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Problems on Non Trading Institutions

Q.No.21. Prepare Receipts and Payments Account from


the following details for the year ending 31st march 2015:
Cash in hand (1st April 2014)
10,000
Receipt:
Rent
9000
Fees
11,000
Sundries
21,000
Payments:
Repairs
3,500
Printing and stationery
6,000
Rates and taxes
8,500
Salary and wages
16,000
(Cash in hand : Rs. 17000)
Q.No.22. From the information given below prepare the
Income and Expenditure Account for the year 2015:
Payments:
Wages
5000
Furniture purchased
15,000
Sport material purchased
12,500
Sundry expenses
76,000
Receipts:
Balance (1.4.2014)
25,000
Subscriptions
82,500
Members fee
60,000
Sale of scrap
1000
Interest sport fund Investment
1000
Additional Information:
(1) Subscription outstanding Rs. 5000
(2) Wages outstanding Rs. 5000.
(Surplus : Rs. 61000)
Q.No.23. Following are the Receipts and Payments of
V.R.C. cricket club in respect of the year ended 31 st march
2015:
Receipt:
Manwar Sirs Ajinkya Commerce Academy, Washim
-9921540935
1

Subscription
1,50,000
Income on sports
30,000
Interest on securities
40,000
Income from advertisements
50,000
Payments:
Salaries
30,000
Rent & Taxes
15,000
Stationery
5,000
Printing
30,000
Adjustment:
(i) Advance subscription Rs. 20,000
(ii) Outstanding salaries Rs. 10,000
From the above information prepare Income and
Expenditure A/c for the year ended 31st March 2015
(Surplus : Rs. 35000)
Q.No.24. Prepare Receipts and payments for the year 31 st
March 2015 from the following details:
Cash in hand (1st April 2014)
12,000
Receipts:
Entrance fees
7,000
Subscription
4,000
Interest on securities
8,000
Advertisements
6,000
Locker rent.
500
Payments:
Salaries and wages
7,000
Ground Expenditure
3,000
Stationery
500
Sport Materials
3000
Postage
100
Printing
600
(Cash in Hand : Rs. 23300)
Q.No.25. prepare Income and expenditure A/c for the
year 31st Dec. From the following balances. Opening
Balance as on was Rs. 50,000:
Manwar Sirs Ajinkya Commerce Academy, Washim
-9921540935
2

Receipts:
Subscription received
90,000
Life membership fees (Revenue)
1,00,000
Sale of old newspaper
2000
Interest on Investment
10,000
Payments:
Wages and Salary
10,000
Furniture
20,000
Spots material
12,000
Other expenditure
70,000
Additional Information:
(i) There are 1,100 life members of the club required to pay
the membership fees of Rs. 100 each.
(ii) Sundry Expenditure outstanding by Rs. 2,000.
(Cash in Hand : Rs. 90000)
Q.No.26. From the following balance prepare a Balance
Sheet of Ashutosh Sports Club as on 31st March 2015:
Cash in hand
10,800
Government securities
80,000
Subscription received in advance
200
Unpaid salary
1,200
Furniture
2,000
Building
2,00,000
Subscription Outstanding
7,000
Investment
3,800
Capital Fund
3,02,200
(Total of Balance Sheet : Rs. 303600)
Q.No.27. From the following particulars calculate the
amount of expenditure regarding sports materials to be
shown in the Income and Expenditure account:
Payment made during the year
12,000
Outstanding expenses on 1.4.2014
2,000
Outstanding expense on 31.3.2015
5,000

Manwar Sirs Ajinkya Commerce Academy, Washim


-9921540935
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The stock of sports materials as on 1.4.2014 was of Rs.


