 2002 and other details of Sankardev Club prepare an Income and Expenditure Account for the year 31st
Receipts
Rs.
Payments
Rs.
Cash in hand on 1.1.02
Subscription :
         2001
         2002
         2003
Sales of news papers
Life Membership Fees
Donation
Donation for building
Interest
Maintenance Grant
Sale of Furniture
12,000

900
20,000
2,000
100
5,000
6,000
8,000
200
2,000
1,000
Salaries
Honorarium
Travelling Expenses
Sports Expenses
Investment
Construction of Building
Rent
Scholarship
Cash in hand on 31.12.2002
14,000
3,000
2,000
5,000
10,000
7,000
2,000
1,000
13,200

57,200

57,200
Additional Information:
(i)      Outstanding subscription Rs. 2,500
(ii)    Outstanding salaries Rs. 1,000
(iii)   Subscription for 2002 received in 2001.
13. From the following Receipts and Payments Account for the year ended 31st Dec, 2004 and other details of Sunrise Club, prepare an Income Expenditure Account for the year that ended 31st Dec, 2004.              
Receipts and Payments A/c
Receipts
Rs.
Payments
Rs.
Cash in hand on 1.1.04
Subscription received
Entrance Fees
Donation received
Donation for Club house
Life membership fees
Maintenance Grant
Sale of Furniture
10,000
20,000
1,000
8,000
7,000
5,000
6,000
1,000
Salaries
Rent & Taxes
Electric charges
Sports goods purchased
Maintenance of Club house
Construction of Club house
Payment of outstanding expenses
Annual dinner
Cash in hand on 31.12.2004
12,000
6,000
3,000
15,000
2,000
12,000
500
5,000
2,500

58,000

58,000
Additional information
(i) Subscriptions received include Rs. 500 for 2003 and Rs. 200 for 2005 and subscription for 2004 received in 2003 was Rs. 200.
(ii) 50% of Entrance Fees and total life membership fees are to be capitalised.
(iii) Depreciation on sport goods is Rs. 3000.
14. From the following Receipts and Payments A/c for the year ended 31st March, 2006 and other details of Evergreen Club, prepare an Income and Expenditure A/c for the year ended 31st March, 2006.
                Receipts and Payments A/c
Receipts
Rs.
Payments
Rs.
Cash in hand on 1.4.05
Cash at bank on 1.4.05
Entrance Fees
Subscriptions :
    2004-05
    2005-06
    2006-07
Interest on investments
Hire of Lecture Hall
Maintenance Grant
600
6,000
2,000

1,000
9,000
1,500
800
3,000
5,000
Salaries
Electric charges
Rent
Printing & Stationery
Furniture (Purchased on 1.10.05)
Investment @ 12%  (on 1.7.05)
Sundry Expenses
Cash in hand on 31.3.06
Cash at bank on 31.3.06
5,000
600
1,200
1,000
4,000
10,000
1,000
500
5,600

28,900

28,900
Additional information:
(i)      On 31st March, 2006 Rent and Salary outstanding were Rs. 800 and Rs. 1,200 respectively and subscriptions accrued were Rs. 1,000.
(ii)    Furniture is to be depreciated @ 10% p.a.
(iii)   On 1st April, 2005 the Club possessed furniture valued Rs. 6,000 and outstanding salary was Rs. 500.
(iv)  50% of the Entrance fees is to be capitalised.
From the following Receipts and Payments A/c for the year ended 31st Dec, 2008 and other details of Tezpur Club, prepare an Income and Expenditure A/c for the year ended 31st Dec, 2008.
Receipts
Rs.
Payments
Rs.
Cash in hand 1.1.08
Subscription received
Entrance Fees
Donation received
Donation for club house
Life membership fees
Maintenance Grant
Capital Grant
Sale of furniture
10,000
20,000
10,000
18,000
17,000
5,000
6,000
7,000
1,000
Salaries
Rent & Taxes
Electric charges
Sports Goods purchased
Annual dinner
Construction of club house
Sundry expenses
Payment of outstanding expenses
Cash in hand on 31.12.08
12,000
6,000
3,000
25,000
5,000
36,000
2,000
500
4,500

94,000

94,000
Additional information :
(i) Subscriptions received include Rs. 5,000 for 2007 and Rs. 2,000 for 2009. Subscription for 2008 received in 2007 was Rs. 8,000.
(ii) Total of Entrance fees and Life membership fees are to be capitalised.
(iii) Depreciation of sports goods is Rs. 2,500.
(iv) Book value of Furniture sold on the date of sale was Rs. 1,500.
15. From the following Receipts and Payments A/c and information given below. Prepare Income and Expenditure A/c of Maharana Club for the year ending 31st Dec, 2006.
Receipts
Amount
Payment
Amount
To balance b/d
To Entrance fees
To Subscription :
    2005
    2006
    2007
To Lockers rent
To Special subscription for Governors Party
1,900
2,650

600
50,800
900
2,500
12,350
By Rent
By Printing & Stationery
By Wages
By Table Tennis Board
By Electric Bill
By Interest
By balance c/d
16,600
9,200
16,900
12,500
2,400
4,600
9,500

71,700

71,700
Locker rent Rs. 180 relates to 2005 and Rs. 270 is outstanding. Rent Rs. 3,900 has been paid for 2005 and Rs. 3,900 is outstanding. Printing & Stationery Rs. 936 relates to 2005 and Rs. 1,092 is yet to be paid. Subscription unpaid for 2006 Rs. 2,604, special subscription for Governor’s party is outstanding Rs. 1,650. Sport materials of the value of Rs. 48,000 were owned by the Club on 1st January, 2006. This was valued at Rs. 40,500 on 31st Dec, 2006.
16. Following is the Receipts and Payments A/c  of Youngmen’s Library for the year ended 31st Dec. 2000.
Receipts and Payments Account
Receipts
Rs.
Payments
Rs.
1.1.2000 to
Balance b/d
To cash in Hand
To Admission fees
To subscriptions
To Lecture Hall hire charges
To Miscellaneous Receipts
To Interest on Investments
To life subscriptions
To sale to furniture


4,400
3,500
19,500
2,500
350
600
2,000
100
By Salaries & Wages
By rent
By Investments
By postage & stationery
By Electric Charges
By books purchased
By outstanding expenses
By balance c/d
Cash in hand
6,800
8,250
3,500
1,250
750
6,000
700

5,700

32,950

32,950
Additional information:
Outstanding subscription Rs. 1,000
60% of admission fees and the whole of life subscriptions are to be capitalised.
Depreciation on books is Rs. 600.
Prepare an Income and Expenditure Account of the Library for the year ended 31.12.2000.

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