Accountancy Dk Goel 2016 Solutions for Class 11 Commerce Accountancy Chapter 14 Financial Statements Of Not For Profit Organisations are provided here with simple step-by-step explanations. These solutions for Financial Statements Of Not For Profit Organisations are extremely popular among class 11 Commerce students for Accountancy Financial Statements Of Not For Profit Organisations Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Accountancy Dk Goel 2016 Book of class 11 Commerce Accountancy Chapter 14 are provided here for you for free. You will also love the ad-free experience on Meritnation’s Accountancy Dk Goel 2016 Solutions. All Accountancy Dk Goel 2016 Solutions for class 11 Commerce Accountancy are prepared by experts and are 100% accurate.

Page No 21.60:

Question 1:

Question

Answer:

Books of Modern Club, Janakpuri
Receipts and Payment Account
for the year ending March 31,2014
Dr.   Cr.
Receipts Amount (Rs) Payments Amount (Rs)
Balance b/d 45,000 12% Investments 1,50,000
Subscription 4,70,000 Sports Materials 70,000
Entrance Fees 15,000 Furniture 80,000
Sale of Furniture (Cost Rs 20,000) 5,000 Municipal Taxes 1,000
Sale of Old Sports Materials 6,000 Printing & Stationery 24,000
Interest received on Investments 6,000 General Expenses (20,000 – 2,000) 18,000
    Tournament Expenses 72,000
    Salary 84,000
    Postage & Courier 2,000
    Balance c/d 46,000
  5,47,000   5,47,000
       



Page No 21.61:

Question 2:

Question

Answer:

Case: 1

Income and Expenditure Account 
for the year ending March 31,2011
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
    Entrance Fees 1,50,000
       

Case: 2
Income and Expenditure Account 
for the year ending March 31,2011
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
    Entrance Fees 1,50,000
       

Case: 3
Balance Sheet
as on March 31,2011
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund xxx      
Add: Entrance Fees
1,50,000 xxx                                                
         
       

Case: 4
Income and Expenditure Account 
for the year ending March 31,2011
Dr.   Cr.
Expenditure Amount
(Rs)
Income Amount (Rs)
                                                  Entrance Fees (60% of 1,50,000) 90,000
       
 
Balance Sheet
as on March 31,2011
Liabilities Amount
(Rs)
Assets Amount
(Rs)
Capital Fund xxx      
Add: Entrance Fees (40% of 1,50,000)
60,000 xxx                                                            
         
       

Page No 21.61:

Question 3:

Question

Answer:

Balance Sheet
as on …
Liabilities Amount
(Rs)
Assets Amount
(Rs)
Prize Fund 80,000    Prize Fund Investments 60,000
Add: Interest on Prize Fund Investment
6,000      
Add: Donation for Prize Fund Investment
25,000      
Less: Expenses (Prizes Given)
10,000 1,01,000    
       
       

Page No 21.61:

Question 4:

Question

Answer:

Balance Sheet
as on …..
Liabilities Amount
(Rs)
Assets Amount
(Rs)
Tournament Fund 2,00,000      
Add: Contribution for
Tournament Fund
40,000      
Add: Interest on Tournament
Fund Investments
12,000                                                   
Add:  Receipts from
TournamentTickets
20,000      
Less: Tournament Expenses
80,000 1,92,000    
       
       



Page No 21.62:

Question 5:

Question

Answer:

Balance Sheet
as on March 31,2002
Liabilities Amount (Rs) Assets Amount (Rs)
Tournament Fund 60,000      
Add: Donations  for Tournament Fund
12,000      
Add: Interest on Tournament Fund
Investments
4,800      
Less: Tournament Expenses
13,600 63,200    
       
       

Page No 21.62:

Question 6:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2006
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
    Subscription 6,00,000  
   
Less: Outstanding in the beginning
(1-4-2005)
60,000  
                                                                   
Add: Outstanding at the end
(31-3-2006)
40,000  
   
Add : Advance received in the
beginning (1-4-2005)
32,000  
   
Less: Advance at the end
(31-3-2006)
38,000 5,74,000
       
       
 
Balance Sheet
as on March 31,2005
Liabilities Amount (Rs) Assets Amount (Rs)
Advance Subscription        32,000 Outstanding Subscription 60,000
       
