PROF. BHAMBWANI’S
RELIABLECLASSES
I.P.C.C. Accounts – (Gr. I)
Non Profit Organisation
Sr. No. / Lecture No. / Content Of Lecture / Duration in Minute1 / 1 / Theory / 36
2 / 2 / Problem / 6
3 / 3 / Problem / 13
4 / 4 / Problem / 11
5 / 5 / Problem / 4
6 / 6 / Problem / 12
7 / 7 / Problem / 10
8 / 8 / Problem / 19
9 / 9 / Problem / 9
10 / 10 / Problem / 17
11 / 11 / Problem / 39
12 / 12 / Problem / 40
13 / 13 / Problem / 43
14 / 14 / Problem / 12
15 / 15 / Problem / 38
16 / 16 / Problem / 24
17 / 17 / Problem / 35
18 / 18 / Problem / 30
19 / 19 / Problem / 48
20 / 20 / Problem / 49
21 / 21 / Problem / 45
22 / 22 / Problem / 37
Total / 577=9 hrs and 37 Min.
Lecture 1: (36 Min)
Theory
Lecture 2: (6 Min)
In the problem, we are given the following:
Receipts & Payments account for the year ended 31.3.09
Receipts / Rs. / Rs. / Payments / Rs. / Rs.To Subscription a/c / 20,000
Adjustments:
1.Subscription outstanding as on 31-3-2008 Rs.205
2.Subscription accrued receivable as on 31-3-2000 Rs.350.
Lecture 3: (13 Min)
In the problem, we are given the following:
Receipts & Payments account for the year ended 31.3.09
Receipts / Rs. / Rs. / Payments / Rs. / Rs.To Subscription a/c / 42,000
Adjustments:
1.Subscription received in advance on 31-3-2008 Rs.500
2.Subscription pre received as on 31-3-2009 Rs.800
Lecture 4: (11 Min)
In the problem, we are given the following:
Receipts & Payments account for the year ended 31.3.09
Receipts / Rs. / Rs. / Payments / Rs. / Rs.By salaries a/c / 46,000
Adjustments:
31-3-200831-3-09
1.Salaries outstanding (due) 3,000 4,200
Lecture 5: (4 Min)
In the problem, we are given the following:
Receipts & Payments account for the year ended 31.3.09
Receipts / Rs. / Rs. / Payments / Rs. / Rs.By payment for medicine a/c / 2,500
Adjustments:
1-4-200831-3-09
1.Amount due to medicine supplier 1,000 500
Lecture 6: (12 Min)
In the problem, we are given the following:
Receipts & Payments account for the year ended 31.3.09
Receipts / Rs. / Rs. / Payments / Rs. / Rs.By Machinery a/c / 7,500
Adjustments:
31-3-20081-4-2009
1.Machinery 10,500 15,000
Lecture 7: (10 Min)
In the problem, we are given the following:
Receipts & Payments account for the year ended 31.3.09
Receipts / Rs. / Rs. / Payments / Rs. / Rs.To Sale of furniture a/c (WDV Rs.2,800) / 2,000 / By Furniture a/c / 5,000
Adjustments:
1.Furniture at the start of the year was worth Rs.28,000.
2.Provide depreciation @15% p.a. on closing balance of furniture
Lecture 8: (19 Min)
In the problem, we are given the following:
Receipts & Payments account for the year ended 31.3.09
Receipts / Rs. / Rs. / Payments / Rs. / Rs.To Subscription a/c
07-08 / 2,500
08-09 / 30,500
09-10 / 3,500 / 36,500
Adjustments:31-3-0831-3-09
1.Subscription due2,5004,000
Lecture 9: (9 Min)
There are 450 members of a club, each paying an annual subscription of Rs.500. On 31st march, 2000, subscriptions in arrear totaled Rs.5,000. Subscriptions received during the year ended 31st march, 2001 amounted to Rs.2,23,000 including Rs.4,500 for the year 1999-2000 and Rs.7,500 for the year 2001-2002.
