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 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)
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

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