From the following Receipts and payments Account "K.B.P. Engineering College" Nashik for the year ending on 31.0.2019 and additional information, prepare Income and Expenditure Account for the year ending 31.03.2019 and Balance Sheet as on that date.
10. From the following Receipts and payments Account "K.B.P. Engineering College" Nashik for the year ending on 31.0.2019 and additional information, prepare Income and Expenditure Account for the year ending 31.03.2019 and Balance Sheet as on that date.
Receipts and Payments Account for the ending 31.03.2019
|
Dr. Cr. |
Receipts | Amt ₹ | Amt ₹ | Payments | Amt ₹ | Amt ₹ |
To Balance b/d |
|
|
|
|
|
cash in Hand |
| 18,000 | By Salaries to Teaching staff |
| 11,70,000 |
Cash at Bank |
| 1,00,400 | By Electricity Charges |
| 55,000 |
To Interest |
| 55,000 | By Books |
| 61,000 |
To Subscriptions |
| 28,300 | By Furniture |
| 51,000 |
To Life Membership fees |
| 25,000 | By Stationery |
| 21,850 |
To Donation |
| 7,00,000 | By Fixed Deposit (31.03.2019) |
| 8,50,000 |
To Tuition fees |
| 12,30,000 | By Balane c/d |
|
|
To Term fees |
| 2,00,800 | cash in Hand |
| 16,650 |
To Sundry Receipts |
| 8,000 | Cash at Bank |
| 2,00,000 |
To Admission fees (Revenue) |
| 60,000 |
|
|
|
|
| 24,25,500 |
|
| 24,25,500 |
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|
Additional Information:
Particulars | 0104.2018 ₹ | 31.03.2019 ₹ |
Books | 6,00,000 | 6,00,000 |
Furniture | 3,19,000 | 3,00,000 |
Building Fund | 10,00,000 | ? |
Fixed Deposit | 9,10,000 | ? |
Capital Fund | 9,47,400 | ? |
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Solution:
In the books of "K.B.P. Engineering College"Income and Expenditure Account for the year ending 31.03.2019
|
Dr. Cr. |
Expenditure | Amount | Amount | Income | Amount | Amount |
To salaries to Teaching Staff |
| 11,70,000 | By Interest |
| 55,00 |
To Electricity Chargers |
| 55,000 | By Subscription | 28,300 |
|
To Stationery |
| 21,850 | (+) Outstanding Sub. | 5,300 | 33,600 |
|
|
| By 50% Donation |
| 12,30,000 |
To Depreciation on |
|
| By Tuition fees |
| 2,00,800 |
Furniture | (51,000 19,000)
| 70,000 | By Sundry Receipts |
| 8,000 |
Books |
| 61,000 | By Admission fees |
| 60,000 |
|
|
| By Interest |
| 5,000 |
|
|
|
|
|
|
To Surplus |
| 5,59,550 |
|
|
|
|
| 19,37,400 |
|
| 19,37,400 |
Balance Sheet as on 31.03.2019
|
Dr. Cr. |
Liabilities | Amount | Amount | Assets | Amount | Amount |
Capital Fund | 9,47,400 |
| Books |
| 6,00,000 |
(+) Life Membership | 25,000 |
| Furniture | 3,19,000 |
|
(+) Surplus | 5,59,550 | 15,31,950 | (-) Depreciation | 19,000 | 3,00,000 |
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|
Building Fund | 10,00,000 |
| Fixed Deposit |
| 8,50,000 |
(+) Donation | 3,500,000 | 13,50,000 | Outstanding Sub. |
| 5,300 |
|
|
| Fixed Deposit |
| 9,00,000 |
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|
| Cash in Hand |
| 16,650 |
|
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| Cash at Bank |
| 2,00,000 |
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|
| 28,81,950 |
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| 28,81,950 |
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