Calculate the amount of subscriptions in arrear as on 31st March, 2001 by preparing subscriptions account. (DEC-01)
Lecture 10: (17 Min)
Dr. Curwell commenced his practice on 1st April, 1997. His receipts and payments account for the year ended 31st March, 1998 was as follows:
Receipts and Payments Account
For the year ended 31st March, 1998
Receipts / Rs / Payments / Rs.To Cash introduced / 20,000 / By Furniture / 10,000
To Visits / 10,000 / By Purchases of drugs / 78,000
To Receipts from dispensing / 1,45,000 / By Salary to compounder / 16,500
To Misc. receipts / 500 / By Rent / 4,800
By Conveyance / 2,400
By Lighting / 1,600
By Drawings / 36,000
By Balance c/f / 26,200
1,75,500 / 1,75,500
Amount still receivable on account of visits and dispensing are Rs.100 and Rs.600 respectively. Amount payable on account of purchases of drugs is Rs.1,000. Stock of drugs in hand is Rs.8,600. Salary of compounder payable is Rs.1,500. 40% of conveyance is for domestic purposes. Furniture is subject to depreciation @10% per annum.
Prepare the income and expenditure account for the year ended 31st March, 1998 and the balance sheet as at that date. (DEC-98)
Lecture 11: (39 Min)
FOLLOWING IS THE RECEIPTS AND PAYMENTS ACCOUNT OF THE NATIONAL TENNIS CLUB PUNE, FOR THE YEAR ENDED 31ST MARCH , 2006.
RECEIPTS / RS. / PAYMENTS / RS.To cash in hand (1.4.05) / 10,000 / By new club building / 1,60,000
To donation received / 2,00,000 / By printing to stationery / 600
To entrance fees of new members / 12,000 / By postage / 200
To tennis tournament amount received from sale of tickets / 40,000 / By expense of tennis tournament / 3,600
To subscription from members(include rs. 400 for 2006-2007) / 16,400 / By furniture / 8,400
To locker rent / 400 / By tennis balls / 8,000
To legacies / 4,000 / By salaries & wages / 7,200
By up-keep of lawn& garden / 3,600
By sundry expenses / 2,000
By repairs & maintenance of tennis court / 3,000
By insurance for the year ended 31/12/06 / 1,440
By 5% loan bonds purchased on 1/10/05 / 72,000
By closing balance
Cash in hand / 1,760
Cash at bank / 11,000
2,82,800 / 2,82,800
Prepare :
1.income & expenditure a/c for the year ended 31/3/06 and
2.balance sheet as on that date after taking into consideration the following adjustments:
(i)o/s subscription for the year 2005-06 rs. 1200.
(ii)salaries unpaid for march 2006, rs 680.
(iii)Interest on 5% Loan Bonds has become due.
(iv)Provide depreciation for 6 months on new building @ 5% and for full year on furniture 10%
(v)Stock of Tennis Balls on 31st March, 2006 Rs.1,200.
(iv)All Donations and one half of Entrance fees and 1/3 of legacies are to be capitalized.
Lecture 12: (40 Min)
Receipts & Payments for the year ended 31-12-1987
Receipts Amt.(Rs.) Payments Amt.(Rs.)
To Subscriptions 1,100 By Salaries 1,000
To Bar receipts 600 By Printing and stationery 100
To Interest on securities 150 By Telephone 150
To Cricket Fees 250 By Gardening 120
To Tennis Fees 300 By Cricket 200
To Billiard Fees 250 By Insurance 100
To Life Members Fees 2,000 By Tennis 300
To Donations 24,800 By Biliards 400
To Entrance Fees 3,000 By Bar expenses 1,200
To Tournament Fund 1,000 By Investment 5,000
By Land and Building 20,000
By Tournament expenses 1,000
By Furniture 1,200
By Sports material 1,000
By Current A/c Balance 1,000
By Cash in hand 680
------
33,450 33,450
======
Additional information:-
1. Subscription outstanding for the year Rs. 550.
2. Subscription of Rs. 100 were received in advance.
3. Salaries unpaid for 1987 amounted to Rs. 200.
4. Insurance prepaid Rs. 50.
5. Half of the entrance fees received is to capitalised.
6. Donations and Life Members Fees were to be capitalised.
7. Interest due but not received Rs. 100.
8. Sports materials were valued at Rs. 800.
9. Depreciate furniture by 5% and Land and Building by 2.1/2 %
From the above information, Prepare an Income and expenditure account for the year ended 31-12-1987.
Lecture 13: (43 Min)
The following is the receipts and payments account of the medical society, Nagpur for the year ended 31st March,1992.Receipts and Payments A/cfor the year ended 31-3-92
RECEIPTS Rs. PAYMENTS Rs.
