Q6. From the following Balance Sheet and Receipts and Payment A/c of Padmavati High School, Thane , prepare Income and Expenditure A/c for the year ended 31-03-2007 and Balance Sheet as on the date.
|
Liabilities | Amt. (Rs.) | Assets | Amt. (Rs.) |
Entrance Fees | 30,000 | Furniture | 84,000 |
Capital Fund | 5,19,000 | Computer laboratory | 1,00,000 |
Library | 1,25,000 | ||
Investments | 2,00,000 | ||
Cash in Hand | 5,000 | ||
Cash at Bank | 15,000 | ||
Outstanding Tuition Fees | 20,000 | ||
5,49,000 | 5,49,000 |
Receipts and Payment Account for year ended 31st March, 2007.
Receipts | Amt. (Rs.) | Payment | Amt. (Rs.) |
To Balance b/d Cash in Hand Cash at Bank | 5,000 15,000 | By Furniture purchased By Salaries By Rent | 52,000 3,00,000 1,40,000 |
To Tuition fees | 4,00,000 | By Sundry Expenses | 27,000 |
To Term Fees | 1,20,000 | By Stationery | 49,000 |
To Government grant (Salary) | 1,04,500 | By Annual Gathering Expenses | 24,000 |
To Sundry Receipts | 11,000 | By Repairs of Building | 32,500 |
To | 500 | By Insurance | 20,000 |
To Interest on Investments To Donation of library | 10,000 1,50,000 | By Balance c/d Cash in Hand Cash at Bank | 44,500 1,27,000 |
8,16,000 | 8,16,000 |
Adjustments:-
(1) Tuition fees receivable Rs.1,50,000.
(2) Salary still payable Rs. 1,50,000.
(3) Rent paid in advance Rs. 20,000.
(4) Insurance premium is paid for one year ending 30-09-2007.
(5) Depreciate Furniture and Library at 10% and Computer Laboratory at 20% p.a. Depreciation to be charged on the closing balance of assets. (16)
Income and Expenditure A/c for the year ended 31-3-2006
Expenditure | Rs. | Rs. | Income | Rs. | Rs. |
To Salaries (+) Outstanding | 3,00,000 1,50,000 | 4,50,000 | By Tution Fees (WN 1) | 5,30,000 | |
To Rent (-) Prepaid Rent | 1,40,000 20,000 | 1,20,000 | By Term Fees By Sundry Receipts | 1,20,000 11,000 | |
To Sundry Expenses To Annual Gathering Expenses To Repair of Building | 27,000 24,000 32,500 | By By Interest on investments | 500 10,000 | ||
To Stationery To Insurance (-) Prepaid | 20,000 10,000 | 49,000 10,000 | |||
To Depreciation Furniture Library Computer Laboratory | 13,600 12,500 20,000 | 46,100 | |||
To Surplus | 17,400 | ||||
7,76,000 | 7,76,000 |
Balance Sheet as on 31-3-2007
Liabilities | Rs. | Rs. | Assets | Rs. | Rs. |
Capital Fund Surplus | 5,19,000 17,400 | 6,36,400 | Furniture Add: Purchase | 84,000 52,000 | |
Less: Depreciation | 1,36,000 13,600 | 1,22,400 | |||
Entrance Fees Donation of library | 30,000 1,50,000 | Computer Laboratory Less: Depreciation | 1,00,000 20,000 | 80,000 | |
Outstanding Salary | 1,50,000 | Library Less: Depreciation | 1,25,000 12,500 | 1,12,500 | |
Investments Cash in hand Cash at Bank Tuition Fees Receivable | 200000 44500 127000 150000 | ||||
Prepaid Rent | 20000 | ||||
Prepaid insurance | 10000 | ||||
866400 | 866400 |
(1) To find out income on tution fees
Amt. received as per Receipt & Payment A/c 4,00,000
(-) Receivable of last year 20,000
(+) Advance of last year -
(+) Receivable of current year 1,50,000
(-) Advance of current year -
(+) Still of receivable of last year -
5,30,000