       
 
Balance Sheet
as on March 31,2006
Liabilities Amount (Rs) Assets Amount (Rs)
Advance Subscription         38,000 Outstanding Subscription 40,000
       
       

Page No 21.62:

Question 7:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2007
Dr.   Cr.
Expenditure Amount
(Rs)
Income Amount
(Rs)
    Subscription 6,50,000  
   
Less: Outstanding in the beginning
(1-4-2006)
16,000  
   
Add: Outstanding at the end
(31-3-2007)
25,000  
   
Add : Advance received in the
beginning (31-3-2006)
7,500  
   
Less: Advance at the end
(31-3-2007)
10,000 6,56,500
       
       



Page No 21.63:

Question 8:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2008
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
    Subscription 50,000  
                                                                         
Less: Outstanding in the beginning as
on 31-03-2007 (20,000 – 1,500)
18,500  
   
Add: Outstanding at the end as on
31-3-2008 (6,000 – 1,500)
4,500  
   
Add : Advance in the beginning as
on 31-3-2007
8,000  
   
Less: Advance at the end as on
31-3-2008
9,000 35,000
       
       

Page No 21.63:

Question 9:

Question

Answer:

Subscription Account 
Dr.   Cr.
Particulars Amount
(Rs)
Particulars Amount (Rs)
Outstanding Subscription
(March 31, 2008)
30,000 Advance Subscription
(March 31, 2008)
14,000
Income & Expenditure A/c
(200 × 1,000)
2,00,000 Receipts and Payments A/c (total amount received during the year) 2,05,000
Advance Subscription
(March 31, 2009)                     
40,000 Outstanding Subscription
(March 31, 2009)-Balancing Figure
51,000
  2,70,000   2,70,000
       

Page No 21.63:

Question 10:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2007
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
    Subscriptions (240 × 500) 1,20,000
       
 
Balance Sheet
as on March 31,2007
Liabilities Amount (Rs) Assets Amount (Rs)
Advance Subscription 3,000 Subscription  
    Outstanding for 2006-07 12,000  
    Outstanding for 2005-06 (9,000 – 5,000) 4,000 16,000
       
       



Page No 21.64:

Question 11:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2007
 Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
    Subscription 60,000  
   
Add: Outstanding at the end
(25,000 – 3,000)
22,000  
   
Add: Advance in the
beginning (2005-06)
4,000 86,000
       
       
 
Balance Sheet
as on March 31,2007
Liabilities Amount (Rs) Assets Amount (Rs)
Advance Subscription 5,000 Outstanding Subscription  
    Outstanding for 2005-06 3,000  
    Outstanding for 2006- 07 22,000 25,000
       
       

 

Page No 21.64:

Question 12:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2013
Dr.   Cr.
Expenditure Amount
(Rs)
Income Amount (Rs)
Salaries 18,200 Subscription 46,100  
Printing & Stationery 7,300
Less: Outstanding in the beginning (2011-12)
4,500  
Rent 15,000  
Add: Outstanding at the end (2012-13)
6,000 47,600
Less: Outstanding in the beginning
1,000   Interest 2,500
Add: Outstanding at the end
1,500 15,500 Donation 6,000
Depreciation on Furniture (WN) 1,250 Receipts from advertisement in the year book 5,200
Expenditure on Charity Show 16,100    
Surplus (Excess of Income over Expenditure)           2,950    
  61,300   61,300
       
 
Balance Sheet
as on March 31,2013
Liabilities Amount (Rs) Assets Amount (Rs)
Outstanding Rent 1,500 Cash 16,100
Tournament Fund
12,000   Subscription Outstanding 6,000
Less: Tournament Expenses
7,500 4,500
Furniture
8,000  
Donation for Building Extension 20,000
Add: Additions
6,000  
Capital Fund
30,900  
Less: Depreciation
1,250 12,750
Add: Surplus
2,950 33,850 Investments 15,000  
   
Add: Additions
10,000 25,000
       
  59,850   59,850
       
 
Balance Sheet
as on March 31,2012
Liabilities Amount (Rs) Assets Amount (Rs)
Outstanding Rent 1,000 Cash 4,400
Capital Fund (Balancing Figure) 30,900 Outstanding Subscription 4,500
    Furniture 8,000
    Investments 15,000
  31,900   31,900
       