To Cash in hand 7,000 By Payments for medicines 30,000
(1-4-92) By Honororium to doctors 10,000
To Subscriptions 50,000 By Salaries 27,500
To Donations 14,500 By Sundry expenses 500
To Interest on invest. 7,000 By Charity show exps. 1,000
( @ 7% p.a.) By Cash on hand 4,500
To Charity show proceeds 10,000 By equipment purchased 15,000
------
88,500 88,500
======
Additional information :-
On 1st April On 31st March
1991 1992
a) Subscription due 500 1,000
b) Subscription received in adv. 1,000 500
c) Stock on medicines 10,000 15,000
d) Amount due to medicines suppliers 8,000 12,000
e) Value of equipment’s 21,000 30,000
f) Value of buildings 40,000 38,000
g) Investments 1,00,000 1,00,000
You are required to prepare:-
a) Income and expenditure account for the year ended 31st March 1992,and
b) Balance sheet on that date.
Lecture 14: (12 Min)
From the following, find out the amount of subscriptions to be included in the income and expenditure account for the year ended 31st March, 1999.
Subscriptions were received during the year 1998-99 as follows:
Rs.
For the year 1997-982,000
For the year 1998-9930,000
For the year 1999-20003,000
Subscriptions outstanding as on 31st March, 1998 were Rs.3,500 out of which Rs.500 were considered to be irrecoverable. On the same date, subscriptions received in advance for 1998-99 were Rs.2,000. Subscriptions still outstanding as on 31st March, 1999 amounted to Rs.6,000.
Lecture 15: (38 Min)
The following is the receipts and payments account of a charitable hospital for the year ended 31st March, 2002:
Receipts / Rs.`000 / Payments / Rs.`000To Balance b/f: / By Medicines / 1,500
Cash in hand / 50 / By Honorarium to Doctors / 500
Cash at bank / 300 / By Salaries / 1,375
To Subscriptions / 2,500 / By Sundry expenses / 25
To Donations / 725 / By Equipments purchased / 750
To Interest for full year on
investments @7% per annum / 350 / By Charity show expenses / 50
To Charity show receipts / 500 / By Balance c/f:
Cash in hand / 25
Cash at bank / 200
4,425 / 4,425
Additional Information:
On 31-3-2001(Rs.`000) / On 31-3-2002
(Rs.`000)
Subscriptions outstanding / 25 / 50
Subscriptions received in advance / 50 / 25
Stock of medicines / 500 / 750
Amounts due to suppliers of medicines / 400 / 600
Value of equipments / 1,050 / 1,500
Value of buildings / 2,000 / 1,900
You are required to prepare income and expenditure account for the year ended 31st March, 2002 and the balance sheet as on that date. (JUNE-02)
Lecture 16: (24 Min)
On the basis of following information, prepare the income and expenditure account of Modern College for the year ended 31st March, 2006 and the balance sheet as on that date:
Receipts and Payments Account of Modern College
For the year ended 31st March, 2006
Receipts / Rs.`000 / Payments / Rs.`000To Cash on 1-4-2005 / 2,000 / By Pay and allowances / 7,050
To Tuition fees / 5,960 / By P.F. contribution / 554
To Fines / 40 / By Printing and stationery / 70
To Grants from Govt. / 3,000 / By Library books / 460
To Interest on securities / 30 / By Postage and telegrams / 50
To Rent from use of Hall / 100 / By Newspapers, etc / 30
By Science equipments
(capital expenditure) / 48
By Laboratory expenses / 50
By Construction of new
building / 470
By Repairs and maintenance / 60
By Audit fee / 30
BY General charges / 58
By Cash on 31-3-2006 / 2,200
11,130 / 11,130
The following were the assets of Modern College as on 31st March, 2005:
Furniture: Rs.3,500 thousand.
Land and buildings: Rs.16,000 thousand
Library books: Rs.2,400 thousand.
