A quarter’s charge for telephone is outstanding, the amount accrued being Rs 300. On 31st December, 2012 cash in hand amounting to 1,600. Income and Expenditure account is a. In the absence of any instruction, it may be treated as an income and is credited to Income and Expendi­ture Account. In this account, all losses and expenses relating to the period are debited and all gains and incomes relating to the same period are credited. (b) An amount of Rs 500 was outstanding on account of rent. It includes र 1,600 for 2011 and र 600 for 2013. d. None of these Answer: c. Nominal A/c. (1) Take all the assets from Opening Balance Sheet, after due effect of depreciation (from Income and Expenditure A/c) additions (from Receipts and Payment A/c) and sold (from Receipts and Payments A/c), the net figure will be written in the asset side of the Balance Sheet. Fees Rs 5,000 are still to be received. 6. Prepare Income and Expenditure Account and Balance Sheet from Receipts and Payment Account and Balance Sheet as on 31st December 2004: Following is the Receipt and Payment Account of Delhi Club for the year ended 31st December 2004: With the additional information given below, prepare the Income and Expenditure Account for the year ended 31st December 2004 and the Balance Sheet as on that date. 40,000 in 2005. Receipts and payment account begins with opening balance of a. Mr. Premlal who is a doctor commenced practice on 1st January 2004 with a cash of Rs 1, 00,000. How is it different from Income and Expenditure Account? 2 . Generally, there may be bye-laws as regards the accounting treatment of such amount. Therefore, such amount may be shown in Balance Sheet (liability side). 2,600 pertaining to 2005 and Rs. It does not start with any opening balance. It is in the form of Profit and Loss Account. (1) All the current year’s revenue incomes are to be credited in the Income and Expenditure Account. Answer: Question 4. 2. It is paid only once by the new entrants on becoming a member of a society or a club. Total expenses paid during the year are shown in Receipts and Payments Account. Also prepare the Balance Sheet of the Club. Subscriptions outstanding at Dec. 2003—Rs 600. വരിസംഖ്യ വാർഷികമായി നൽകുന്നതിന് പകരം മൊത്തമായി ഒരു തവണകൊണ്ട് അടക്കുന്നതാണ് ആജീവനാന്ത അംഗത്വഫീസ്. In 2011, the Club has raised a bank loan of 2,00. Want a call from us give your mobile number below, For any content/service related issues please contact on this number. 5,500.Find out the expenses chargeable to income and expenditure account for the year ended. Only income & expenses of current year are to be recorded, It records only those items which are of revenue nature, Both cash and non cash items like depreciation etc are recorded, It does not contain opening or closing balance of cash or bank, Closing balance of this a/c represent either surplus or deficit, If it is treated as revenue receipt, it is credited to I & E a/c. How is it calculated? Subscription received from members is credited to Income and Expenditure Account on accrual basis i.e. amount relating to the previous year or future year are excluded. Subscriptions outstanding at Dec. 2004—Rs 750. A Zoom account is not required if you are strictly joining Zoom Meetings as a participant. അതുപോലെ പണപരമല്ലാത്ത ഇനങ്ങളായ തേയ്മാനം, കിട്ടാക്കടം എന്നിവയും ഈ അക്കൗണ്ടിൽ രേഖപ്പെടുത്തുന്നില്ല. Balance of receipts and payments account represents a. 3. Explain the basic features of Income and Expenditure Account and of Receipt and Payment Account. At the inception of a non-trading concern, there will be no formal Capital Fund and in such case, the Surplus, if any, earned during the year constitute the Capital Fund at the end of the year. Stock of drugs still in hand Rs 5,000. 2. Answer: Cash Book. 8,000 for 2007. That is while preparing the Receipts and Expenditure Account, Cash System is followed for recording incomes but mercantile system is followed for recording expenditure. If someone invites you to their meeting, you can join as a participant without creating an account. What is Receipt and Payment Account? Audit fee for 2012 is as yet unpaid. Again, all outstanding expenses are taken into account but ignore outstanding incomes which have not been received. The amount received on account of sale of old sports materials and old newspapers are recurring incomes to a concern and therefore, treated them as revenue incomes. 20,000. However, the following differences may be noted: 1. A revenue receipts c. An asset d. A liability Answer: b. While preparing the final a accounts of non trading concerns where do you show receipts and payments of special nature a. ലാഭം അംഗങ്ങൾക്ക് വീതിച്ചു കൊടുക്കുന്നില്ല. While preparing the Receipts and Expenditure Account, credit is taken for the outstanding incomes but at the same time a provision is created for an amount equal to the outstanding income by debiting the Receipts and Expenditure Account. Any donations received, not for a specific purpose, are treated as General Donations. At the end of the year, after depreciation, this equipment amounted to 2,700. Subscriptions received in advance in Dec. 2004—Rs 270, 5. It is the summary of cash and bank transactions. Therefore, to calculate correct figure of expenses to be shown in Income and Expenditure Account, adjustments will have to be made. 4. (a) An Income and Expenditure Account for the year ended 31st March 2004. 3. Receipts and payment account contains a. 9 . Before publishing your articles on this site, please read the following pages: 1. This can also be kept in a separate account and an amount equal to annual subscription can be transferred to subscription account. In non-profit organizations excess of assets over liabilities is called a. വ്യാപാര സ്ഥാപനങ്ങൾ തയ്യാറാക്കുന്ന ലാഭനഷ്ട കണക്കിന് തുല്യമായി വ്യാപാരതര സ്ഥാപനങ്ങൾ തയ്യാറാക്കുന്ന അക്കൗണ്ടാണ് വരവ് ചെലവ് കണ ക്കുകൾ, ഒരു നിശ്ചിത കാലാവധിയിലെ സ്ഥാപന ത്തിന്റെ റവന്യൂ വരവുകളും, ചെലവുകളും രേഖ പ്പെടുത്തി അതിൽ നിന്നുണ്ടാകുന്ന മിച്ചമോ കമ്മി യോ എത്രയെന്ന് കണ്ടുപിടിക്കാൻ തയ്യാറാക്കുന്ന അക്കൗണ്ടാണ് വരവ് ചെലവ് അക്കൗണ്ട്. It is prepared on accrual basis. (3) The difference between the asset side and liability side will reflect the capital Fund, as balanc­ing figure. Notes of the face value of Rs 2,000 were purchased at Rs 90. It is not accompanied by a balance sheet. The club had sports equipment on 1 st January, 2012 valued at 2,600. Question 10. It is based on mercantile system of accounting. At 31st March 2004, the Rates and Taxes were prepaid to the following 31st January, the yearly charge being Rs 300. c. taken on the asset side of the B/S d. taken on the liability side of the B/s. Receipts and payment accounts records all receipts and payments of a. Answer: Features of receipt and payment account, പണം ലഭിച്ചതിന്റെയും നൽകിയതിന്റെയും അക്കൗ ണ്ടിന്റെ സവിശേഷതകൾ, Question 5. excess of income over expenses) or deficit (i.e. 8,000 for 2007. Gift c. Legacy d. Secret donation Answer: c. Legacy, Question 9. Answer: The income and expenditure of Not-for profit organisation is like a P & L account prepared on accrual basis in case of the organisations. 2. All non-cash items, Depreciation, Bad Debts, Provision for Doubtful Debts etc. 4,000 for 2005 and Rs. Revenue nature, Question 21. Professional men like Doctors, Lawyers, and Architects etc. The following particulars related to Sports Clubs of Delhi Income and Expenditure Account for the year ended 31st December 2004. Receipts are shown on the debit side payments are shown on the credit side. Items of capital nature alone b. excess of expenses over income) which is transferred to capital fund. (4) Compare each item from Income and Expenditure with Receipts and Payments Account and write suitably to close Balance Sheet. It includes items relating to previous, current and succeeding year. They record their cash transactions in Receipts and Payments Account. Prepare for the year ending at 31st December 2004. Income and Expenditure A/c is a a. The General Donations of comparatively small amount may be taken to Income and Expenditure Account. Prepare balance sheet by including there in all the balances left over after transfer to income and expenditure account have been made. 4. Any profit on sale of a cricket bat of a club will be taken to a. From the particulars given, prepare Income and Expenditure Account for the year ended 31st December 2004. It is a payment of remuneration to a person who is not an employee of the organisation. 5. 1. It does not contain outstanding expenses and accrued incomes and non cash items like depreciation, bad debts etc. അക്കൗണ്ട്, ബാലൻസ് ഷീറ്റ് തുടങ്ങിയവയാണ് ലാമേതര സംഘടനക ളുടെ ഫിനാൻഷ്യൽ സ്റ്റേറ്റ്മെന്റുകൾ. 6. It does not take into account outstanding amounts of receipts and payments. (v) Sale of sports material : Treated as revenue receipt and credited to 1 & E a/c. Company b. Question 1. General fund c. Shareholders fund d. Capital Answer: b. The subscriptions due but not received at the end of the previous year i.e., 2003 were Rs 600. (iii) Sale of Fixed asset: Appeared on the debit side of R&P a/c, (iv) Sale of old news paper : Treated as revenue receipt and credited to I&E a/c. Receipts b. The Surplus (or Deficit) shown in the Income and Expenditure is added (or deducted) to/ from Capital Fund and is not distributed among the owners: whereas the Net Profit shown in the Profit and Loss Account is distributed among the owners. 4.000. While preparing the final accounts of non trading concerns where do you show receipts and payments of special nature a. Depreciate furniture and equipment by 10% p.a. 4. 30,000; Furniture Rs. Income and Expenditure Account for the year ended 31st March, 2012 of South Asia Club is given below: Prepare Receipts and Payments account of South Asia Club for the year ending 31st March 2012. The secretary’s salary although sanctioned by resolu­tion of the committee, has not yet been paid. Add the portions of incomes and expenses prepaid in the previous year on account of current year. The following is the Receipts and Payments Accounts of Appollo Club in respect of the year 31st March 2004: The following additional facts are ascertained: 1.

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