Working Notes: Calculation of Depreciation on Furniture



Page No 21.65:

Question 13:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2014
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
Salaries 15,400 Subscription 40,000  
Stationery 700  
Less: Outstanding in the beginning
3,200  
Add: Outstanding at the end
250 950
Add: Outstanding at the end
4,500  
Rent 12,300  
Less: Received in Advance
600 40,700
Less: Outstanding in the beginning
900   Interest on Investments 6,000
Add: Outstanding at the end
1,000 12,400 Bank Interest 200
Postage 400    
Loss on Sale of Furniture 2,600    
Surplus (Excess of Income over Expenditure) 15,150    
  46,900   46,900
       
 
Balance Sheet
as on March 31,2014
Liabilities Amount (Rs) Assets Amount (Rs)
Outstanding Rent 1,000 Cash 19,600
Advance Subscription 600 Investments 50,000
Outstanding Stationery 250  Land 50,000
Life Membership Fees 8,100  Furniture 15,000  
Capital Fund
1,23,300  
Less: Sale
5,000 10,000
  Add: Surplus
15,150 1,38,450 Bicycle 1,800
    Govt. Bonds 12,500
    Subscription Outstanding 4,500
  1,48,400   1,48,400
       
 
Balance Sheet
as on March 31,2013
Liabilities Amount (Rs) Assets Amount (Rs)
Outstanding Rent 900 Cash 6,000
Capital Fund (Balancing Figure) 1,23,300 Investments 50,000
    Land 50,000
    Furniture 15,000
    Subscription Outstanding 3,200
  1,24,200   1,24,200
       

Page No 21.65:

Question 14:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2015
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
Canteen Expenses 3,500 Subscription 80,000  
Miscellaneous Expenses 800
Less: Outstanding in the beginning (2013-14)
7,000  
Staff Salary 35,400  
Add: Outstanding at the end (2014-15)
5,600  
Less: Outstanding in the beginning (2013-14)
1,200  
Add: Advance in the beginning (2013-14)
2,000  
Add: Outstanding at the end (2014-15)
1,800 36,000
Less: Advance at the end (2014-15)
2,500 78,100
Telephone Expenses 4,800 Entrance Fees 12,000
Depreciation:   Sale of Newspapers 200
Sports Equipment
6,000   Canteen Collections 4,400
Furniture 25,000×20100
5,000 11,000 Interest on Deposits 1,600
Insurance 2,000      
Add: Prepaid in the beginning (2013-14)
400      
Less: Prepaid at the end (2014-15)
500 1,900    
Surplus (Excess of Income over Expenditure) 38,300    
  96,300   96,300
       
 
Balance Sheet
as on March 31,2015
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund   Furniture 10,000  
Opening Balance
59,400  
Add: Additions
15,000  
Add: Surplus
38,300 97,700
Less: Depreciation
5,000 20,000
Life Membership Fees 15,000 Sports Equipment 20,000  
Subscription Received in Advance 2,500
Less: Depreciation
6,000 14,000
Salaries Outstanding 1,800 Subscription Outstanding 5,600
    Investments 46,000
    Cash in Hand 6,700
    Cash in Deposit Account 20,000
    Cash in Current Account 4,200
    Prepaid Insurance 500
  1,17,000   1,17,000
       
 
Balance Sheet
as on March 31,2014
Liabilities Amount (Rs) Assets Amount (Rs)
Subscription Received in Advance 2,000 Cash in Hand 4,000
Salaries Outstanding 1,200 Cash in Deposit Account 16,000
Capital Fund (Balancing Figure) 59,400 Cash in Current Account 5,200
    Subscription Outstanding 7,000
    Prepaid Insurance 400
    Furniture 10,000
    Sports Equipment 20,000
  62,600   62,600
       



Page No 21.66:

Question 15:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2014
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
Office Expenses 8,000 Subscription 26,000  
Tournament Expenses 6,000
Less: Outstanding in the beginning (2012-13)
3,000  
Salary 12,000  
Add: Outstanding at the end (2013-14)
4,000 27,000
Add: Outstanding at the end (2013-14)
2,000 14,000 Entrance Fee 4,000
Depreciation on:   Sale of old newspapers 2,000
Furniture
3,000   Accrued Interest on Investments 4,500
Sports Equipment
4,500   Deficit (Excess of Expenditure over Income) 6,000
Building
8,000 15,500    
  43,500   43,500
       
