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.
|
Balance Sheet as on 31st 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 31st 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)
Receipts & Payment 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
