Topics
Introduction to Partnership
Introduction to Partnership and Partnership Final Accounts
Accounts of ‘Not for Profit’ Concerns
Partnership Final Accounts
- Introduction of Final Accounts
- Preparation of Final Accounts
- Effects of Adjustments-Closing Stock
- Effects of Adjustments-Outstanding Expenses
- Effects of Adjustments-Prepaid Expenses
- Effects of Adjustments-Income Received in Advance
- Adjustments - Income Receivable
- Effects of Adjustments-Bad and Doubtful Debts
- Effects of Adjustments-Provision for Discount on Debtors and Creditors
- Effects of Adjustments-Depreciation
- Adjustments - Interest on Capital, Drawings and Loans
- Adjustments - Interest on Investment and Loans
- Adjustments - Goods Destroyed by Fire Or Accident (Insured Or Uninsured)
- Adjustments - Goods Stolen
- Adjustments of Financial Statements - Goods Distributed as Free Samples and Manager's Commission
- Adjustments - Goods Withdrawn by Partners
- Adjustments - Unrecorded Purchases and Sales
- Adjustments - Capital Expenditure Included in Revenue Expenses and Vice-versa
- Adjustments - Bills Receivable Dishonoured
- Adjustments - Bills Payable Dishonoured
- Adjustments - Deferred Expenses
- Adjustments - Capital Receipts Included in Revenue Receipts and Vice-versa
- Adjustments - Commission to Working Partner Managers on the Basis of Gross Profit Net Profit, Sales, Etc
- Partnership Final Accounts
Reconstitution of Partnership (Admission of Partner)
Reconstitution of Partnership
- Meaning of Reconstitution
- Different Ways of Reconstitution
- Admission of a Partner
- Need of Admission of a Partner
- Capital Brought by New Partner
- Admission of a Partner - Sacrifice Ratio and New Ratio
- Concept of Goodwill
- Admission of a Partner - Adjustment of Accumulated Profits and Losses
- Admission of a Partner - Revaluation of Assets and Liabilities
- Admission of a Partner - Adjustment of Capitals
- Admission of a Partner - Treatment of Goodwill
- Meaning of Retirement or Death of a Partner
- Needs of Retirement Or Death of a Partner
- Retirement Or Death of a Partner - Treatment of Goodwill
- Retirement or Death of a Partner - Adjustment of Accumulated Profits and Losses
- Retirement or Death of a Partner - Revaluation of Assets and Liabilities
- Retirement Or Death of a Partner - Adjustment of Capitals
- Retirement Or Death of a Partner - New Ratio
- Retirement Or Death of a Partner - Gain Ratio
- Retirement Or Death of a Partner - Amount Due to Retiring Parter
- Reconstitution of Partnership
Reconstitution of Partnership (Retirement of Partner)
- Reconstitution of Partnership (Retirement of Partner)
- Treatment of Goodwill
- Transfer of Reserve Fund Or General Reserve/Accumulated Profit Or Loss
- Accounting for Revaluation of Assets and Reassessment of Liabilities
- Retirement Or Death of a Partner - Adjustment of Capitals
- Total Payable Amount to Retiring Partner
Dissolution of Partnership Firm
Accounts of “Not for Profit” concerns
- Not for Profit Concerns
- Features of "Not for Profit" Concerns.