 
Balance Sheet
as on March 31,2014
Liabilities Amount (Rs) Assets Amount (Rs)
Outstanding Salary 2,000 Cash 16,000
Tournament Fund 15,000   Subscription Outstanding 4,000
Less: Tournament  Expenses
15,000  Furniture 20,000  
Legacy 35,000
Add: Additions
10,000  
   Capital Fund 1,78,000  
Less: Depreciation
3,000 27,000
  Less: Deficit
6,000 1,72,000 10% Investments 45,000
    Sports Equipment 25,000  
   
Add: Additions
20,000  
   
Less: Depreciation
4,500 40,500
    Building 80,000  
   
Less: Depreciation
8,000 72,000
    Accrued Interest on Investments                  4,500
  2,09,000   2,09,000
       
 
Balance Sheet
as on March 31,2013
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund (Balancing Figure) 1,78,000 Cash 5,000
    Subscription Outstanding 3,000
    Building 80,000
    Furniture 20,000
    10% Investments 45,000
    Sports Equipment 25,000
  1,78,000   1,78,000
       

Page No 21.66:

Question 16:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2007
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
Sports Material Consumed 19,000      
Add: Opening Stock (2005-06)
7,500      
Less: Closing Stock (2006-07)
6,400      
Less: Creditors in the beginning (2005-06)
2,000      
Add: Creditors at the end (2006-07)
2,600 20,700    
       
       



Page No 21.67:

Question 17:

Question

Answer:

Income and Expenditure Account
for the year ending March 31,2007
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
Medicines Consumed 60,80,700      
Add: Opening Stock (2005-06)
1,75,750      
Less: Closing Stock (2006-07)
1,44,650 61,11,800    
       

Note: In this question since the purchases made during the year is given, therefore, we will ignore the creditors for medicines while calculating the medicines consumed.

Page No 21.67:

Question 18:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2007
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
Sports Material 17,000      
Add: Opening Stock (2005-06)
7,500      
Less: Closing Stock (2006-07)
6,200      
Less: Creditors in the beginning (2005-06)
2,000      
Add: Creditors at the end (2006-07)
1,200      
Less: Advance paid at end (2006-07)
3,500 14,000    
       

Page No 21.67:

Question 19:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2014
Dr.   Cr.
Expenditure Amount
(Rs)
Income Amount (Rs)
Loss on Sale of Furniture 3,400 Subscription 96,000  
Upkeep of Fields and Pavilion 3,400
Less: Outstanding in the beginning (2012-13)
800  
Medicines 4,000  
Add: Outstanding at the end (2013-14)
2500*  
Add: Opening Stock (2012-13)
480  
Add: Advance in the beginning (2012-13)
600  
Less: Closing Stock (2013-14)
650 3,830
Less: Advance at the end (2013-14)
900 97,400
Match Expenses 8,800 Sales of Grass 200
Maintenance Expenses 3,600 Interest on Fixed Deposits 450  
Rent & Taxes 8,950
Add: Accrued Interest
450 900
Grass Seeds 500 Donations 5,000
Depreciation on Furniture 1,500 Match Fund Receipts 12,000
Salaries 17,000   Members Admission Fees 3,500
Less: Outstanding in beginning (2012-13)
1,200      
Add: Outstanding at the end (2013-14)
1,400 17,200    
Surplus (Excess of Income over Expenditure) 67,820    
  1,19,000   1,19,000
       
 
Balance Sheet
as on March 31,2014
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund   Furniture 20,000  
Opening Balance
34,680  
Less: Sale
5,000  
Add: Surplus
67,820 1,02,500
Less: Depreciation
1,500 13,500
Subscription Received in Advance 900 Cash 1,500
Outstanding Salaries 1,400 Bank 6,000
    Fixed Deposits @ 9% 10,000
    Interest Accrued on Fixed Deposits 450
    Stock of Medicines 650
    Subscription Outstanding (2,500+200) 2,700
    Car 40,000
    Building 30,000
  1,04,800   1,04,800
       
 
Balance Sheet
as on March 31,2013
Liabilities Amount (Rs) Assets Amount (Rs)
Subscription Received in Advance 600 Cash 800
Outstanding Salaries 1,200 Bank 4,200
Capital Fund (Balancing Figure) 34,680 Fixed Deposit @ 9% 10,000
    Stock of Medicines 480
    Furniture 20,000
    Subscription Outstanding 1,000
  36,480   36,480
       

* Subscription outstanding at the end of the year amounted to Rs 2,500 belongs to the year of 2013-14 only. It does not include the outstanding subscription of Rs 200 (1,000 – 800) for the previous year.

