OMTEX CLASSES: Following is the summary of Receipts and Payments of Jay Bajrangbali Vyayam Shala, Ajara for the year ending 31.03.2007. (March 2010)

Receipts and payments Account for the year ended on 31^st March 2007.

Receipts	Amount	Payments	Amount
To Balance b/d	41600	By Salary	55000
To Subscription		By Lighting	10000
2005 – 06	4120	By General Expenses	15360
2006 – 07	160000	By Entertainment Expenses	25800
To Donation for Building	50000	By Taxes Paid	5000
To Receipts from Entertainments	36440	By Printing and Stationery	9440
To Interest	3240	By Expenses of 2005 – 2006	24000
To Entrance Fees	45000	By Investment	120000
		By Fixed Deposit with Ajara Urban Bank	40000
		By Balance C/d	35800

	340400		340400

Adjustments:

i. Jay Bajrangbali Vyayam Shala has 4500 members paying annual subscription of Rs. 40 each.

ii. Provide for outstanding salary Rs. 5000.

iii. On 1.4.2006 the assets stood as under:

a. Land and building Rs. 60,000.

b. Furniture Rs. 46000

Depreciate the above assets at 10% p.a.

iv. Interest on Investment Rs. 2000 is not received.

v. Capital Fund was Rs. 1,27,720 on 1-4-2006..

vi. 50% of the entrance fees is to be capitalised.

Prepare: Income and Expenditure account for the year ended 31^st march 2007 and balance sheet as on that date.

Solution: In the books of Jay Bajrangbali Vyayam Shala, Ajara

Income and Expenditure A/c for the year ended 31.03.07

Expenditure	Amount	Amount	Income	Amount	Amount
To Salary	55000		By Subscription	160000
(+) Outstanding	5000	60000	(+) Outstanding	20000	180000
To Lighting		10000	By Receipts from Entertainment		36440
To General Expenses		15360	By Interest	3240
To Entertainment Expenses		25800	(+) Outstanding Interest	2000	5240
To Taxes Paid		5000	By Entrance Fees	45000
To Printing & Stationery		9440	(-) Capitalised	-22500	22500
To Depreciation
Land & Building	6000
Furniture	4600	10600


To Surplus [Income over Expenditure]		107980

		244180			244180

Balance Sheet as on 31.03.07

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