(Account of a School) From the following Balance sheet and Receipts and Payments Account of "New English School", Barshi, Prep[are Income and Expenditure Account for the year ending 31.03.2020 and a Balance Sheet as on that date.
11. (Account of a School) From the following Balance sheet and Receipts and Payments Account of "New English School", Barshi, Prep[are Income and Expenditure Account for the year ending 31.03.2020 and a Balance Sheet as on that date.
Balance sheet as on 01.04.2019
Liabilities | Amount | Amount | Assets | Amount | Amount |
Capital Fund |
| 6,43,000 | Cash in Hand |
| 6,000 |
|
|
| Cash at Bank |
| 10,000 |
|
|
| Building |
| 4,50,000 |
|
|
| Furniture |
| 72,000 |
|
|
| Library Books |
| 45,000 |
|
|
| Computer Laboratory |
| 60,000 |
|
| 6,43,000 |
|
| 6,43,000 |
Receipts and Payments for the year ending 31.03.2020.
|
Dr. Cr. |
Receipts | Amt ₹ | Amt ₹ | Payments | Amt ₹ | Amt ₹ |
To Balance b/d |
|
| By Salary |
| 90,000 |
Cash in hand | 6,000 |
| By Library Books |
| 14,000 |
Cash at Bank | 10,000 | 16,000 | By Office Rent |
| 10,000 |
To Tuition Fees |
| 90,000 | By Printing and Stationery |
| 22,000 |
To Term Fees |
| 3,000 | By sundry Expenses |
| 12,000 |
To Admission Fees |
| 12,000 | By Insurance |
| 10,200 |
To Donation (Capital) |
| 61,000 | By Sport Expenses |
| 8,000 |
To Interest received |
| 2,000 | By Annual Gathering Exp. |
| 9,000 |
To Government Grant (Revenue) |
| 1,20,000 | By Furniture |
| 50,000 |
To Sundry receipts |
| 11,000 | By Repairs |
| 15,000 |
|
|
| By Balance c/d |
|
|
|
|
| Cash in Hand | 4,800 |
|
|
|
| Cash at Bank | 70,000 | 74,800 |
|
|
|
|
|
|
|
| 3,15,000 |
|
| 3,15,000 |
Additional Information:
Solution:
|
Dr. Cr. |
Expenses | Amount | Amount | Assets | Amount | Amount |
To Salary | 90,000 |
| By Tuition Fees | 90,000 |
|
(+) Outstanding Salary | 9,000 | 99,000 | (+) Outstanding Tuition fees | 15,000 | 1,05,000 |
To Office Rent |
| 10,000 | By Term fees |
| 3,000 |
To Printing & Stationery |
| 22,000 | By Admission Fees |
| 12,000 |
To Sundry Expenses |
| 12,000 | By Interest Receipts |
| 2,000 |
To Insurance |
| 10,200 | By Govt. Grant |
| 1,20,000 |
To Sports Exp. |
| 8,000 | By Sundry receipts |
| 11,000 |
To Annual Gathering |
| 9,000 |
|
|
|
To Repairs |
| 15,000 |
|
|
|
Depreciation on Library Books | 9,000 |
|
|
|
|
Furniture | 10,000 | 19,000 |
|
|
|
|
|
|
|
|
|
To Surplus |
| 48,800 |
|
|
|
|
| 2,53,000 |
|
| 2,53,000 |
Balance Sheet as on 31.03.2020
|
Cr. Dr. |
Liabilities | Amount | Amount | Assets | Amount | Amount |
Capital Fund | 6,43,000 |
| Cash in Hand | 4,800 |
|
(+) Donation | 61,000 |
| Cash at Bank | 70,000 | 74,800 |
(+) Surplus | 48,800 | 7,52,800 | Building |
| 4,50,000 |
|
|
| Furniture | 72,000 |
|
|
|
| (+) additional | 50,000 |
|
|
|
|
| 1,22,000 |
|
Outstanding Salary |
| 9,000 | (-) Depreciation | 10,000 | 1,12,000 |
|
|
| Library Books | 45,000 |
|
|
|
| (+) additional | 14,000 |
|
|
|
|
| 59,000 |
|
|
|
| (-) Depreciation | 9,000 | 50,000 |
|
|
| Computer Laboratory |
| 60,000 |
|
|
| Tuition Fees |
| 15,000 |
|
|
|
|
|
|
|
| 7,61,800 |
|
| 7,61,800 |