8000 and on 31.3.2015 Rs. 3000.
(Deficit : Rs. 17000)
Q.No.28. From the following information calculate the
amount of subscription to be shown in Income and
Expenditure to be shown in Income and Expenditure
Account for the year ending 31st December 2014.
Subscription received during the year
50,000
Subscription outstanding in the beginning of the year
5000
Outstanding subscription at the end of the year
10,000
Subscription received in advance in previous
year related to current year
3000
Subscription received in advance for the next year
6000
(Surplus : Rs. 39000)
Q.No.29. From the following information prepare Receipt
and Payment Account of Gurukrupa Club for the year
ending 31st march 2015:
Cash balance (1.4.2014)
8000
Salary paid (10 months)
10,000
Subscriptions received:
Last years
2000
Current years
48,000
Rent paid
5000
Donations Received
15,000
Entrance fee received
2000
Purchase sport Material
6000
Sundry Expenses
3300
Investment
40,000
(Cash in hand : Rs. 10700)
Q.No.30. Following is the Receipt and Payment Account of
Sumit Homoeo Hospital for the year ending on June
30,2015:
Receipts:
Manwar Sirs Ajinkya Commerce Academy, Washim
-9921540935
4

Balance
6,030
Subscription
3,345
Members fees
810
Municipality Grant
3,000
Donation for building fund
4,680
Interest
114
Payments:
Salary of Nurses
1,968
Other Expenses
1,140
Rent rates & Taxes
600
Car Expenses
2,520
Furniture purchases
6,000
Drugs expenses
2,010
Balance c/d
3,741
Rs. 300, Received for Building fund was added to
subscription by mistake. There was an outstanding bill for
medicines for Rs. 384.
Prepare Income and Expenditure Account.
(Deficit : Rs. 684)
Q.No.31. Prepare Receipt and Payment A/c for the year
31st March 2010 from the following details:
Cash in hand (1st April 2009)
24,000
Receipt:
Entrance fees
14,000
Subscription
8,000
Interest on securities
16,000
Advertisement
12,000
Locker rent
1,000
Payments:
Salaries and wages
14,000
Grand expenditure
6,000
Stationery
1,000
Sport materials
6,000
Postage
200
Printing
1,200
(Cash in hand : Rs. 46600)
Manwar Sirs Ajinkya Commerce Academy, Washim
-9921540935
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Q.No.32.Frome the following information prepares


Income and Expenditure Account for the year ended 31 st
March 2015:
Receipts
Cash in hand
Entrance fee
General fee
Sale of old
furniture

Receipt & Payments


Amount
Payments
32,000
Salary
26,000
Taxes
95,000
Insurance
Expansion of
6,000
Building
Postage
Cash balance
1,59,000

Amount
24,000
3,000
2,500
44,500
3,500
81,500
1,59,000

Adjustment:
(i) General fee receivable Rs. 11,000.
(ii) Salary unpaid Rs.1500.
(Surplus : Rs. 53000)
Q.No.33. Prepare Receipts and Payment Account for the
year 2015 from the following details:
Cash in hand (on 1st Jan 2014)
12,000
Receipt:
Entrance fees
7,000
Subscription
4,000
Interest on securities
8,000
Advertisements
6,000
Locker rent
500
Payments:
Salaries and wages
7,000
Ground expenditure
3,000
Stationary
500
Sports material
3,000
Postage
100
Printing
600
Manwar Sirs Ajinkya Commerce Academy, Washim
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(Cash in hand : Rs. 23300)


Q.No.34. Assuming that the treasurer of the society keeps
maximum Rs. 100 cash in hand, you have to prepare
Receipts and payments Account of free Medical Aid
Society, Amravati for the year ended 31st December sheet
as on 1st January 2014 from the in formation given below:
Income & Expenditure A/c.
(for the year ended 31st December 2015)
Expenditure
Rs.
Income
Rs.
Rent
6000
Subscription
Medicines
3300
Received
10,800
Conveyance to
Add: Outstanding 1200
12,000
doctors
460
Donations received for
Sundry Expenses
880
free medical camp
______________________________

Depreciation:
On furniture 2400
On equipment 1500

33000
Medical
Camp Exp.
Less:

3,900

26,600

6400

________________________

______________________________

Excess of Income
over the expenditure

Liabilities

14540

18,400

3,860
18,400

18,400

Balance sheet
(as on 31st December 2014)
Rs.
Asset

Manwar Sirs Ajinkya Commerce Academy, Washim


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Rs.

