Question

Problem 37
The following is the Receipts and Payments Account of Adarsh Club for
the year ended 31st Dec., 2017 :
Dr.
Cr.
Receipts
Amount
Payments
Amount
₹
₹
To Balance bd
62,500 By Salaries
50,000
To Subscriptions :
By Wages
6,000
2016
21,000 By Rent
12,000
2017
1,25,000|By Telephone Exp.
9,400
To Donation
17,500 By Equipment (1-1-2017) 1,20,000
To Admission Fees
28,000 By Office Exp.
22,000
By Honorarium
11,000
By Balance Ja
23,600
2,54,000
2,54,000
Other Informations :
(a) On 1st January, 2017 the balance was as under: Building 1,00,000,
Machinery > 50,000, Furniture ? 20,000, Outstanding Salary
10,000, Prepaid Wages 2,000.
(by 25,600 was due as subscription for the year 2017,
(c) Depreciation on building @ 10%, on machinery @ 5% and on
equipment @ 20% p.a. is charged.
on the basis of above details, prepare Income and Expenditure Account
and a Balance Sheet on 31st December, 2017
Dennditure Account
(J.A.C., 2010)​

Answer 1

Answer:

Mark me as brainliest

Explanation:

ECONOMICS MACROECONOMICS

Calculating GDP With the Income Approach

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By SEAN ROSS

Updated Sep 28, 2020

The income approach to measuring the gross domestic product (GDP) is based on the accounting reality that all expenditures in an economy should equal the total income generated by the production of all economic goods and services. It also assumes that there are four major factors of production in an economy and that all revenues must go to one of these sources. Therefore, by adding all of the sources of income together, a quick estimate can be made of the total productive value of economic activity over a period. Adjustments must then be made for taxes, depreciation, and foreign factor payments.

Ways to Calculate GDP

There are generally two ways to calculate GDP: the expenditures approach and the income approach. Each of these approaches looks to best approximate the monetary value of all final goods and services produced in an economy over a set period (normally one year).

KEY TAKEAWAYS

The income approach states that all economic expenditures should equal the total income generated by the production of all economic goods and services.

The alternative method for calculating GDP is the expenditure approach, which begins with the money spent on goods and services.

The gross domestic product (GDP) provides a broader picture of an economy.

The national income and product accounts (NIPA) form the basis for measuring GDP and allows people to analyze the impact of variables,

Answer 2

Concept:

Accounting for Non-Profit Organizations-

• Because these organisations are tax-exempt, their accounting procedures differ from those of non-profits. Because of this, non-profit organisations can frequently concentrate on lowering expenses and increasing funding for the activities and services they provide.
• To record their costs and income, non-profit organisations might use either cash accounting or accrual systems.
• When money is exchanged manually, the cash accounting technique records the transaction amount.
• When a transaction is made, the amount is recorded using accrual accounting.
• Many think accrual accounting is more precise.
• These organisations are required by law to provide financial records. For legal obligations and to maintain asset/fund control, these organisations prepare annual financial statements.
• A non-profit organisation may prepare the following crucial financial statements on a regular basis:

         Receipt and Payment Account

         Income and Expenditure Account

         The Balance Sheet made by non-profit organizations

Given:

• Opening Balance sheet
• Receipts and Payments Account
• Adjustments to be Made.

Find: Prepare Income and Expenditure Accounts and Closing Balance sheet.

Solutions:

Refer solution image.

Working Notes:

Annual Subscriptions = 100x 500 = 50000

Depreciation on furniture

Old = 20000x20/100=4000

New = 10000x20/100x6/12=1000

total=5000

Salary paid = 35300 - 1300 + 700=34700

Hence, the surplus is Rs.9700

Your question was incomplete. Please check above the full content.

With the help of the Balance sheet and Receipts and Payments account of Adarsh Cultural Club, prepare Income and Expenditure account and Balance sheet as on 31st March,2013.

Balance sheet and Receipts & Payment Account- refer Question image.

1. You are also required to consider the additional information given below:
2. The club had 100 members, each paying 500 as annual subscription.
3. Furniture to be depreciated @20% p.a
4. Salaries Include Rs. 1300 paid for outstanding salaries for the year 2011-12
5. Salaries O/S for the year 2012-12 were 700.

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