(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
|