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Byju's Answer

Standard XII

Accountancy

Preparing Financial Statements of NPO-I

PRACTICAL PRO...

Question

PRACTICAL PROBLEMS

(Calculation of Drugs Consumed during the year)
From the information given below calculate the amount of Drugs consumed in a hospital, during the year 2012-2013. Show its presentation in Income and Expenditure Account and Balance Sheet as on 31-03-2013.

(i)

Stock Drugs in Hand

On 01-04-2012 Rs 25,000

On 31-03-2013 Rs 27,000

(ii)

Drugs purchased during the year

Rs 1,20,000

(iii)

Bill of drugs payable on 31-03-2013

Rs 19,500.

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Solution

Income and Expenditure Account

for the year ending March 31,2013

Dr.

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Stock of Drugs Consumed during the year

Stock of Drugs as on Apr.01,2012

25,000

Add: Purchases

1,20,000

Add: Outstanding Bill

19,500

Less: Stock of Drugs at the end of Mar.31,2013

27,000

1,37,500

Balance Sheet

as on March 31, 2013

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Outstanding Bill of Drugs

19,500

Stock of Drugs

27,000

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PRACTICAL PROBLEMS

(Presentation of Subscriptions only)

Balance Sheet as on 01/04/2012
Liabilities	Amount Rs	Amount Rs	Assets	Amount Rs	Amount Rs
Subscription received in			Outstanding subscriptions
Advance for 2012-2013		15,000	2010-2011	20,000
			2011-2012	30,000
					50,000

Receipts and Payments Account for the year ending on 31-03-2013
Dr.	Cr.
Receipts		Amount Rs	Amount Rs	Payments	Amount Rs	Amount Rs
To subscriptions
2010-2011		16,000
2011-2012		25,000
2012-2013		3,30,000
2013-2014		19,000

Adjustment:
Outstanding Subscription for 2012-2013 is Rs 22,000. With the above information present the item 'Subscription’ in Income and expenditure Account and Balance sheet for the year ended on 31^st March 2013.

PRACTICAL PROBLEMS

(Simple Problem)
With the information given below, prepare Income and Expenditure Account and Balance sheet of Sudarshan charitable Organisation for the year ending on 31-03-2012.

Receipts and Payment Account for the year ending on 31-03-2012
Dr.						Cr.
Receipts	Amount Rs	Amount Rs	Payments	Amount Rs	Amount Rs
To Balance b/d			By Salaries		18,000
Cash in Hand	500		By Printing and stationery		20,000
Cash at Bank	39,500	40,000	By Charity Expenses		20,000
To Subscriptions		81,000	By Investments		60,000
(includes Rs 5,500 for 2009-10)			By Office expenses		2,000
Interest on Investments		1,800	By Balance c/d
To Sale of Furniture		8,000	Cash in Hand	700
(Book Value Rs 10,000)			Cash at Bank	10,100	10,800
		1,30,800			1,30,800

Additional Information:

1) There are Rs 800 members, paying annual subscription Rs 100 each.

2) Outstanding salary Rs 2,000.

3) The Assets on 01-04-2012 were as following:

Furniture Rs 40,000, Investment Rs 20,000, Land Rs 1,00,000

4) On 01-04-2012 Capital Fund was Rs 2,05,500

PRACTICAL PROBLEMS

From the following Receipts and Payments Account of Nanasaheb Patil Engineering College, Faizpur for the year ending 31 March 2013 and additional information, Prepare Income and Expenditure Account for year ending 31/03/2013 and a Balance Sheet as on that date.

Receipts and Payments Account for the year ending 31.03.2013
Dr.	Cr.
Receipts		Amount Rs	Payments	Amount Rs
To Balance b/d			By Salaries to
Cash in Hand		15,950	• Teaching Staff	8,50,500
Cash at Bank		1,00,070	• Office Staff	1,81,000
To Interest		51,000	By Electricity	51,900
To Subscriptions		25,800	By Books	57,800
To Life Membership Fees		20,500	By Furniture	45,000
To Donations		6,36,000	By Stationery	19,950
To tuition Fees		11,20,000	By Fixed Deposit	7,50,000
To Term Fees		2,00,900	31/03/2013
To Admission Fees		55,000	By Balance c/d
To Sundry Receipts		6,930	Cash in Hand	13,500
			Cash at Bank	2,62,500
		22,32,150		22,32,150

Additional Information:

Particulars	01/04/2012	31/03/2013
Books	5,50,000	5,50,000
Furniture	2,15,000	2,00,000
Building Fund	9,35,000	?
Fixed Deposits	8,00,000	?
Capital Fund	7,46,020	?

