State the meaning of Income and Expenditure Account.

State the meaning of ‘Not- for- Profit’ Organisations.

A, B and C are partners in a firm sharing profits in the ratio of 6:5:4. C retired and his share is taken up equally by A and B. Find the new profit sharing ratio.

R,S and M are partners sharing profits in the ratio of \(\frac{2}{5}, \frac{2}{5} \text { and } \frac{1}{5}\). M decides to retire from the business and his share is taken by R and S in the ratio of 1:2. Calculate the new profit sharing ratio and gaining ratio

X, Y and Z were in partnership sharing profits in proportional their capitals. Their balance sheet on 31st March, 2018 was as follows

On the above date, Y retired owing to ill health and the following adjustments were agreed upon.
(i) Building to be appreciated by 10%.
(ii) Provision for doubtful debts to increased to 5% of debtors.
(iii) Machinery to be depreciated by 15%
(iv) A provision to be made for outstanding repairs bill of Rs.30,000
(v) Included in the value of creditors is Rs.18.000 for an outstanding legal claim, which is not likely to arise.
(vi) Out of the insurance premium paid, Rs.2,000 is for the next year. The amount was debited to profit and loss account 
Prepare the revaluation account

P,  Q and R were partners sharing profit and loss in the ratio of 2:2:1. Q decides to retire on 31st March, 2014. On the date of his retirement in the books as follows.
Creditors Rs.70,000; building Rs.1,00,000; plant and machinery Rs.40,000; stock of raw materials Rs.20,000; stock of finished goods Rs.30,000 and debtors Rs.20,000
The following was agreed among the partners on Q's retirement.
(i) Building to be appreciated by 20%.
(ii) Plant and machinery to be depreciated by 10%.
(iii) A provision of 5% on debtors to be created for doubtful debts.
(iv) Stock of raw materials to be valued at Rs.18,000 and finished goods at Rs.35,000.
(v) An old computer previously written off was sold for Rs.2,000 as scrap.
Prepare revaluation account.

Sandeep, Praveen and Tara are partners sharing profits in the ratio of 3:2:1. On 1st April, 2012  Sandeep gave a notice to retire from the firm. Praveen and Tara after all adjustments showed a balance of Rs.64,000 and Rs.1,00,000 respectively. The total amount to be paid to Sandeep was Rs.1,23,000. This amount was to be paid by Praveen and Tara in such a way Pass necessary Journal entires for the above transations in the books of the firm. Show your working clearly.

From the trial balance and other information given below for a school, prepare Income and Expenditure Account for the year ended on 31.3.2017 and a Balance Sheet as on that date:

Additional Information:
(i) Tution fee yet to be received for the year are Rs. 25,000.
(ii) Salaries yet to be paid amount to Rs.30,000.
(iii) Furniture costing Rs. 40000 was purchased on October 1, 2016.
(iv) The book value of the furniture sold was Rs. 50,000 on April 1, 2016
(v) Depreciation is to be charged @ 10% p.a. on furniture, 15% p.a. on Library books, and 5% p.a. on building.

Following is the Receipt and Payment Account of an Entertainment Club for the period April 1, 2016 to March 31, 2017.

Additional Information
1. The club had 225 members, each paying an annual subscription of Rs. 500. Subscription outstanding as on 31 March 2016 Rs. 15,000.
2. Telephone bill outstanding for the year 2016-2017 is Rs. 2,000.
3. Locker Rent Rs. 3,050 outstanding for the year 2015-16 and Rs. 1,500 for 2016-17.
4. Salary outstanding for the year 2016-17 Rs. 4,000.
5. Opening Stock of Printing and stationery Rs. 2,000 and closing stock of printing and stationery is Rs. 3,000 for the year 2016-17.
6. On 1st April 2016 other balances were as under:

7. Depreciation Furniture and Building @ 12.5% and 5% respectively assuming that it is on reducing balance for the year ending March 31,2017
Prepare Income and Expenditure account and Balance Sheet as on that date.

Sita, Geeta and Rita were partners sharing profits in the ratio of 2:2:1 respectively.Following was their balance sheet as at 31st March, 2013

On the above date, Sita retires and following were agreed.
(i) Stock was valued at Rs.59,000, debtors Rs.40,000, building Rs. 2,10,000, plant Rs.70,000 and creaditors Rs.50,000
(ii) Amount due to Sita will be transferred to Sita,s loan account.
Prepare revaluation account and Sita's capital account

Give the journal entry to distribute workman compensation reserve of Rs.60,000 at the time of retirement of Sajjan, when there is no claim against it.The firm three partners Rajat, Sajjan and Kavita.

A, B and C are partners sharing profits in the ratio of 4:3:2.B retires and the Goodwill of the firm is valued at Rs.18,000.Pass journal entry for the treatment of good will on B's retirement.

The capital of a non-profit organization is generally known as

Honorarium is a kind of remuneration paid to a person who is not the employee of a non-profit organization. Which of the following statements is true about the honorarium payment?

Which of the following is to be recorded in an income and expenditure account?

Income and expenditure account is based on

An advance receipt of subscription from a member of the non-profit organization is considered as a/an

Rent expense of a non-profit organization paid in advance. Which of the following is the correct classification of rent?

Expenditures greater than incomes of a non-profit organization give rise to a

Non-profit organizations prepare all of the following accounts except the

The receipts and payments account of a non-profit organization is a

Which of the following is generally considered as a non profit oriented organization?

On the retirement of a partner any reserve being should be transferred to the capital account of:

The loss or gain an account of revaluation at the time of retirement of a partner is shared by:

Amount due to out going partner is shown in the balance sheet as his:

An account operated to ascertain the loss or gain at the death of a partner is called:

If the remaining partner want to continue the business, after the retirement of a partner, a new partnership agreement:

Partners equity is effected due to:

The accounting procedure at the retirement of partner is valued:

Revaluation account is operated to find out gain or loss at the time of:

In case of retirement of a partner full good will is credited to the accounts of:

The partnership may come to an end due to the: