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Income And Expenditure Account Problems And Solutions Pdf

income and expenditure account problems and solutions pdf

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These solutions have been prepared based on the latest book for DK Goel Class 12 for currect adacemic year. These solutions for DK Goel Accountancy Class 12 help commerce students understand the concepts of accountancy and build strong base in accounts.

Income and expenditure account problems with solutions

Explain the statement. Show the treatment of items of Income and Expenditure Account when there is a specific fund for those items. From the following particulars taken from the Cash Book of a health club, prepare a Receipts and Payments Account.

Prepare the Income and Expenditure Account for the Year ended on March 31, after considering the following:. It was decided to treat Fifty per cent of the amount received on account of Legacies and Donations as income.

Following is the information given in respect of certain items of a Sports Club. How will you deal with the following items while preparing for the Bombay Women Cricket Club its income and expenditure account for the year ending The following is the account of cash transactions of the Nari Kalayan Samittee for the year ended December 31, Subscription outstanding was on December 31, Rs 1, and Rs 3, on December 31, Locker rent outstanding on December 31, Rs Salary outstanding on December 31, Rs 1, Receipt and Payment Account of Shankar Sports club is given below, for the year ended March 31, Subscription outstanding on March 31, is Rs 1, and Rs 2, on March 31, , opening stock of postage stamps is Rs and closing stock is Rs , Rent Rs 1, related to and Rs 1, is still unpaid.

On April 01, the club owned furniture Rs 15,, Furniture valued at Rs 22, From the following Receipt and Payment Account prepare final accounts of a Unity Club for the year ended March 31, On Following is the information in respect of certain items of a Sports Club.

Receipt and Payment Account of Maitrey Sports Club showed that Rs 68, were received by way of subscriptions for the year ended on March 31, Show how that above information would appear in the final accounts for the year ended on March 31, of Maitrey Sports Club. Prepare Income and expenditure account for the year ended December 31, , and a balance sheet as on that date after the following adjustments: Subscription for , still owing were Rs 7, The Book value of investment sold was Rs 80,, Rs 30, of the investment were still in hand.

Subscription received in included Rs from a life member. The total furniture on January 1, was worth Rs 12, Salary paid for the year is Rs 2, Prepare Income and expenditure account for the year ended December 31, , and a balance sheet as on that date after the following adjustments:. From the following Receipt and Payment Account of a club, prepare Income and Expenditure Account for the year ended March 31, and the Balance Sheet as on that date.

Receipt and Payment Account for the year ending March 31, The club has members each paying an annual subscription of Rs Subscriptions outstanding on March 31, were Rs 3, On April 1, the club owned land and building Rs 25,, furniture Rs 2, and books Rs 6, Provide depreciations Rs 60 on fixtures and fittings, Rs on billiard table and Rs on furniture. This will clear students doubts about any question and improve application skills while preparing for board exams.

The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Further, we at Shaalaa. NCERT textbook solutions can be a core help for self-study and acts as a perfect self-help guidance for students. Using NCERT Class 12 solutions Accounting for Not-for-Profit Organisation exercise by students are an easy way to prepare for the exams, as they involve solutions arranged chapter-wise also page wise.

Question Papers. Question Papers Textbook Solutions Important Solutions Question Bank Solutions Time Tables Advertisement Remove all ads. Short Answers [Page 50]. Short Answers Q 1 Page State the meaning of 'Not-for-Profit' Organisations. Short Answers Q 2 Page State the meaning of Receipt and Payment Account. Short Answers Q 3 Page State the meaning of Income and Expenditure Account. Short Answers Q 4 Page What are the features of Receipt and Payment Account? Short Answers Q 5 Page Short Answers Q 6 Page Short Answers Q 7 Page Long Answers, Long Answer [Page 51].

Long Answers Q 1 Page Long Answers Q 2 Page Long Answers Q 3 Page Long Answers Q 4 Page Long Answer Q 5 Page Long Answers Q 6 Page Long Answers Q 7 Page What is Receipt and Payment Account? How is it different from Income and Expenditure Account? Numerical Questions [Pages 51 - 62]. Numerical Questions Q 1 Page Numerical Questions Q 2 Page Rs 2, due for interest on investment was not actually received.

