Solve this:
Q8. Following is the Receipt and Payment Account of Literacy Club for the year ended 31-3. 2006.
Receipt
Amount (Rs.)
Payment
Amount (Rs.)
Balance b/d
Subscription :
2004-05 1,200
2005-06 26,500
2006-07 500
Sale of old newspaper
Government Grants
Sale of old furniture
(Book value Rs. 7,000)
Interest on fixed deposits
19,550
28,200
1,250
10,000
5,700
450
Salary
Newspaper
Electricity Bill
Fixed Deposit
(on 1.7.05 @ 9% p.a)
Books
Rent
Furniture
Balance c/d
3,000
2,000
1,000
20,000
10,000
6,800
10,500
11,200
65,150
65,150
Additional information :
1. Subscription outstanding as on 31-3-2005 were Rs. 2,000 and on 31-3-2006 Rs. 2,500
2. On 31-3-2006 salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200
3. The club owned furniture Rs. 15,000 and books Rs. 7,000 on 1-4-2005.
prepare Income and Expenditure Account of the club for the year ended 31-3-2006 and ascertain 'Capital Fund' on 31-3-2005. Also prepare a Balance sheet as at 31st March, 2006.
Solve this:
Q8. Following is the Receipt and Payment Account of Literacy Club for the year ended 31-3. 2006.
| Receipt | Amount (Rs.) | Payment | Amount (Rs.) |
| Balance b/d Subscription : 2004-05 1,200 2005-06 26,500 2006-07 500 Sale of old newspaper Government Grants Sale of old furniture (Book value Rs. 7,000) Interest on fixed deposits |
19,550 28,200 1,250 10,000 5,700 450 |
Salary Newspaper Electricity Bill Fixed Deposit (on 1.7.05 @ 9% p.a) Books Rent Furniture Balance c/d |
3,000 2,000 1,000 20,000 10,000 6,800 10,500 11,200 |
| 65,150 | 65,150 |
Additional information :
1. Subscription outstanding as on 31-3-2005 were Rs. 2,000 and on 31-3-2006 Rs. 2,500
2. On 31-3-2006 salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200
3. The club owned furniture Rs. 15,000 and books Rs. 7,000 on 1-4-2005.
prepare Income and Expenditure Account of the club for the year ended 31-3-2006 and ascertain 'Capital Fund' on 31-3-2005. Also prepare a Balance sheet as at 31st March, 2006.
Dear Student,
Note: There is a difference of Rs 650 in Receipts & Payments A/c, so, our Balance Sheet also shows a difference Of Rs 650.
Calculation of Capital Fund
Regards
Note: There is a difference of Rs 650 in Receipts & Payments A/c, so, our Balance Sheet also shows a difference Of Rs 650.
| Income and Expenditure Account for the year ending … |
||||
| Dr. | Cr. | |||
| Expenditure | Amount (Rs) |
Income | Amount (Rs) | |
| Salary (3,000+600) | 3,600 | Subscription (26,500+2,500) | 29,000 | |
| Newspaper | 2,000 | Interest on F.D(450+900) | 1,350 | |
| Rent (6,800+1,200) | 8,000 | Grants | 10,000 | |
| Loss on sale of furniture | 1,300 | Sale of newspaper | 1,350 | |
| Electricity bill | 1,000 | |||
| Surplus (Excess of Income over Expenditure) | 25,700 | |||
| 41,600 | 41,600 | |||
| Balance Sheet as on 31.03.2006 |
|||||
| Liabilities | Amount (Rs) |
Assets | Amount (Rs) | ||
| Capital Fund | Furniture | 18,500 | |||
| Opening Balance | 43,550 | (10,500+15,000-7,000) | |||
| Add: Donation | 25,700 | 69,250 | |||
| Books (7,000+10,000) | 17,000 | ||||
| Subscription Received in Advance | 500 | Subscription Outstanding | 3,300 | ||
| Rent Outstanding | 1,200 | (800+2,500) | |||
| Salaries Outstanding | 600 | ||||
| Fixed Deposits | 20,000 | ||||
| Outstanding interest on F.D. | 900 | ||||
| Cash | 11,200 | ||||
| 71,550 | 70,900 | ||||
| Balance Sheet as on 31.03.2005 |
|||
| Liabilities | Amount (Rs) |
Assets | Amount (Rs) |
| Capital Fund (Balancing Figure) | 43,550 | Furniture | 15,000 |
| Library Books | 7,000 | ||
| Subscription Outstanding | 2,000 | ||
| Cash | 19,550 | ||
| 43,550 | 43,550 | ||
Regards