Marathi Vishwa Kosha Centre, Wai, has given you the following information from which, you are required to prepare.

(i) Income and Expenditure Account for the year ending on 31.03.2013, (ii) Balance Sheet as on 31.03.2013.

Receipts and Payment Account for the year ending 31.03.2013


Receipts
Amount
(Rs.)
Payments
Amount
(Rs.)
To Balance b/d

By Stationery
5000
Cash in hand
13000
By Furniture
[Purchased on 01.01.2013]
50000
To Locker Rent
5000
By Investments
1,00,000
To Entrance Fees
19000
By Expenses of Drama
33500
To Sale of old newspapers
1500
By Postage and telegram
2,500
To Receipts from Drama
78,500
By Magazines and Newspapers
4000
To Legacies
1,10,000
By Salaries
22,000
To Miscellaneous Receipts
8000
By Balance c/d



Cash in Hand
3000


Cash at bank
1,10,000

330000

330000

Additional Information:

(1) Capital fund on 01.04.2012, was Rs. 1,08,000.
(2) Legacies are to be capitalised.
(3) Outstanding salary Rs. 3,000.
(4) 50% of entrance fees is to be capitalised.
(5) Depreciation on Furniture @ 10% p.a.

Answer:

In the books of Marathi Vishwa Kosha Centre
Income and Expenditure Account for the year ended 31. 03. 2013

Expenditure
Amount Rs.
Amount Rs.
Income
Amount Rs.
Amount Rs.
To Stationery

5000
By Locker Rent

5000
To Expensies of Drama

33500
By Entrance Fees
19000

To Postage and Telegram

2500
Less: 50% Capitalized
9500
9500
To Magazines and newspapers

4000
By Sale of old newspapers

1500
To Salaries
22000

By Receipts from Drama

78500
Add: Outstanding
3000
25000
By Miscellaneous Receipts

8000
To Depreciation Furniture

1250



To Surplus C/d

31250











102500


102500

Balance Sheet as on 31.03.2013

Liabilities
Amount
Rs.
Amount
Rs.
Assets
Amount
Rs.
Amount
Rs.
Capital Fund
108000

Furniture
50000

Add: Entrance Fees
9500

Less: Depreciation
1250
48750
Add: Legacies
110000

Investment

100000
Add: Surplus
31250
258750
Cash in Hand

3000
Outstanding Salary

3000
Cash at Bank

110000


261750


261750

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