Numerical Questions Q 3 Page From the following particulars, prepare Income and Expenditure account: Details Amount RS Fees collected, including Rs 80, on account of the previous year Fees for the year outstanding Salary paid, including Rs 5, on account of the previous year Salary outstanding at the end of the year Entertainment expenses Tournament expenses Meeting Expenses Traveling Expenses Purchase of Books and Periodicals, including Rs 31, for purchase of Books Rent Postage, telegrams and telephones Printing and Stationery Donations received Numerical Questions Q 4 Page Numerical Questions Q 5 Page Numerical Questions Q 6 Page Numerical Questions Q 7 Page Numerical Questions Q 8 Page Numerical Questions Q 9 Page Numerical Questions Q 10 Page Numerical Questions Q 11 Page Numerical Questions Q 12 Page Numerical Questions Q 13 Page Numerical Questions Q 14 Page The additional information was as under: 1.

Subscription Outstanding as on March 31, were Rs 6,, 2. Subscription received in advance as on March 31, were Rs 4,, 3. Subscription Outstanding as on March 31, were Rs 5,, 4. Subscription received in advance as on March 31, were Rs 2, Numerical Questions Q 15 Page Numerical Questions Q 16 Page It was decided to treat one-third of the amount received on account of donation as income.

Insurance premium was paid in advance for three months. Numerical Questions Q 17 Page Numerical Questions Q 18 Page Numerical Questions Q 19 Page Expenses Income and Exp. Share 0. Select a course. My Profile. My Profile [view full profile].

The Income and Expenditure A/C Problem's Solution

A creditor usually asks you to fill in one of these forms so they have a better understanding of your situation. They also want to ensure that all of your living expenses are accounted for when considering a lower debt repayment , or other ways to help you. Read our guide to dealing with reduced income caused by the coronavirus outbreak. Filling in an income and expenditure form is similar to filling in a budget in the following ways:. It is sometimes called a common or standard financial statement. It lists all your income, spending and debts, worked out on a monthly basis. It can be used to:.

As a general guide, the following steps should be carefully followed to convert the receipt and payment account to an income and expenditure account. While preparing the income and expenditure account, special attention should be given to the following items:. This amount is received as per the will of the deceased person. Sometimes a portion of legacy is transferred to income and expenditure account. If nothing is clear it may be treated as income or capitalized but a footnote of its treatment should be given.

income and expenditure account problems and solutions pdf

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Preparation of income and expenditure account from receipt and payment account

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Not-for-Profit Organisations NPO are set up with the prime objective of providing services and not to earn profit thereby enhancing the welfare of society. Such organisations include schools, hospitals, trade unions, religious organisations, etc. NPO's main sources of income are donations, subscriptions, life membership fees, grants etc.

Financial Accounting Topics

These test papers with solution are prepared by our team of expert teachers who are teaching grade in CBSE schools for years. There are around set of solved Accountancy Extra questions from each and every chapter. The students will not miss any concept in these Chapter wise question that are specially designed to tackle Exam. We have taken care of every single concept given in CBSE Class 12 Accountancy syllabus and questions are framed as per the latest marking scheme and blue print issued by CBSE for class Download as PDF. Not-for-profit organisations have some distinguishing features from that of profit organisations. State any one of them.

Consumer stores - opening , purchases - in the year , used - , Closing - Subscriptions - Rs. How to post the above information. Vijay Krishna from India Vijay Krishna, when you have to make income and expenditure account for , above information will be used for making it. We have to show consumer store consumption in our income and expenditure account because actual use of consumer store is our expense for this year. I think, there is one wrong figure of opening or purchase because both will be and after deducting closing stock of consumer store, we can get consumer store Rs. Now, for showing expense of purchase of goods in our income and expenditure account, we need to do some calculation.

From the following trial balance and other information pertaining to the year ended 31st March, for the Delhi School, Income And Expenditure Account Problems With Solutions This is likewise one of the factors by obtaining the soft documents of this income and expenditure account problems with solutions by online. Income and Expenditure Account The Income and Expenditure Account is a summary of all items of incomes and expenses which relate to the ongoing accounting year. The following is the income and expenditure account of a club for the year ended 31st March, Receipts If the points of difference between receipt and payment account and income and expenditure account have been understood, it should be a simple matter to convert a receipt and payment account into an income and expenditure account. Income and expenditure is a nominal account which includes all revenue items. It is prepared same as profit and loss account i. The difference of this account will represent surplus or deficit.

He knows that it is important to distinguish between capital expenditure and revenue expenditure. Deferred Revenue Expenditure is revenue expenditure, incurred to receive benefits over a number of years say 3 or 5 years.

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    Income and Expenditure: Problem and Solution # 2. From the following, prepare an.

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