Note: Surplus as per the textbook is Rs 64,620. However, as per the above solution, the surplus works out to be Rs 67,820.



Page No 21.68:

Question 20:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2007
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
Newspapers 4,100 Subscription 53,000  
Electricity Bill 2,000
Less: Outstanding (6,000 – 600)
5,400 58,400
Salary 6,000   Accrued Interest on Fixed Deposits 
40,000×9100×312
900
Less: Outstanding in the beginning (2005-06)
900   Entrance Fees 2,500
Add: Outstanding at the end (2006-07)
1,200 6,300 Municipal Grant 20,000
Rent 13,600 Profit on Sale of Furniture 3,400
Surplus (Excess of Income over Expenditure) 59,200    
  85,200   85,200
       
 
Balance Sheet
as on March 31,2007
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund   Furniture
30,000
 
Opening Balance
71,100  
Add: Additions
21,000
 
Add: Surplus
59,200 1,30,300
Less: Sale
8,000
43,000
Subscription Received in Advance 1,000 Books
14,000
 
Salaries Outstanding 1,200
Add: Additions
21,200
35,200
    Subscription Outstanding (5,400+600) 6,000
    Fixed Deposit 40,000
    Accrued Interest on Fixed Deposits 900
    Cash 7,400
  1,32,500   1,32,500
       
 
Balance Sheet
as on March 31,2006
Liabilities Amount (Rs) Assets Amount
(Rs)
Salaries Outstanding 900 Cash 25,000
Capital Fund (balancing figure) 71,100 Subscription Outstanding 3,000
    Furniture 30,000
    Books 14,000
  72,000   72,000
       



Page No 21.69:

Question 21:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2008
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
Stationery 60,000   Subscription 5,80,000  
Add: Opening Stock (2006-07)
5,000  
Less: Outstanding in the beginning (2006-07)
30,000  
Less: Closing Stock (2007-08)
14,000 51,000
Add: Outstanding at the end (2007-08)
48,000  
Rent Paid 1,76,000  
Less: Advance at the end (2008-09)
10,000 5,88,000
Add: Rent Outstanding
16,000 1,92,000 Interest on Investments 28,000
Insurance 3,000      
Less: Prepaid
2,250 750    
Salaries 2,64,000    
Surplus (Excess of Income over Expenditure)            1,08,250    
  6,16,000   6,16,000
       
 
Balance Sheet
as on March 31,2008
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund   Cash 3,70,000
Opening Balance
6,75,000   Investments (WN) 4,00,000
Add: Surplus
1,08,250 7,83,250 Prepaid Insurance 2,250
Subscription Received in Advance 10,000 Subscription Outstanding 48,000
Rent Outstanding 16,000 Stock of Stationery 14,000
Life Membership Fees 25,000    
  8,34,250   8,34,250
       
 
Balance Sheet
as on March 31,2007
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund (Balancing Figure) 6,75,000 Cash 2,40,000
    Investments (WN) 4,00,000
    Subscription Outstanding 30,000
    Stock of Stationery 5,000
  6,75,000   6,75,000
       

Working Notes: Calculation of Amount of Investments

 Let Investments Amount = Rs xInterest = Investments Amount × Rate10028,000 = x × 7100                 x = 28,000 × 1007 = Rs 4,00,000

Page No 21.69:

Question 22:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2013
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
Doctor’s Honorarium 9,000 Subscription 47,996  
Salaries 27,500
Less: Outstanding in the beginning (2011-12)
240  
Medicines 30,590  
Add: Outstanding at the end (2012-13)
280  
Add: Opening Stock (2011-12)
8,810  
Add: Advance in the beginning (2011-12)
64  
Less: Closing Stock (2012-13)
9,740 29,660
Less: Advance at the end (2012-13)
100 48,000
Petty Expenses 461 Donations 14,500
Expenses on Charity Show 750 Interest on Investments 7,000
Depreciation:   Proceeds from Charity Show 10,450
Equipments (21,200 + 15,000 – 31,600)
4,600      
Building (40,000 – 38,000)
2,000 6,600    
Surplus (Excess of Income over Expenditure) 5,979    
  79,950   79,950
       
