OMTEX CLASSES: Following is the Receipts and Payments Account of Chamber of Commerce, Amaravati for the year ending 31st March, 2012 and some additional information. [12 MARKS]

Receipts and Payments A/c For the year ended 31.03.2012

Receipts	Amount	Payments	Amount
To balance b/d (Cash at bank)	11,960	By Printing and Stationery	6950
To subscription (Including Rs. 2500 for 2010 – 11)	36500	By Repairs	2100
To Sale of furniture (Books value Rs. 18,000)	12000	By Rent	8500
To Donation for building fund	27000	By Books	20000
To Admission fees (Revenue)	5050	By Travelling expenses	2000
		By Investments	40,000
		By Insurance	1700
		By Balance c/d (Cash at bank)	11260

	92510		92510

Additional information:

Prepare Income and Expenditure A/c for the year ended 31^st March, 2012 and balance sheet as on that date.

Solution:

In the books of Chamber of Commerce, Amaravati

Income and Expenditure A/c for the year ended 31.03.2012

Expenditure	Rs.	Rs.	Income	Rs.	Rs.
To Loss on Sale of Furniture [18000 – 12000] [Loss = C.P. – S.P.]		6000	By Subscription	36500
To Printing and stationery		6950	( - ) Last year amount received in this year.	-2500
To Repairs		2100	(+) Outstanding for the current year	+5000	39000
To Rent		8500
To Travelling expenses		2000	By Admission Fees [Revenue]		5050
To Insurance		1700
To Depreciation on Furniture		1400

To Income Over Expenditure (Surplus)		15400
		44050			44050

Balance sheet as on 31.03.2012

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital Fund	151960		Outstanding subscription for the Last year still receivable [3000 – 2500]		500
(+) Surplus	15400	167360	Outstanding subscription for the Current year		5000
			Furniture	32,000
			(-) Sale of Furniture [Book Value]	-18000
			(-) Depreciation	-1400	12600
Building Fund	145000		Books		20000
(+) Fund received during current year	+27000	172000	Investments	250000
			(+) New investments purchased	40000	290000
			Cash at Bank		11260

		339360			339360

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