2) 50% of Donations are for Building Fund and the balance is to be treated as revenue income.

3) Outstanding Subscription Rs 4,200.

4) Life Membership Fees are to be capitalized.

PRACTICAL PROBLEMS

(Accounts of a Charitable Hospital)

Following information has been provided by “Janseva Charitable Hospital”, Latur. You are required to prepare Income and Expenditure Account for the year ending on 31/03/2013 and Balance Sheet as on that date.

Balance Sheet as on 01/04/2012
Liabilities	Amount Rs	Assets	Amount Rs
Capital Fund	10,37,000	Building	10,00,000
Bank Loan	6,00,000	Ambulance	3,50,000
Outstanding bill for Drugs	45,000	Stock of Drugs	35,000
		Hospital Equipments	2,95,000
		Cash in Hand	2,000
	16,82,000		16,82,000

Receipts and Payments Account for the year ending 31.03.2013
Dr.	Cr.
Receipts		Amount Rs	Payments	Amount Rs
To Balance b/d		2,000	By Purchases of Drugs	1,90,000
To subscription		2,10,000	By Salary of staff	85,000
To Life Membership Fees		27,500	By Honararium to Doctors	3,85,000
To Hospital Receipts		5,20,900	By Repairs and Maintenance	17,900
(Revenue)			By Furniture	40,000
			By General Expenses	12,600
			By Balance c/d	29,900
		7,60,400		7,60,400

Adjustments:

1) On 31/03/2013 stock of Drugs was valued Rs 20,000.

2) Depreciate Building @ 5% p.a. and Ambulance by Rs 20,000

3) Life Membership Fees are to be capitalized.

PRACTICAL PROBLEMS

(Outstanding Expenses and Prepaid Expenses)

From the following information supplied to you, prepare Income and Expenditure Account for the year ending on 31/03/2013 and Balance Sheet as on that date for Suryodaya Club, Nasik.

Balance Sheet as on 01/04/2012
Liabilities	Amount Rs	Assets	Amount Rs
Capital Fund	50,000	Land	60,000
Bank Overdraft	35,000	Outstanding Subscriptions	5,000
Outstanding Salary	2,000	Prepaid Insurance Premium	2,500
		Cash in Hand	9,500
		Furniture	10,000
	87,000		87,000

Receipts and Payments Account for the year ending 31.03.2013
Dr.					Cr.
Receipts	Amount Rs	Payments		Amount Rs
To Balance b/d	9,500	By Bank Overdraft (Repaid)		35,000
To Subscription	95,000	By Salary		12,500
To Admission Fees	7,500	By Insurance Premium		8,000
		By Interest		1,700
		By Miscellaneous Expenses		4,400
		By Furniture		20,000
		By Balance c/d
		Cash in Hand	5,400
		Cash at Bank	25,000	30,400
	1,12,000			1,12,000

Adjustments:

1) Subscriptions received, includes Rs 3,000 for 2011-2012 and Outstanding Subscriptions for 2012-2013 was Rs 8,000.

2) Salary Paid includes Rs 2,000 Paid for last year

3) On 31/03/2013, Prepaid Insurance Premium was Rs 3,000

4) Admissions Fees are to be capitalized.

5) Depreciate Furniture by Rs 2,000

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Balance Sheet as on March 31, 2013
Liabilities	Amount (Rs)	Assets	Amount (Rs)

Outstanding Bill of Drugs	19,500	Stock of Drugs	27,000

(i)	Stock Drugs in Hand	On 01-04-2012 Rs 25,000
		On 31-03-2013 Rs 27,000
(ii)	Drugs purchased during the year	Rs 1,20,000
(iii)	Bill of drugs payable on 31-03-2013	Rs 19,500.

Income and Expenditure Account for the year ending March 31,2013
Dr.				Cr.
Expenditure		Amount (Rs)	Income	Amount (Rs)
Stock of Drugs Consumed during the year
Stock of Drugs as on Apr.01,2012	25,000
Add: Purchases	1,20,000
Add: Outstanding Bill	19,500
Less: Stock of Drugs at the end of Mar.31,2013	27,000	1,37,500