Income and Expenditure: Problem and Solution # 6. Income and expenditure account problem no:- 1 link https://youtu.be/4xMUoHROuhc Subscription:- https://youtu.be/KAqctgy64Sk (v) Unpresented cheques for periodicals being Rs 4,000 for 2010-2011 and Rs 12 000 for 2011-2012. Such expenditure in the year was Rs 1 lakh; (vii) Out of the fees recovered from the patients, 10% is to be given to specialists as retained; (viii) Depreciation on assets, on closing balances, is to be provided on; Prepare the income and expenditure statements of the dispensary, trust and the hospital for the year ended 31st March, 2011 and statement of affairs of the trust as at that date. ADVERTISEMENTS: In this article we will discuss about the top seven accounting problems on Income and Expenditure with their relevant solutions. (iii) Book value of furniture sold on 1 April, 2011 was Rs 12,000, depreciation being 20% p.a. My friends are so mad that they do not know how I have all the high quality ebook which they do not! the final accounts of a ânot-for-profit organisationâ consist of the following: (i) Receipt and Payment Account (ii) Income and Expenditure Account, and (iii) Balance Sheet. From the following trial balance and other information pertaining to the year ended 31st March, 2012 for the Delhi School, prepare the Income and Expenditure Account for the year and the Balance Sheet at ⦠Short Road Football Club . 1)4.76 2)5.88 3)3.17 4)5.26 5)2.56 Ans. Accounting Problems on Income and Expenditure Income and Expenditure: Problem and Solution # 1. 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. The magnitude of Gap between income and expenditure whichever is more is the Answer. The following is the account of cash transactions of the Nari Kalayan Samittee for the year ended December 31, 2015: You are required to prepare an Income and Expenditure Account after the following adjustments: Required: Prepare balance sheet for F. Green as at 31 March 2015 in both horizontal and vertical style.. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Income And Expenditure Account Problems With Solutions . (iv) Telephone bill for one quarter is outstanding, the amount outstanding being Rs 300. and on equipmentâs @ 15% p.a. The income and expenditure account is an account prepared by non-trading concerns to ascertain surplus or deficit of income over expenditures for a particular period. The club owned a building since 2005 Rs. In the year ended 31 st March, 2019 subscriptions received were â¹14,00,000.. 1000. Like any other account, income and expenditure account consists of two sides â a debit side to enter expenditures and and a credit side to enter revenues or incomes of non-trading concerns. How to plan an income statement? TOS 7. Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2018. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Question 7. Finally I get this ebook, thanks for all these Income And Expenditure Account Problems With Solutions I can get now! Accounting students can take help from Video lectures, handouts, helping materials, assignments solution, On-line Quizzes, GDB, Past Papers, books and Solved problems. The other assets on 1st April 2011 wereâFurniture, Rs 2,000; Land, Rs 50,000; Buildings Rs 1,50,000; Instruments, Rs 3,500. Treat donations as capital receipt. Print trial balance. Problems and solution is a set of comprehensive question and solutions. The income and expenditure account is prepared by the non-trading entities to determine surplus or deficit of income over expenditures for a particular time frame. Example 1: Preparation of Balance Sheet â Horizontal and Vertical Style: The following trial balance is prepared after preparation of income statement for F. Green as at 31 March 2015.. Income and Expenditure: Problem and Solution # 4. On 31.12.2005 the club had furniture worth Rs. so many fake sites. Transactions related to Capital Receipts, Capital Payments and Revenue Receipts/Revenue Payments of the previous/future periods and occurred during the current year are recorded in the Receipts and Payments Account but do not appear in the Income & Expenditure Account. However, in order to do the same, it needs to earn some revenue and incur certain expenditures.When a non-profit firm does so, it needs to prepare an income and expenditure account, which can help it in ascertaining the surplus earned or deficiency incurred during a period. On 31.12.2005 the club had furniture worth Rs. The club owned a building since 2005 Rs. Fees still receivable are Rs 6,000 and Salaries still payable are Rs 14,000. Mahaveer Sports Club presents the following information to you: Receipts and Payments Account for the year ended 31st March, 2012: You are required to prepare Income and Expenditure Account for the year ended 31st March, 2012 and the balance sheets as on 31st March, 2011 and 31st March, 2012. Income and Expenditure: Problem and Solution # 5. If a company's total assets increase in any accounting period, this amount also qualifies as income. Transactions related to Capital Receipts, Capital Payments and Revenue Receipts/Revenue Payments of the previous/future periods and occurred during the current year are recorded in the Receipts and Payments Account but do not appear in the Income & Expenditure Account. Drawing up an Income and Expenditure Account. Just select your click then download button, and complete an offer to start downloading the ebook. Therefore, the rule of nominal account (debit all expenses and losses and credit all incomes and gains) is followed while preparing it. $395,000. Prepare Income and expenditure account for the year ended December 31, 2017, and a balance sheet as on that date after the following adjustments: 1. 1)4.76 2)5.88 3)3.17 4)5.26 5)2.56 Ans. Features of Income & Expenditure Account. Prohibited Content 3. Now, there are several methods of calculating national income. Required: Prepare balance sheet for F. Green as at 31 March 2015 in both horizontal and vertical style.. 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