- Receipts and Payments Account
- Feature of Receipts and Payments Account
- Effects of Adjustments-Outstanding Expenses
- Additional Information - Prepaid Expenses of the Current and Previous Year
- Effects of Adjustments-Accrued Income
- Effects of Adjustments-Income Received in Advance
- Additional Information - Subscription Received in Advance
- Additional Information - Subscription Outstanding of the Current and Previous Year
- Effects of Adjustments-Depreciation
- Additional Information - Capitalisation of Entrance Fees
- Additional Information - Creation of Special Funds Out of Donations
- Additional Information - Stock of Stationery
- Additional Information - Opening Balances of Assets and Liabilities
- Preparation of Income and Expenditure Account and Closing Balance Sheet
- Accounts of “Not for Profit” Concerns
Reconstitution of Partnership (Death of Partner)
Single Entry System
- Meaning of Single Entry
- Difference Between Single Entry System and Double Entry System
- Preparation of Statements for Single Entry System
- Additional Information - Additional Capital
- Effects of Adjustments-Drawings
- Additional Information - Depreciation on Fixed Asset
- Effects of Adjustments-Bad and Doubtful Debts
- Additional Information - Undervaluation of Assets and Liabilities
- Additional Information - Overvaluation of Assets and Liabilities
- Adjustments - Interest on Capital, Drawings and Loans
- Additional Information - Partners Salary
- Effects of Adjustments-Outstanding Expenses
- Effects of Adjustments-Prepaid Expenses
- Illustrations of Single Entry System
- Single Entry System Examples and Solutions
Dissolution of Partnership Firm
Bill of Exchange (Only Trade Bill)
- Introduction of Bill of Exchange (Only Trade Bill)
- Necessity of Bill of Exchange (Only Trade Bill)
- Draft Or Format of Bills
- Parties to the Bill of Exchange
- Acceptance of Bill
- Important Terms of Bills of Exchange - Term of Bill
- Important Terms of Bills of Exchange - Days of Grace
- Important Terms of Bills of Exchange - Date of Maturity
- Important Terms of Bills of Exchange - Due Date
- Honouring of Bill
- Dishonour of Bill
- Important Terms of Bills of Exchange - Noting of Bill
- Protesting of Bill
- Basic Term of Bills of Exchange - Notary Public
- Basic Term of Bills of Exchange - Noting Charges
- Accounting Treatment of Bill by the Drawer Or Holder and Drawee
- Accounting Treatment - Retaining the Bill Till Due Date. Honour Or Dishonour, Insolvency of the Drawee Or Acceptor
- Accounting Treatment - Endorsement of the Bill, Honour/ Dishonour and Also Insolvency of Acceptor
- Accounting Treatment - Discounting the Bill with the Bank Honour/Dishonour and Insolvency
- Accounting Treatment of Bill - Sending the Bill to the Bank for Collection, Honour Or Dishonour and Insolvency
- Accounting Treatment of Bill - Making Part Payment of Basic Amount, Interest and Noting Charges and Drawing of New Bill
- Accounting Treatment of Bill - Honour Or Dishonour of New Bill
- Accounting Treatment of Bill - Insolvency of the Acceptor and Settlement of His Account
- Accounting Treatment of Bill - Retirement of Bill
- Accounting Treatment of Bill - Journal Entries and Ledger
- Bill of Exchange Examples and Solutions
Bills of Exchange
Company Accounts - Issue of Shares
Company Accounts
- Share and Share Capital
- Nature and Types of Share and Share Capital
- Accounting for Share Capital
- Share Capital - Issue and Allotment of Equity Shares
- Private Placement of Shares
- Public Subscription of Shares
- Over Subscription of Shares
- Under Subscription of Shares
- Issue at Par and Premium and at Discount
- Calls in Advance and Arrears
- Issue of Shares for Consideration Other than Cash
- Accounting Treatment of Forfeiture and Re-issue of Share
- Disclosure of Share Capital in Company’s Balance Sheet (Horizontal Form)
- Meaning and Concept of Debentures
- Issue of Debentures at Par at Premium and at Discount
- Issue of Debentures for Consideration Other than Cash
- Interest on Debentures
Analysis of Financial Statements
- Concept of Financial Statement Analysis
- Comparative Statements
- Common Size Statements
- Cash Flow Analysis
- Ratio Analysis and its Types
- Concept of Accounting Ratios
- Classification of Ratios
- Introductions to Current Ratio
- Introductions to Liquid Ratio
- Introductions to Gross Profit Ratio
- Operating Profit Ratio
- Return on Investment (ROI)
- ROCE
Analysis of Financial Statements
Computer in Accounting
- Meaning
- Features of Income and Expenditure Account
- Specimen of Income and Expenditure Account
- Distinction between Receipts and Payments Account and Income and Expenditure Account
- Preparation of Income and Expenditure Account
- Preparation of Balance Sheet
- Implied Adjustments
- Capital Fund
- Specimen of Balance Sheet
- Additional Information
- Outstanding and Prepaid Expenses.