Capital Fund
31,540
Add: Excess of
Income
3,860

Furniture
24,000
Less: Depreciation 2,400
35,400

____________________

Outstanding rent
Subscription in
Advance

21,600

_________________

Equipments
6,000
Less: depreciation 1,500

4,500

__________________________

1000
600

Outstanding
Subscription
Cash at Bank
Cash in hand

37,000
(Total of R.&P. A/c : 45,940, Capital Fund : 31,540)

1200
9600
100
37,000

Q.No.35. Yavatmal Teachers association has given the


following information for the year ending 31st March 2015:
Cash in hand (1st April 2014)
10,950
Fixed Deposit with Maharashtra Bank
(1st April 2014)
40,000
st
Furniture & Fixtures (1 April 2014)
30,000
Fixed deposit during the year
10,000
Entrance fees received (To be capitalized)
12,000
Subscription received during the year
33,500
Expenses paid during the year
63,000
Surplus from souvenir
30,000
Additional Information:
Outstanding subscription for 2013-14
3,000
Outstanding subscription for 2014-15
5,000
Subscription received in advance in 2013-14
1,000
Subscription received in advance in 2014-15
500
Outstanding expenses for 2014-15
1,800
Prepaid expenses during 2013-14
6,000
Prepaid expenses during 2014-15
2,000
Cash in hand (31 march 2015)
13,450
Fixed deposit (31st march 2015)
53,600
Furniture (31st march 2015)
27,000
From the information given above, you have to
prepare Receipts and Payments Account and Income and
Manwar Sirs Ajinkya Commerce Academy, Washim
-9921540935
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Expenditure Account for the year ended 31 st March 2015 and


the Balance sheet as on that date.
(Opning Capital Fund : 88,350., Total of R&P A/c :
86,450., Defict : 2,000., Total of Balance Sheet : 1,01,050)
Q.No.36. The financial position of Dr. Suhas Deshmukh as
on 31st March 2015 is as under:
Liabilities
Rs.
Assets
Rs.
Capital
12,75,00 Land & building
9,30,000
0
Furniture & fixture
1,30,000
Medical equipments
26,000
Motor car
68,000
9% Govt. securities
1,00,000
Stock of drugs
6,000
Cash with bank
13,600
Cash in hand
1,400
12,75,00
12,75,00
0
0
Additional Information:
(1) Receipts during the year in rupees: Visiting fees Rs.
76,000, Consultation fees Rs. 1,82,500, Receipts from
Clinical Services Rs. 35,600.
(2) Payments during the year in rupees: Salaries 18,000,
Purchase of drugs 30,000, News papers and periodicals
900, Telephone bills 15,600, Stationery 2,400, Electricity
20,600, Rates & taxes 3600, Subscription to medical
association 1200, Sundry expenses 9600, Life Insurance
Premium 5,000, Advance Income Tax 10,000, Education
expenses of children 48,000, Motor expanses 42,000,
Household Expenses Rs. 60.000.
(3) On 31st March 2015:
(i) Medical bills Outstanding amounted to Rs. 12,000
(ii) Stock of drugs was valued at Rs. 8000
Manwar Sirs Ajinkya Commerce Academy, Washim
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(iii) Bank balance Rs. 41,300


