Following is the Balance Sheet as on 1.4.2012 and receipts and payments account of Mahakavi Kalidas Library, Nashik.

Following is the Balance Sheet as on 1.4.2012 and receipts and payments account of Mahakavi Kalidas Library, Nashik.

Solution: In the books of Mahakavi Kalidas Library, Nashik

Income and Expenditure Account for the year ended 31.3.2013

Expenditure	Amount	Amount	Payments	Amount	Amount
To Electricity Charges		6980	By Members Subscription	180000
To Postage and Telegram		6100	Add: Outstanding Subscription	7500
To Sundry Expenses		10500	Less: Pre - received Subscription	15000	172500
To Depreciation:			By Entrance Fees	25000
Furniture	8650		Less: Capitalised	12500	12500
Books	100000	108650	By Sale of Old Newspapers		1500
			By Hire of lecture hall		18000
			By Interest on securities		4000
To Income Over Expenditure [Surplus]		76270
		208500			208500

Balance Sheet of Mahakavi Kalidas Library as on 31.3.2013

Liabilities	Amount	Amount	Assets	Amount	Amount
Capital Fund	690000		Furniture	72500
Add: Entrance Fees	12500		Add: Purchased	28000
Add: Surplus	76270	778770		100500
Pre - received Subscription		15000	Less: Depreciation	8650	91850
			Books	551000
			Add: Purchased	80000
				631000
			Less: Depreciation	100000	531000
			Investment in securities	50000
			Add: Purchased	100000	150000
			Cash inHand		6420
			Cash at Bank		7000
			Outstanding Subscription		7500
		793770			793770