- Accrued Income and Income Received in advance.
- Subscription received in advance and outstanding subscription
- Depreciation
- Capitalisation of Entrance fees
- Creation of special Funds out of donations
- Stock of Stationery,
- Opening Balance of assets and liabilities.
- Important Terms
- Entrances fees
- Subscription
- Legacy
- Life membership fees
- Sale of old assets scrap Newspapers
- Specific Donations
- General Donations
- Specific Funds
- Endowment Funds
- Steps in preparation of income and expenditure account from receipts and payments account
- Format of Income and Expenditure Account
- Treatment of revenue receipts
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Related QuestionsVIEW ALL [64]
(Accounts of a Charitable Hospital)
From the following particulars relating to “Radha-Krishna Charitable Hospital” Pune. Prepare Income and Expenditure Account for the year ending 31.03.2020 and Balance Sheet as on that date.
| Dr | Receipts and payments Account for the year ending 31.03.2020. | Cr | ||||
| Receipts | Amount ₹ | Payments | Amount ₹ | |||
| To Balance b/d | By Medicines Purchased | 41,000 | ||||
| Cash | 8,230 | By General Expenses | 1,050 | |||
| To Subscriptions | 52,000 | By Salaries | 23,500 | |||
| To Donations (General) | 17,500 | By Stationery | 2,000 | |||
| To Interest in Investments | 10,000 | By Expenses on Charity Show | 550 | |||
| To Proceeds from Charity Show | 8,530 | By Surgery and Dispensary Exp | 4,200 | |||
| By Equipments | 10,000 | |||||
| By Balance c/d | ||||||
| Cash in Hand | 960 | |||||
| Cash at Bank | 13,000 | 13,960 | ||||
| 96,260 | 96,260 | |||||
Additional Information :
| Particulars | 01.04.2019 ₹ | 31.03.2020 ₹ |
| 1. Subscription Due | 310 | 350 |
| 2. Subscription Received in Advance | 600 | 150 |
| 3. Stock of Medicine | 8,000 | 11,000 |
| 4. Estimated Value of Equipment | 15,000 | ? |
| 5. Building | 40,000 | ? |
| 6. Capital Fund | 1,70,940 | ? |
| 7. 10 % Investment | 1,00,000 | ? |
Provide Depreciation on Equipments ₹ 1,900 and on Building ₹ 1,500
Given below is the Receipts and Payments Account of “Vithai Mahila Mandal” Pandharpur for the year ending 31.03.2018. Prepare an Income and Expenditure Account for the year ended 31.03.2018 and Balance Sheet as on that date.
| Dr | Receipts and Payments Account for the year ending 31.03.2018. | Cr | |||||
| Receipts | Amount ₹ |
Amount ₹ |
Payments | Amount ₹ |
Amount ₹ |
||
| To Balance b/d | By Stationery | 6000 | |||||
| Cash in Hand | 3,000 | By Repairs to Furniture | 950 | ||||
| Cash at Bank | 20,000 | 23,000 | By Rent | 8,300 | |||
| To Entrance Fees | 3,500 | By Salaries | 15,000 | ||||
| To Subscription | 19,000 | By Miscellaneous Expenses | 450 | ||||
| To Miscellaneous Receipts | 850 | By Balance c/d | |||||
| Cash in Hand | 1,650 | ||||||
| Cash at Bank | 14,000 | 15,650 | |||||
| 46,350 | 46,350 | ||||||
Adjustments :
1) Capital Fund on 01.04.2017 was ₹ 90,000
2) Outstanding Subscription ₹ 4,000
3) Entrance Fees are to be capitalized
4) Rent paid includes ₹ 800 paid for April 2018
5) They have the following Assets and Liabilities 01.04.2017
Furniture ₹ 9,000,
Building ₹ 70,000,
Outstanding Expenses ₹ 12,000
From the following Receipts and Payments Account “K.B.P. Engineering College” Nashik for the year ending on 31.03.2019 and additional information, prepare Income and Expenditure Account for the year ending 31.03.2019 and Balance Sheet as on that date.