(iv) Outstanding visiting fees Rs. 4600
(4) Motor car expenses, Rates and taxes, Telephone bills,
Electricity, are to be apportioned equally between
profession and household.
Prepare Receipts and Payment Account, Income and
Expenditure Account for the year ended 31 st march 2015 and
the Balance Sheet as on that date.
(Closing Balance : 42,200, Surplus : 1,94,700, Total of
Balance Sheet : 13,17,800)
Q.No.37. The following information is given:
Cash in hand (1st July 2014) Rs. 2050
Receipts:
Subscriptions
Rs. 2150
(Including Rs. 40 of last year and Rs. 60 of next year)
Donations
Rs. 540
Proceeds from drama tickets
Rs. 950
Sale of old new papers
Rs. 45
Payments:
Salaries Rs. 600, General Expenses Rs. 75, Printing &
Postage Rs. 200, Drama Expenses Rs. 450, Newspapers Rs.
150, Municipal Taxes Rs. 40, Charity Rs. 350, Investments
Rs. 2,000, Electricity Charges Rs. 140.
Other Information:
(1) There are 500 members each paying an annual
subscription of Rs. 5 each.
(2) Municipal Taxes amounting to Rs. 40 and salaries Rs. 50
are outstanding.
(3) Building stands in the books at Rs. 50,000 on which 5%
depreciation is to be provided.
(4) Interest on Investment @ 6% p.a. has assured for 6
Months.

Manwar Sirs Ajinkya Commerce Academy, Washim


-9921540935
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From the information given above, you have to


prepare receipts & payments Account and Income &
Expenditure Account for the year ended 30th Jun 2015:
(Amravati University: 2003 Annual, Closing Balance Rs:
1,730 Defict = Rs. 500)
Q.No.38. The trial balance of Rajat Sports Club as on 31 st
on December 2015 given below. You have to prepare
Income & Expenditure Account on the basis of given trial
balance.
Particulars
Rs.
Particulars
Rs.
Wages
800
Subscription
8,000
Salaries
4,000
Rent received
1,500
Rent & Taxes
1,000
Capital fund
15,000
Printing
800
Income from sports
Sundry Expenses
800
fee
13,000
Expresses sports
9,000
Bank Interest
400
Furniture
6,000
Investment
5,500
Books
6,000
Cash at Bank
3000
Cash in hand
1,000
37,900
37,900
(Surplus : Rs. 6500)
Q.No.39. Prepare Income & Expenditure Account for
2015:
Receipts:
Subscription
Rs. 8,250
Life membership fee
Rs. 6,000
Sale of scrap
Rs. 100
Interest on sports fund investment
Rs. 1,000
Payments:
Wages Rs. 500, Furniture Purchased Rs. 1500, Sports
Material Purchased Rs. 1250 and Sundry Expenses Rs. 7,600
Additional Information:
Manwar Sirs Ajinkya Commerce Academy, Washim
-9921540935
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(1) Subscription outstanding Rs. 500


(2) Wages outstanding Rs. 500
[Surplus : Rs. 250 under the assumption that interest
credited to sports fund and expenses on sports materials is
deduct out of that fund.]
Q.No.40. Prepare Income and expenditure Account for the
year 2015 from the following information.
Opening balance as on 1.1.2015

5000

Receipts:
Subscription
Life membership fee
(Revenue)
Sale of old newspaper
Interest on Investments
Payments:
Wages & salaries
Furniture
Sports materials
Other Expenditure

9,000
10,000
200
1000
1000
2000
1200
7,000

Additional Information:
(1) There are 1,100 life members of the club required to pay
the membership fee of Rs. 10 each.
(2) Sundry Expenditure outstanding Rs. 200.
(Surplus : Rs. 12,800)

Q.No.41. The following is the statements of Affairs of Raje


Wakatak Library, Washim as on 30th June 2014.
Liabilities

Rs.

Assets

Rs.