 
Balance Sheet
as on March 31,2013
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund   Cash 3,775
Opening Balance
1,77,316   Subscription Outstanding           280
Add: Surplus
5,979 1,83,295 Stock of Medicines 9,740
Subscription received in Advance 100 Equipments 31,600
    Building 38,000
    Investments (WN) 1,00,000
  1,83,395   1,83,395
       
 
Balance Sheet
as on March 31,2012
Liabilities Amount (Rs) Assets Amount (Rs)
Subscription received in Advance 64 Cash 7,130
Capital Fund 1,77,316 Subscription Outstanding 240
    Stock of Medicines 8,810
    Equipments 21,200
    Building 40,000
    Investments (WN) 1,00,000
  1,77,380   1,77,380
       

Working Notes: Calculation of Amount of Investments

Let Investments Amount = Rs xInterest = Investments Amount × Rate1007,000 = x × 7100x = 7,000 × 1007 = Rs 1,00,000



Page No 21.70:

Question 23:

Question

Answer:

Income and Expenditure Account 
for the year ending December 31,2006
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
Salaries 1,60,000                                                    
Less: Outstanding in the beginning
(2005)
15,000      
Add: Outstanding at the end
(2006)
25,000      
Add: Advance in the beginning
(2005)
12,000      
Less: Advance at the end (2006)
10,000 1,72,000    
       

Page No 21.70:

Question 24:

Question

Answer:

Income and Expenditure Account 
for the year ending December 31,2006
Dr.   Cr.
Expenditure Amount
(Rs)
Income Amount
(Rs)
Salaries 4,00,000                                                 
Add: Outstanding at the end
(62,000 – 10,000)
52,000      
Add: Advance in the beginning
(2005)
18,000 4,70,000    
       



Page No 21.71:

Question 25:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2014
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
Charities 1,500 Subscription (400 × 100) 40,000
Sundry Expenses 1,000 Journey Income 5,600  
Salaries 16,500  
Add:  Accrued Income
400 6,000
Add: Outstanding Salaries
1,500 18,000  Donations 4,000
Cost of Lectures 3,000 Interest on Bonds 900  
Loss on Sale of Furniture 1,600
Add:  Accrued Interest on Bonds
300 1,200
Newspapers 3,800 Rent of the Hall 15,400
Journey Expenses 4,400 Proceeds of Lectures 4,700
Depreciation:   Sale of old newspapers 300
Building
7,500      
Mowing Machine
750      
Furniture (WN)
3,000      
Books
4,000 15,250    
Postage 400    
Conveyance 800    
Surplus (Excess of Income over Expenditure) 21,850    
  71,600   71,600
       
 
Balance Sheet
as on March 31,2014
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund   Furniture 10,000  
Opening Balance
1,09,700
 
Add: Additions
7,000  
Add: Surplus   
21,850
1,31,550
Less: Sale
2,000  
Subscription Received in Advance              800
Less: Depreciation
3,000 12,000
Salaries Outstanding 1,500 Books 6,000  
Donations 4,000
 Add: Addition
14,000  
   
Less: Depreciation
4,000 16,000
    Subscription Outstanding (40,000 – 38,000) 2,000
    Building 75,000  
   
Less: Depreciation
7,500 67,500
    Mowing Machine 10,000  
   
Less: Depreciation
750 9,250
    Accrued Journey Income 400
    12% Bonds 10,000
    Accrued Interest on Bonds 300
    Cash 20,400
  1,37,850   1,37,850
       
 
Balance Sheet
as on March 31,2013
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund (Balancing Figure) 1,09,700 Cash 7,200
    Subscription Outstanding 1,500
    Buildings 75,000
    Furniture 10,000
    Books 6,000
    12% Bonds 10,000
  1,09,700   1,09,700
       

Working Notes: Calculation of Depreciation on Furniture

Opening Balance = 10,000Add: Purchases   =    7,000Less: Sale           =     2,000_Closing Balance  = 15,000Depreciation = 15,000 × 20100 = Rs 3,000