| Dr | Receipts and payments Account for the year ending 31.03.2019. | Cr | |||
| Receipts | Amount ₹ | Payments | Amount ₹ | ||
| To Balance b/d | By Salaries to Teaching Staff | 11,70,000 | |||
| Cash in Hand | 18,000 | By Electricity Charges | 55,000 | ||
| Cash at Bank | 1,00,400 | By Books | 61,000 | ||
| To Interest | 55,000 | By Furniture | 51,000 | ||
| To Subscriptions | 28,300 | By Stationery | 21,850 | ||
| To Life Membership fees | 25,000 | By Fixed Deposit (31.03.2019) | 8,50,000 | ||
| To Donation | 7,00,000 | By Balance c/d | |||
| To Tuition Fees | 12,30,000 | Cash in Hand | 16,650 | ||
| To Term Fees | 2,00,800 | Cash at Bank | 2,00,000 | ||
| To Sundry Receipts | 8,000 | ||||
| To Admission Fees (Revenue) | 60,000 | ||||
| 24,25,500 | 24,25,500 | ||||
Additional Information :
| Particulars | 01.04.2018 ₹ | 31.03.2019 ₹ |
| Books | 6,00,000 | 6,00,000 |
| Furniture | 3,19,000 | 3,00,000 |
| Building Fund | 10,00,000 | ? |
| Fixed Deposit | 9,10,000 | ? |
| Capital Fund | 9,47,400 | ? |
1) 50% of Donation are for Building Fund and the balance is to be treated Revenue Income.
2) Outstanding subscription ₹ 5,300
3) Life membership fees are to capitalised
(Account of a Library)
Following is the Receipts Payments Account of “Dhananjay Library, Mumbai” for the year ending 31.03.2020
| Dr | Receipts and Payments Account for the year ending 31.03.2020. | Cr | |||
| Receipts | Amount ₹ |
Payments | Amount ₹ |
||
| To Balance b/d | 5,000 | By Salaries | 9,000 | ||
| To Admission Fees | 4,500 | By Rent | 7,500 | ||
| To Subscriptions | 20,000 | By Investments | 6,000 | ||
| To Lecture Hall Hire Charges | 4,200 | By Stationery | 1,350 | ||
| To Miscellaneous Income | 250 | By Electricity Charges | 850 | ||
| To Interest on Investment | 900 | By Books | 5,000 | ||
| By Outstanding Expenses (2018 - 19) | 500 | ||||
| By Balance c/d | 4,650 | ||||
| 34850 | 34850 | ||||
You are required to prepare an Income and Expenditure Account for the year ended 31.03.2020 and Balance Sheet as on that day.
The following information is also made available to you.
1) On 31.03.2019, the Library had the following Assets also; Books at ₹ 50,000, Furniture ₹ 6,500, and Machinery of ₹ 30,000
2) Subscription received in advance amounted to ₹ 500
3) Outstanding Salaries ₹ 1300 and for Rent ₹ 950
4) 50% of the Admission Fees should be capitalized.
5) Furniture to be depreciated at 10% p.a.
6) Library Books were purchased on 1st April 2019 charge Depreciation at 10% p. a.
7) The Investments were purchased on 01.04.2019 and they carry interest at 20*% p.a
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