Manwar Sirs Ajinkya Commerce Academy, Washim


-9921540935
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Capital fund
Outstanding
Expenses

44,350
2,650

Cash
Furniture
Investments
Books
Outstanding
Subscription

2,200
5,850
5,000
31,850

2,100
47,000
47,000
The following are the cash transactions for the year:
Receipts
Rs.
Payments
Rs.
Cash (1.7.2014)
2,200
Salaries
3,600
Entrance fee
2,600
Rent & Taxes
5,700
Subscriptions
10,160 Outstanding
Proceeds from
expenses of last year
entertainments
4,040
paid
2,650
Books
1,900
Sundry Expenses
1,000
Cash (30.6.2015)
4,150
19,000
19,000
It was ascertained that Rs. 2,000 was outstanding by
way of subscription and outstanding expenses are estimated at
Rs. 1000.
Prepare Income & Expenditure Account for the year
ended 30st June 2015 and the Balance sheet as on that date
after providing 10% depreciation on furniture. It is to be noted
that half of the entrance fee is to be capitalized.
(Surplus : Rs. 3,515, Total of Balance Sheet : Rs. 50,165)
Q.No.42. Prepare Income & Expenditure Account for the
ended 31st March 2015 and the Balance Sheet as on that
date of R.A. Collage, Washim:
Receipts & Payments Account.
(For the year ended 31st march 2015)
Manwar Sirs Ajinkya Commerce Academy, Washim
-9921540935
13

Receipts
Cash (1.4.2014)
Tution fee
Fines
Grants from Govt.
Interest on
securities
Rent from the use
of hall

Rs.
2,00,000
5,90,000
10,000
3,00,000
3,000
10,000

11,13,000

Payments
Pay & allowances
P.F. contribution
Printing & stationary
Books
Equipments
Addition to Building
Repairs &
maintenance
Audit fee
General charges
Cash (31.3.2015)

Rs.
7,05,000
30,000
32,400
46,000
4,800
47,000
6,000
3,000
18,800
2,20,000
11,13,000

The collage had the following assets on 31st March 2014:


Furniture
Rs. 3, 50,000
Land & Building
Rs. 16,00,000
Library Books
Rs. 2, 40,000
Investments
Rs. 1, 00,000
Depreciation is to be provided on closing balances as
mentioned below:
Land & Building
2%
Furniture
5%
Books
20%
(Opening Capital Fund : Rs. 24,90,000, Surplus :Rs.
10,160, Balance Sheet Total: Rs. 25,00,160)
Q.No.43. The Receipts & Payments A/c of Social Club,
Manora for the year ended 31st Dec. 2015 is as under:
Receipts & Payments A/c
(For the year ended 31st Dec. 2015)
Receipts
Rs.
Payments.
Rs.

Manwar Sirs Ajinkya Commerce Academy, Washim


-9921540935
14

Cash in hand
(1.1.2015)
Subscription:
2014
4000
2015
66,000
2016
6,000

4,800

76,000

____________________

Proceeds from
drama
Entrance fee
Sale of furniture
(Cost Rs. 6000)

48,000
12,000
8,000

1,48,800

Bank overdraft
(1.1.2015)
Investments
Furniture
Salaries
Printing & stationery
Insurance
Cost of Drama
Honorarium to
secretary
Balance:
(31.12.2015):
Cash in hand
Cash with bank

18,000
20,000
16,000
15,000
6,000
3,000
18,000
6,000

2,800
44,000
1,48,800

You are required to prepare Income & Expenditure


Account for the year ended 31 st Dec. 2015 and the Balance
Sheet as on that date after considering the following
information:
(1) Stock of Stationery on 31st Dec. 2014 was Rs. 1,800 and
on 31st Dec. 2015 was Rs. 2400.
(2) The club has 700 members and each member pays annual
subscription of Rs. 100.
(3) Insurance premium is paid for the year ending 31st March
2016.
(4) Rs. 4,000 of Rates & Taxes are payable.
(5) On 31st December 2014 club premises stood at
Rs. 2,80,000 and furniture at Rs. 30,000
(Opening Capital Fund Rs. 3,02,600, Surplus Rs. 69,350,
Q.No.45. Dr. Sarthak has started his profession on 1st Jan
2011, The Receipts and Payments Account for 2011 is
given below:
Manwar Sirs Ajinkya Commerce Academy, Washim
-9921540935
15

