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Question
Fees paid by persons to become members of a ‘Not for Profit’ concern.
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Solution
Explanation:
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RELATED QUESTIONS
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
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From the following information, prepare the Receipts and Payments account of Cuddalore Kabaddi Association for the year ended 31st March, 2019.
| Particulars | ₹ | Particulars | ₹ |
| Opening cash balance (1.4.2018) | 11,000 | Interest and bank charges | 250 |
| Bank overdraft balance (1.4.2018) | 20,000 | Miscellaneous income | 350 |
| Stationery purchased | 5,200 | Upkeep of ground | 550 |
| Travelling expenses | 1,800 | Grant from Government | 12,000 |
| Dividend received | 3,000 | Telephone charges paid | 2,800 |
| General expenses | 500 | Endowment fund receipts | 10,000 |
| Admission fees | 4,000 | Insurance premium paid | 2,000 |
| Courier charges | 2,000 | Electricity charges paid | 5,000 |
| Municipal taxes paid | 3,000 | Closing cash balance (31.03.2019) | 1,750 |
From the following Receipts and Payments Account and additional information provided by Ramanath Club, Prepare Income and Expenditure Account for the year ending on 31st March 2021.
| Receipts and Payments Account for the year ending 31st March, 2021 | ||||
| Receipts | Amount (₹) | Payments | Amount(₹) | |
| To Balance b/d | 48,000 | By Salaries and Wages: | ||
| To Subscription | 95,000 | 2019-20 | 10,600 | |
| To Entrance Fee | 1,56,000 | 2020-21 | 1,03,200 | 1,13,800 |
| To Locker rent | 50,000 | By Sundry expenses | 47,000 | |
| To Interest on 8% govt. Securities | 5,400 | By Refreshment expenses | 60,400 | |
| To Revenue from refreshment | 52,000 | By Telephone bill | 5,000 | |
| To Sale of old newspapers | 4,600 | By Rent & Rates | 24,000 | |
| To Sale of furniture (Book value: ₹ 11,000) | 12,000 | By Library Book | 25,000 | |
| By 8% Govt. Securities | 30,000 | |||
| By Honorarium to Secretary | 5,000 | |||
| By Balance c/d | 1,12,800 | |||
| 4,23,000 | 4,23,000 | |||
Additional Information:
- Subscription received during the year includes ₹ 25,000 as donation for Building.
- Telephone bill unpaid as on March 31, 2020, was ₹ 4,000 and on March 31, 2021, ₹ 2,600.
- Value of 8% Government Securities on March 31, 2020, was ₹ 80,000.
- Additional Government Securities worth ₹ 30,000 were purchased on March 31, 2021.
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"Prize Fund Rs.22.000. Interest on Prize fund Investments Rs.3.000. Prizes are given Rs.5.000. Prize fund Investments Rs.18.000.
Consider the following statements,
Statement 1: "Receipt and Payment Account is a summary of all capital receipts and payments".
Statement 2: The Receipt and Payment Account is the summary of cash and bank transactions.
Consider the following statements
Statement 1 - "Receipt and Payment Account records the receipts and payments of revenue nature only".
Statement 2 - "Receipt and Payment Account records the receipts and payments of revenue nature and capital nature".
Assertion (A): The Subscription received during the year is recorded in the Receipts and Payments Account.
Reason (R): Receipts and Payments Account records all the cash transactions whether pertaining to the current year or the previous year.
Pick the odd one out:
Which of the following is not a capital receipt?
Sports Star Charitable Club has income of ₹ 16,000 and 'deficit' debited to capital fund of ₹ 4,300 for the year 2019-20, then expenditure for 2019-20 is ______.
The nature of Receipts and Payments Account is ______.
Donations received for a special purpose ______
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A school purchased a furniture for ₹ 80,000 and spent ₹ 1,200 for carriage. The furniture should be capitalised for:
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Payment of Honorarium of Secretary is a ______.
As per Receipts and Payments Account of Kala Club for the year ended 31st March, 2021, subscriptions received were ₹ 4,00,000.
| ₹ | |
| Subscriptions outstanding on 1.4.2020 | 1,00,000 |
| Subscriptions outstanding on 31.3.2021 | 70,000 |
| Subscriptions received in advance on 1.4.2020 | 50,000 |
| Subscriptions received in advance on 31.3.2021 | 80,000 |
Calculate the amount of subscriptions to be shown in Income and Expenditure Account for the year ended 31st March, 2021 as income from subscription.
Find the incorrect pair from group A and B.
What is the correct chronological order of four civilisations of Mesopotamia
From the following Receipts and Payments Account of Bharati Vidyapeeth College, Kolhapur for the year ending 31st March, 2019 and additional information, Prepare Income and Expenditure Account for the year ended 31st March, 2019 and a Balance Sheet as on that date.
| Dr. | Receipts and payment Account for the year ended 31st March, 2019 |
Cr. | |
| Receipts | Amount ₹ | Payments | Amount ₹ |
| To Balance b/d: | By Salaries to: | ||
| Cash | 12,000 | Teaching Staff | 15,00,000 |
| Bank | 2,00,000 | Office Staff | 8,55,000 |
| To Interest | 60,000 | By Printing & Stationery | 27,000 |
| To Donation | 7,00,000 | By Books | 88,000 |
| To Tuition Fees | 15,00,000 | By Furniture (Purchased on 1-1-2019) | 78,000 |
| To Admission Fees | 65,000 | By Drama Expenses | 90,000 |
| To Term Fees | 4,00,000 | By Postage | 7,000 |
| To Drama Receipts | 1.00,000 | By Telephone Charges | 6,000 |
| To Rent from use of Hall | 6,000 | By Electricity | 61,000 |
| To Legacies (Capital) | 60,000 | By Magazines and Newspaper | 6,500 |
| By Balance c/d : | |||
| Cash | 62,000 | ||
| Bank | 3,23,000 | ||
| 31,03,000 | 31,03,000 | ||
Additional information:
| Particulars | 01.04.2018 | 31.03.2019 |
| Books | 9,00,000 | 8,88,000 |
| Furniture | 3.26.000 | 3,00,000 |
| Building Fund | 8,27,000 | ? |
| Capital Fund | 6,11,000 | ? |
- 60 % Donations are for Building Fund and Balance is to be treated as Revenue Income.
- Outstanding Office Staff Salaries ₹ 70,000
Mumbai University prepares ______ Account instead of a Profit and Loss account.