Page No 21.72:

Question 26:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2014
Dr.   Cr.
Expenditure Amount
(Rs)
Income Amount (Rs)
Honorarium to Clerk 10,000 Subscription (600 × 10 × 12) 72,000
Car Expenses 4,200 Interest on Investments 2,700  
Insurance Premium 1,200  
Add: Accrued Interest
300 3,000
Less: Prepaid Insurance
300 900 Rent of the Hall 8,700  
Medicines 800  
Add: Accrued Rent
2,000 10,700
Add: Outstanding Bill
200 1,000 Grant from Local Authority                          4,000
Charities 2,000 Proceeds of Charity Show             16,800
Meeting Expenses 5,400 Sundries 1,200
Electricity 4,800 Entrance Fees 5,000
Expenses on Charity Show 6,200    
Surplus (Excess of Income over Expenditure) 78,200    
  1,12,700   1,12,700
       
 
Balance Sheet
as on March 31,2014
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund   Prepaid Insurance 300
Opening Balance 3,800   Accrued Interest 300
Add: Donation (17,500 + 2,500)
20,000   Accrued Rent 2,000
Add: Entrance Fees
10,000   Car 80,000
Add: Surplus
78,200 1,12,000 Investment 20,000
Endowment Fund 14,000 Building Advance 25,000
Life Membership Fees 6,000 Subscription Outstanding  
Medicine Bill Outstanding 200
Add: Outstanding (2012-13)
200  
Subscription Received in Advance                               500
Add: Outstanding (2013-14)(2,000 + 2,500*)
4,500 4,700
    Cash 400
  1,32,700   1,32,700
       
 
Balance Sheet
as on March 31,2013
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund (Balancing Figure) 3,800 Cash 3,000
    Subscription Outstanding       800
  3,800   3,800
       

* Donations wrongly included in subscriptions.

Page No 21.72:

Question 27:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2001
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
Newspapers 1,500 Subscription (500 × 50) 25,000
Depreciation on Building 2,500 Donations 9,500
Municipal Taxes
500
  Proceeds from Entertainment 5,400
Less: Prepaid
100
400 Accrued Interest on Investments 20,000×12100×512 1,000
Salaries
5,500
  Sale of Newspapers 450
Add: Outstanding
1,000
6,500    
General Expenses 800    
Entertainment Expenses 3,500    
Charity 3,500    
Electricity Charges 1,400    
Surplus (Excess of Income over Expenditure)   21,250    
  41,350   41,350
       
 
Balance Sheet
as on March 31,2001
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund   Prepaid Municipal Taxes 100
Opening Balance
51,925   Accrued Interest on Investments 1,000
Add: Surplus
21,250 73,175 12% Investments 20,000
Outstanding Salaries 1,000 Building 50,000  
Subscription Received in Advance 600
Less: Depreciation
2,500 47,500
    Subscription Outstanding  
   
Outstanding for 2000
500  
   
Outstanding for 2001
4,500 5,000
    Cash 1,175
  74,775   74,775
       
 
Balance Sheet
as on March 31,2000
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund (Balancing Figure) 51,925 Cash 1,025
    Subscription Outstanding (400 + 500) 900
    Building 50,000
  51,925   51,925
       



Page No 21.73:

Question 28:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2013
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
Salaries 13,100 Subscription (600 × 100) 60,000
Drama Expenses 6,000 Proceeds of Drama Tickets 16,000
Municipal Taxes 1,600   Sale of Waste Paper 400
Less: Prepaid
400 1,200    
Sports Materials 18,000      
Less: Closing Stock
3,600 14,400    
Upkeep of Land 3,000    
Office Expenses 7,800    
Surplus (Excess of Income over Expenditure) 30,900    
  76,400   76,400
       
 
Balance Sheet
as on March 31,2013
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund   Prepaid Municipal Tax 400
Opening Balance
1,46,600   Sports Material 3,600
Add: Surplus
30,900 1,77,500 Building (1,20,000 + 60,000) 1,80,000
Legacies 20,000 Subscription Outstanding (60,000 – 56,200 – 1,000) 2,800
Subscription Received in Advance 2,000 Cash in Hand 5,000
Prize Fund 7,000   Cash at Bank 12,600
Less: Prizes Distributed
5,600 1,400 Musical Instruments 30,000
Charity Fund 5,000      
Less: Charity Given
3,500 1,500    
Endowment Fund                                              32,000    
  2,34,400   2,34,400
       
