NPO question with solution

Q6. From the following Balance Sheet and Receipts and Payment A/c of Padmavati High School, Thane , prepare Income  and Expenditure A/c for the  year ended 31-03-2007 and Balance Sheet as on the date.

P.T.O.

Balance Sheet as on 31^st March 2006

Liabilities	Amt. (Rs.)	Assets	Amt. (Rs.)
Entrance Fees	30,000	Furniture	84,000
Capital Fund	5,19,000	Computer laboratory	1,00,000
		Library	1,25,000
		Investments	2,00,000
		Cash in Hand	5,000
		Cash at Bank	15,000
		Outstanding Tuition Fees	20,000
	5,49,000		5,49,000

Receipts and Payment Account for year ended 31^st March, 2007.

Receipts	Amt. (Rs.)	Payment	Amt. (Rs.)
To Balance b/d     Cash in Hand     Cash at Bank	5,000 15,000	By Furniture purchased By Salaries By Rent	52,000 3,00,000 1,40,000
To Tuition  fees	4,00,000	By Sundry Expenses	27,000
To Term Fees	1,20,000	By Stationery	49,000
To Government grant (Salary)	1,04,500	By Annual Gathering Expenses	24,000
To Sundry Receipts	11,000	By Repairs of Building	32,500
To Sale of old Newspapers	500	By Insurance	20,000
To Interest on Investments To Donation of library	10,000 1,50,000	By Balance c/d        Cash in Hand        Cash at Bank	44,500 1,27,000
	8,16,000		8,16,000

Adjustments:-

(1)   Tuition fees receivable Rs.1,50,000.

(2)   Salary still payable Rs. 1,50,000.

(3)   Rent paid in advance Rs. 20,000.

(4)   Insurance premium is paid for one year ending 30-09-2007.

(5)   Depreciate Furniture and Library at 10% and Computer Laboratory at 20% p.a. Depreciation to be charged on the closing balance of assets.                                  (16)

Income and Expenditure  A/c for the year ended 31-3-2006

Expenditure	Rs.	Rs.	Income	Rs.	Rs.
To Salaries (+) Outstanding	3,00,000 1,50,000	4,50,000	By Tution Fees (WN 1)		5,30,000
To Rent (-) Prepaid Rent	1,40,000 20,000	1,20,000	By Term Fees By Sundry Receipts		1,20,000 11,000
To Sundry Expenses To Annual Gathering Expenses To Repair of Building		27,000 24,000 32,500	By Sale of Old Newspapers By Interest on investments		500 10,000
To Stationery To Insurance (-)  Prepaid	20,000 10,000	49,000 10,000
To Depreciation      Furniture      Library Computer Laboratory	13,600 12,500 20,000	46,100
To Surplus		17,400
		7,76,000			7,76,000

Balance Sheet as on 31-3-2007

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital Fund Surplus	5,19,000 17,400	6,36,400	Furniture Add: Purchase	84,000 52,000
			Less: Depreciation	1,36,000 13,600	1,22,400
Entrance Fees Donation of library		30,000 1,50,000	Computer Laboratory Less: Depreciation	1,00,000 20,000	80,000
Outstanding Salary		1,50,000	Library Less: Depreciation	1,25,000 12,500	1,12,500
			Investments Cash in hand Cash at Bank Tuition Fees Receivable		200000 44500 127000 150000
			Prepaid Rent		20000
			Prepaid insurance		10000
		866400			866400

(1)   To find out income on tution fees

Amt. received as per Receipt & Payment A/c                    4,00,000

(-)  Receivable of last year                                                       20,000

(+) Advance of last year                                                                    -

(+) Receivable of current year                                               1,50,000

(-) Advance of current year                                                              -

(+) Still of receivable of last year                                                      -

                                                    5,30,000