Investments: Rs.1,000 thousand
Outstanding tuition fees: Rs.220 thousand
Provide for depreciation on fixed assets on the closing balances at the following rates:
Land and buildings @5%
Furniture @15%; and
Library books @20% (JUNE-06)
Lecture 17: (35 Min)
The income and expenditure account of Bharat Club for the year ended 31st March, 2000 was as follows:
Rs. / Rs.To Salaries / 1,20,000 / By Subscriptions / 1,70,000
To Printing / 6,000 / By Entrance fees / 4,000
To Postage / 500 / By Contribution for dinner / 36,000
To Telephone / 1,500
To General expenses / 12,000
To Interest charges / 5,500
To Audit fees / 2,500
To Annual dinner expenses / 25,000
To Depreciation on sports
equipment / 7,000
To Surplus / 30,000
2,10,000 / 2,10,000
The income and expenditure account has been prepared after taking into consideration the following information:
As on31-3-1999 / As on
31-3-2000
Subscriptions outstanding / 16,000 / 18,000
Subscriptions received in advance / 13,000 / 8,400
Salaries outstanding / 6,000 / 8,000
Audit fees outstanding / 2,000 / 2,500
Buildings / 1,90,000 / 1,90,000
Sports equipment / 52,000 / 63,000
During the year 1998-99, the Bharat Club raised a bank loan of Rs.30,000 which was outstanding on 31st March 2000 also. Cash in hand on 31st March, 2000 was Rs.28,500.
Prepare the receipts and payments account of the Bharat club for the year ended 31st March, 2000 and the balance sheet as on that data. (JUNE-00)
Lecture 18: (30 Min)
Following is the Income and expenditure account of Amba Club for the year ended 31st Dec., 1988:-
INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31.12.88
EXPENDITURE Rs. INCOME Rs.
To Salaries 3,200 By Subscription 8,000
To Upkeep expenses 800 By Entrance fees 500
To Honorarium 2,000 By Int. on investments
To Audit fees 500 received 450
To General Expenses 750 outstanding 150 600
To Stationery 350 By Misc. Income 900
To Depreciation :
Sports Materials 600
To Surplus 1,800
------
10,000 10,000
======
The account had been repaired after following adjustments:-
Rs.
Subscription outstanding on 31-12-87 500
Subscription received in advance on 31-12-87 300
Subscription received in advance on 31-12-88 420
Subscription outstanding on 31-12-88 240
Salaries outstanding at the beginning of 1988 was Rs.800 and at the end of 1988 was Rs.1,000.
The club owned freehold ground at Rs.20,000 and had sports equipment’s at Rs.2,780 on 1-1-88. At the end of the year, sports equipment amounted to Rs.3,000. On 31-12-88, cash on hand amount to Rs.5,300.
Prepare receipts and payments account for the year ending 31st Dec.1988 and Balance sheet of the Amba Club as on 31st Dec., 1988.
Lecture 19: (48 Min)
Following is the Income and expenditure account of Gay Cavaliers Club for the year ended 31st Dec.,1992 :-
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31.12.92
EXPENDITURE Rs. INCOME Rs.
To Salaries 15,750 By Subscription 55,000
To Stationery 1,250 By Donations 7,500
To Rates and taxes 6,210 By Profit in Annual Meet 16,000
To Postage & telephone 2,520 By Sale of souvenirs 5,250
To Sundry expenses 8,210 By Profit on sale of 1,410
To Repairs & maintenance 5,260 Billiard Table
To Table tennis balls 1,210
To Printing of souvenirs 2,500
To Affiliation fee to 500
main club
To Electricity 6,250
To Water charges 1,210
To Billiards room expenses 2,460
To Depreciation on assets 1,560
To Excess of income over 30,270
expenditure.
85,160 85,160
Further information :- 1-1-92 31-12-92
Sundry assets 46,500 47,650
Outstanding subscriptions 1,560 2,610
Advance subscriptions 2,500 1,600
Office bearer's fund 3,465 4,260
Expenses outstanding:-
Printing & Stationery 150 210
Telephone bills 220 240
Electricity 125 225
Due towards Billiard room expenses - 165
Book value of Billiards Table sold during the year was Rs.10,240
Cash on hand at the beginning was Rs.1,750
The club is affiliated to the Main Club. It was paid one year's subscription in advance.
Out of donations, a sum of Rs.1,000 announced at the Annual Meet was duly taken into account, but had not been received till 31st Dec.1992.
All amounts received towards office Bearer's fund are credited to the fund and expenses amounting to Rs.2,785 were also charged to the fund directly.
From foregoing, prepare receipts and payments account for the year ending 31st Dec.1992 and Balance sheet of the Gay cavaliers Club as on 31st Dec.,1992.
Lecture 20: (49 Min)
The following is the Receipts & Payments accounts of Laxmi Cultural Society, Pune for the year ended 31.3.87.
Receipts and Payments A/c
for the year ended 31-3-87
RECEIPTS Rs. PAYMENTS Rs.
