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
|