You are required to prepare the Income and Expenditure Account for the year ending 31.03.2013 and Balance Sheet as on that date.
Receipts and Payment Account for the year ending 31.03.2013
Receipts
|
Amount
(Rs.)
|
Payments
|
Amount
(Rs.)
|
To Balance b/d
(Cash at Bank)
|
11960
|
By Printing & Stationery
|
6950
|
To Subscriptions (including Rs. 2,500 For 2011-2012)
|
36,500
|
By Repairs
|
2,100
|
To Sale of Furniture (Book value Rs. 18,000)
|
12,000
|
By Rent
|
8,500
|
To Donations
|
27000
|
By Books
|
20000
|
To Admission Fees
(Revenue)
|
5050
|
By Travelling Expenses
|
2000
|
By Investments
|
40000
| ||
By Insurance
|
1700
| ||
By Balance c/d
[Cash at Bank]
|
11200
| ||
92510
|
92510
|
Additional Information:
Particulars
|
01.04.2012
Amount
|
31.03.2013
Amount
|
Outstanding Subscriptions
Furniture
Building fund
Capital fund
Investments
|
3,000
32,000 1,45,000 1,51,960 2,50,000
|
5,000
?
?
?
?
|
(2) Neglect depreciation on the part of furniture sold during the year, but depreciate the remaining furniture by Rs. 1,000.
(2) Donation is received for building fund.
Answer: In the books of Chamber of Commerce
Income and Expenditure A/c for the year Ended 31.3.13
Expenditure
|
Amount
Rs.
|
Amount
Rs.
|
Income
|
Amount
Rs.
|
Amount
Rs.
|
To Loss on Sale of furniture
[Cost Price - Selling Price]
|
6000
|
By Subscriptions
|
36500
| ||
To Printing & Stationery
|
6950
|
(-) Last Year’s Amount
|
-2500
| ||
To Repairs
|
2100
|
(+) Outstanding
|
5000
|
39000
| |
To Travelling Expenses
|
2000
|
By Admission Fees
|
5050
| ||
To Insurance
|
1700
| ||||
To Depreciation on Furniture
|
1000
| ||||
To Rent.
|
8500
| ||||
To Income Over Expenditure (Surplus)
|
15800
| ||||
44050
|
44050
|
Balance Sheet as on 31.3.2013
Liabilities
|
Amount
Rs.
|
Amount
Rs.
|
Assets
|
Amount
Rs.
|
Amount
Rs.
|
Capital Fund
|
151960
|
Books
|
20000
| ||
(+) Surplus
|
15800
|
167760
|
Investment
|
290000
| |
Building fund
|
145000
|
Cash at Bank
|
11260
| ||
(+) Donations
|
27000
|
172000
|
Outstanding Subscriptions for the Last year.
|
500
| |
Outstanding Subscriptions for the Current year.
|
5000
| ||||
Furniture
|
14000
| ||||
(-) Depreciation
|
-1000
|
13000
| |||
339760
|
339760
|
W.N. 1. Furniture A/c
Debit
|
Amount
|
Credit
|
Amount
|
To Balance b/d
|
32000
|
By Bank A/c
[Sale of Furniture]
|
18000
|
To Bank A/c
[Purchase of Furnitre ]
|
-
|
By Balance C/d
|
14000
|
32000
|
32000
|
W.N. 2. Investments A/c
Debit
|
Amount
|
Credit
|
Amount
|
To Balance b/d
|
250000
|
By Bank A/c
[Sale of Furniture]
|
-
|
To Bank A/c
[Purchase of Furnitre ]
|
40000
|
By Balance C/d
|
290000
|
290000
|
290000
|