To Cash in Hand 1,500 By Bank O/d (1.4.86) 3,100
(1.4.86) By Investments in securities 3,000
To Subscriptions By Furniture 1,450
1985-86 300 By Salaries 6,200
1986-87 16,200 By Stationery and Printing 890
1987-88 150 16,650 By Cost of Staging drama 1,710
To Proceeds from Drama 2,000 By Misc. Expenses 1,420
To Entrance Fees 670 By Balance on 31.3.87
To Interest on securities 480 Cash in hand 550
To Sale proceeds of 120 Cash at Bank 3,100 3,650
furniture ( w.d.v Rs.450)
------
21,420 21,420
======
You are required to prepare income and expenditure account of the society in respect of the year ended 31.3.87 and a balance sheet :-
a) The society has 1,800 members each paying an annual subscription of Rs.10. An amount of Rs.90 is in arrears in respect of the year ended 31.3.86.
b) Stock of stationery on 31.3.86 was Rs.125 and at 31.3.87 Rs.87.
c) Entrance fees are to be capitalised.
d) Salary of Rs.550 for March 1987 is outstanding.
e) Misc. Expenses outstanding as on 31-3-86 amounted to Rs.132.
The society had paid Rs.500 in the year 1985-86 towards telephone charges of which Rs.125 relate to the year 1986-87.
f) At 31.3.86 premises stand at Rs.24,500 and Furniture Rs.6,500. Depreciate premises and furniture @ 10% on closing balance
Lecture 21: (45 Min)
Following is the receipts and payments account of X club for the year ended 31.12.87.
Receipts and Payments A/c
for the year ended 31-12-87
RECEIPTS Rs. PAYMENTS Rs.
To Bal. b\f By Salaries
Cash 2,000 Secretary 6,000
Bank 12,000 14,000 Staff 5,000 11,000
To Subscriptions By Building(construction) 15,000
1987 5,500 By Canteen expenses 12,000
1986 500 By Misc. Expenses 2,500
1988 400 6,400 By Balance on 31.3.87
To Sale of old newspaper 400 Cash in hand 1,300
To Canteen collection 12,000 Cash at Bank 4,000 5,300
To Interest from Bank 1,000
To Sale proceeds of old 2,000
furniture
To Donation for buldg. fund 10,000
------
45,800 45,800
======
With the additional information given below, Prepare the income and expenditure account for the year ended 31.12.87 and the Balance Sheet as on that date.
31.12.86 31.12.87
a) Subscription receivable 1,000 600
b) Subscription received in advance 200 400
c) Salary of staff outstanding 1,000 2,000
d) Canteen expenses prepaid 1,000 1,500
e) Furniture at book value 14,000 ?
f) Building 15,000 ?
g) Fixed deposit with bank 10,000 10,000
h) Book value of furniture sold during the year 87 was Rs.3,500.
i) Charge depreciation on furniture at 10% p.a. on the closing balance.
Lecture 22: (37 Min)
Following is the receipts and payments account of X club for the year ended 31.12.92.
Receipts and Payments A/c
for the year ended 31-3-92
RECEIPTS Rs. PAYMENTS Rs.
To Bal.b/f 2,000 By Salaries 2,700
To Subscriptions By Stationery 1,000
1990-91 3,000 By Rates and taxes 300
1991-92 4,000 By Telephone charges 1,800
1992-93 1,000 8,000 By 8% securities at par 5,000
To Profit on sports 3,000 By Sundry Expenses 200
To Int. on 8% securities 1,000 By Balance c/f. 3,000
------
14,000 14,000
======
Additional information :-
a) There are 500 members, each paying an annual subscription of Rs.10, Rs.3,500 being in arrears for 1990-91 at the beginning of 1991-1992,
b) Stock of stationery on 31.3.91 was Rs.400 and on 31.3.92 Rs.500.
c) On 31-3-92, the Rates and taxes were prepaid to the extent of Rs.100.
d) Telephone expenses paid in current Year relate to 9 Months, The telephone charges for three months are outstanding
e) Sundry expenses accruing at 31-3-91 were Rs.50 and 31-3-92, Rs.60.
f) At 31-3-1992, Building stood in the books at Rs.30,000 and it is required to write off depreciation at 10% P.a.
g) Value of 8% securities at 31.3.1991 was Rs 15,000 which was purchased at that date at par, additional securities worth Rs 5,000 are purchased on 31.3.1992.
You are required to prepare:-
a) Income and expenditure account for the year ended 31st March 1992,and
b) Balance sheet on that date.
1