Receipt and payment Account


(For the year ending 31st Dec. 2011)
Receipts
Amt.
Payments
Amt.
Cash introduced
6,000
Furniture
2,000
Visit fee
8,000
Equipments
3,000
Receipts from
Purchase of Drugs
2,000
Dispensing
6,000
Salary of
General Receipts
100
Compounder
1,200
Rent
600
Conveyance
1,000
Stationery
200
Electric Bills
150
Newspaper
Contribution
150
Investments
6,800
Cash Balance
(31.Dec,)
3,000
20,100
20,100
Adjustments:
(1) Visit fee : Not received Rs. 1,500.
(2) Unpaid Exp:
(a) Compounder Salary Rs. 300
(b) Stationery Bills Rs. 100
(3) Stock of Drugs Rs. 500
(4) Depreciation on furniture and Equipments 5%.
Prepare Income and Expenditure Account and Balance Sheet.
Q.No.46. Dr. Ganesh Chavhan started practice on 1 st July
2014 and prepared the Receipts and Payments Account for
9 months ending 31st March 2015:
Receipts

Rs.

Payments

Manwar Sirs Ajinkya Commerce Academy, Washim


-9921540935
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Rs.

Capital introduced
(1.7.2014)
Visiting fee
Consultation fee
Miscellaneous
receipts
12% bank loan
(1.10.2014)

60,000
9,600
63,600

Deposit with land lord


Vehicle
Furniture
Equipments
Drugs

860

Salaries (1000 9 )

30,000

1,64,060

Rent (6000

8)

Sundry Expenses
Drawings
Petrol
Cash in hand
(31.3.2015)

40,000
18,000
33,000
7,800
8,000
9,000
4,800
2,900
36,000
3,600
960
1,64,060

Additional Information:
(1) On 31st March 2015, stock of drugs was valued at
Rs. 1,800
(2) Outstanding visit fee Rs. 1200.
(3) Provide for depreciation:
On furniture
10%
Vehicles
20%
On equipments 25%
You have to prepare Income & Expenditure Account
for the period ending 31st March 2015. And the Balance Sheet
as on that date.
(Hints: Outstanding Rent Rs. 600, Interest due on bank
loan Rs. 1,800, Surplus Rs. 37,510, Total of Balance Sheet
Rs. 93,910)
Q.No.47. From the information given below, you have to
prepare Income & expenditure Account for the year ended
31st march 2015 and the Balance Sheet as on that date:
Balance Sheet of Ajinkya Club, Washim
(As on 1st April 2014.)
Liabilities
Rs.
Assets
Rs.
Manwar Sirs Ajinkya Commerce Academy, Washim
-9921540935
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Capital Fund
Outstanding Exp:
Salaries
2,000
Rent
1,500
Stationery
800
__________________________

55,00
0

4,300

Furniture
6% Investment
Outstanding
Subscription
Cash with Bank
Cash in hand

59,30
0

24,000

2,800
1,600
900
59,300

Receipts & Payments A/c.


(For the ending 31st march 2015)
Receipts
Rs.
payments
Opening balance
Rent
(1st April 2014)
Salaries
Cash in hand 900
Stationery
Cash at bank 1,600
2,500
Advertisement
6% Investment
Subscription:
(1st Jan 2015)
2013- 14
2,500
Closing Balance
2014-15
18,000
(31st March 2015)
2015-16
1,500
22,000
Cash in hand 400
600
Entrance fee
Cash at bank 2,500
25,100

Rs.
6,500
9,200
1,200
300

________________

5,000

_________________

_________________________________________________________

2,900
25,100

Additional Information:
(1) Outstanding subscription on 31st March 2015: Rs. 3,300
(2) Outstanding stationery bills on 31st march 2015: Rs. 500
(3) Rent for last two months is still due.
[Hint: Current years outstanding subscription Rs. 3000,
Outstanding rent Rs. 1000, Accrued interest Rs. 1,875,
Surplus Rs. 9,075 (entrance free treated as revenue
receipts) Balance Sheet Total Rs. 67,075]
Manwar Sirs Ajinkya Commerce Academy, Washim
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