RECEIPTS AND PAYMENTS
ACOUNT OF SOMNATH WELFARE SOCIETY
FOR THE ENDED 31ST
MARCH, 2009
|
Receipts
|
Amount (Rs.)
|
Payments
|
Amount (Rs.)
|
|
To Balance b/d
To
Subscriptions
2007-08
Rs. 8,910
2008-09
Rs. 2,31,000
2009-10
Rs. 2,750
To Legacies
To Donations
for Building
To Sale of Old
Furniture
(at book value)
To
Miscellaneous Receipts
|
19,800
2,42,660
7,920
46,200
6,600
79,408
|
By Salaries
and Wages
By 10%
Investments
(Face value
13, 750)
Purchased on
1-10-08
By Rates and
Taxes
By office
Expenses
By
Entertainment Material
By Telephone
Charges
By Advance for
Building
By Internet
Charge
By Balance c/d
|
1,42,802
11,000
6,809
8,602
64,020
2,860
16,500
1,320
1,48,675
|
|
Total
|
4,02,588
|
|
4,02,588
|
Additional information:
(i) On 31st March
2008, the society has following assets and liabilities:
Assets:
10% investment
Rs. 1,21,000 (face value Rs. 1,65,000) Furniture Rs. 88,000; Musical
instruments Rs. 13, 420, Machinery Rs. 61,600, Fax Machines Rs. 18,700,
Subscription in arrears Rs. 17,600.
Liabilities:
(i)
Creditors for entertainment material Rs. 5,500,
subscription received in advance Rs. 2,310 and building fund Rs. 55,000.
(ii)
Charge depreciation @ 20% on furniture, machinery and
fax machines.
(ii) On
31st March, 2009 entertainment material was valued at Rs.
28,732. Internet charges was outstanding Rs.
1,650.
(iii)
Each year subscription is paid by 110 members, each
paying Rs. 2,310.
(iv)
Payment for Entertainment material includes 2,200 for
previous year.
Solution:
INCOME AND
EXPENDITURE ACCOUTN IN THE BOOKS OF SOMNATH WELFARE SOCIETY
(FOR THE YEAR ENDED
31ST MARCH, 2009)
|
Expenditure
|
Amount
(Rs.)
|
Income
|
Amount
(Rs.)
|
|
To Salaries
and Wages
To Rates and
Taxes
To Entertainment Material
64,020
Less: Payment for last year
2,200
61,820
Less: Closing stock
28,732
To Office
Expenses
To Telephone
Charge
To Internet Charges
Rs.
1,320
Add: Outstanding 1,650
To
Depreciation on:
a. Furniture
20% of 81,400
b. Machinery 20% of 61,600
c. Fax Machine 20% of 18,700
To Excess of
Income
Over Expenditure (Surplus)
|
1,42802
6,809
33,088
8,602
2,860
2,970
16,280
12,320
3,740
1,21,225
|
By
Subscriptions: Rs. 2,42,660
Less:
Outstanding
Subscription
Received
(2007-08) 8,910
2,33,750
Less: Received
In Advance 2,750
2,31,000
Add:
Subscription
Received in
2007-08
As
Advance 2,310
2,33,310
Add: Outstanding
Subscription for Current
year 20,790
By Interest on
Investments
Rs.
1,65,000 X 10 = 16,500
100
Rs.
13,750 X10X6 = 688
100
X 2
By Sunday
Receipts
|
2,54,100
17,188
79,408
|
|
Total
|
3,50,696
|
|
3,50,696
|
BALANCE SHEET AS AT
31ST MARCH, 2009
|
Liabilities
|
Amount
(Rs.)
|
Assets
|
Amount
(Rs.)
|
|
Rs.
*Capital Fund 2,77,310
Add: Legacies 7,920
2,85,230
Add: Surplus 1,21,225
Building Fund Rs. 55,000
Add: Donation for
Building 46,200
1,01,200
Less: Advance for
Building 16,500
Creditors for Entertainment
Material (Rs. 5,500–Rs. 2,200)
Prepaid Subscription
Outstanding Internet Charges
|
4,06,455
84,700
3,300
2,750
1,650
|
Rs.
Furniture 88,000
– Sale –6,600
81,400
–Depreciation 16,280
Musical Instrument
Machinery 61,600
–Depreciation 12,320
Fax Machines Rs. 18,700
–Depreciation –3,740
10% Investments Rs.
1,21,000
Add: Purchases 11,000
Outstanding Interest
On Investments
Entertainment Material
Outstanding Subscription 2003-04 =
8,690
2004-05 =
20,790
Cash
|
65,120
13,420
49,280
14,960
1,32,000
17,188
28,732
29,480
1,48,675
|
|
Total
|
4,98,855
|
|
4,98,855
|
* Interest on investment is always
calculated on face value.
MEMORANDOM BALANCE
SHEET OR
*BALANCE-SHEET AS AT 31ST MARCH,
2008
|
Liabilities
|
Amount
(Rs.)
|
Assets
|
Amount
(Rs.)
|
|
Creditors for
Entertainment
Material
Subscription
Received
In Advance
Building Fund
Capital Fund
(Balancing
Figure)
|
5,500
2,310
55,000
2,77,310
|
Cash
Subscription
Outstanding
10%
Investments
(Face value
Rs. 1,65,000)
Fax Machine
Musical
Instrument
Machinery
Furniture
|
19,800
17,600
1,21,000
18,700
13,420
61,600
88,000
|
|
Total
|
3,40,120
|
|
3,40,120
|