 
Balance Sheet
as on March 31,2012
Liabilities Amount (Rs) Assets Amount (Rs)
Bank Overdraft 8,800 Cash 3,400
Advance Subscription (10 × 100) 1,000 Subscription Outstanding             3,000
Capital Fund (Balancing Figure) 1,46,600 Building 1,20,000
    Musical Instrument 30,000
  1,56,400   1,56,400
       



Page No 21.74:

Question 29:

Question

Answer:

Balance Sheet
as on …
Liabilities Amount (Rs) Assets Amount (Rs)
Prize Fund 2,00,000   Prize Fund Investments                2,00,000
Add: Income  from Prize Fund
Investments
10,000      
Add: Donation for Prize Fund 
40,000      
Less: Prizes Awarded
7,500 2,42,500    
       

Page No 21.74:

Question 30:

Question

Answer:

Balance Sheet
as on …
Liabilities Amount (Rs) Assets Amount (Rs)
Match Fund 60,000   Match Fund Investments 50,000
Add: Income  from Match Fund
Investments
4,500      
Less: Expenses on Matches
6,000      
Add: Donations for Match  Fund
35,000      
Less: Match Prizes Awarded
28,000 65,500    
       
       

Page No 21.74:

Question 31:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2006
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
                                                              Subscription 82,000  
                                                                                         
Less: Outstanding in the beginning
(2004-05)
8,400  
   
Add: Outstanding at the end
(2005- 2006)
9,200  
   
Add : Advance in the beginning
(2004-05)
3,000  
   
Less: Advance at the end
(2005-06)
5,000 80,800
       
       



Page No 21.75:

Question 32:

Question

Answer:

Subscription Account 
Dr.   Cr.
Particulars Amount (Rs) Particulars Amount (Rs)
Outstanding Subscription (2004 - 05) 2,500 Receipts and Payments A/c (Amount received during the year) 49,500
Income & Expenditure A/c (100 × 500) 50,000 Outstanding Subscription (2005 - 06) (Balancing Figure) 7,000
Advance Subscription (2006 - 07) 4,000    
  56,500   56,500
       
 
Balance Sheet
as on …
Liabilities Amount (Rs) Assets Amount (Rs)
    Subscription Outstanding  
    Outstanding for 2004 - 05
(2,500 – 1,500)
1,000  
    Outstanding for 2005 - 06
(50,000 – 44,000)
6,000 7,000
       

Page No 21.75:

Question 33:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2013
Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
Wages 240 Subscription & Entrance Fees 1,860  
Light, Repairs, etc. 86
Less: Outstanding in the beginning (2011-2012)
35  
Rent & Rates 170  
Add: Outstanding at the end (2012-2013)
45 1,870
Less: Outstanding in the beginning (2011-12)
60   Donations 120
Add: Outstanding at the end (2012-13)
60 170 Interest on Investments 100
Lecturer’s Fees 835 Profit from Entertainment 40
Office Expenses 125    
Sundry Expenses 325    
Surplus (Excess of Income over Expenditure) 349    
  2,130   2,130
       
 
Balance Sheet
as on March 31,2013
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund   Cash 394
Opening Balance
2,816   National Certificates 475
Add: Surplus
349 3,165 Furniture 40
Life Membership Fees (1,600 + 250) 1,850 Investments 3,251
Outstanding Rent 60 Musical Instruments 870
    Subscription Outstanding 45
  5,075   5,075
       
 
Balance Sheet
as on March 31,2012
Liabilities Amount (Rs) Assets Amount (Rs)
Life Membership Fees (32 × 50) 1,600 Cash 320
Outstanding Rent 60 Investments 3,251
Capital Fund (Balancing Figure) 2,816 Musical Instruments 870
    Subscription Outstanding 35
  4,476   4,476
       

 



Page No 21.76:

Question 34:

Question

Answer:

Income and Expenditure Account 
for the year ending March 31,2013
Dr.   Cr.
Expenditure Amount
(Rs)
Income Amount (Rs)