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Following is the summary of Receipts and Payments of Jay Bajrangbali Vyayam Shala, Ajara for the year ending 31.03.2007. (March 2010)


Receipts and payments Account for the year ended on 31st March 2007.

Receipts
Amount
Payments
Amount
To Balance b/d
41600
By Salary
55000
To Subscription

By Lighting
10000
2005 – 06
4120
By General Expenses
15360
2006 – 07
160000
By Entertainment Expenses
25800
To Donation for Building
50000
By Taxes Paid
5000
To Receipts from Entertainments
36440
By Printing and Stationery
9440
To Interest
3240
By Expenses of 2005 – 2006
24000
To Entrance Fees
45000
By Investment
120000


By Fixed Deposit with Ajara Urban Bank
40000


By Balance C/d
35800





340400

340400

Adjustments:
i.             Jay Bajrangbali Vyayam Shala has 4500 members paying annual subscription of Rs. 40 each.
ii.            Provide for outstanding salary Rs. 5000.
iii.          On 1.4.2006 the assets stood as under:
a.    Land and building Rs. 60,000.
b.    Furniture Rs. 46000
Depreciate the above assets at 10% p.a.
iv.           Interest on Investment Rs. 2000 is not received.
v.            Capital Fund was Rs. 1,27,720 on 1-4-2006..
vi.           50% of the entrance fees is to be capitalised.
Prepare: Income and Expenditure account for the year ended 31st march 2007 and balance sheet as on that date.


Solution: In the books of Jay Bajrangbali Vyayam Shala, Ajara

Income and Expenditure A/c for the year ended 31.03.07

Expenditure
Amount
Amount
Income
Amount
Amount
To Salary
55000

By Subscription
160000

(+) Outstanding
5000
60000
(+) Outstanding
20000
180000
To Lighting

10000
By Receipts from Entertainment

36440
To General Expenses

15360
By Interest
3240

To Entertainment Expenses

25800
(+) Outstanding Interest
2000
5240
To Taxes Paid

5000
By Entrance Fees
45000

To Printing & Stationery

9440
(-) Capitalised
-22500
22500
To Depreciation





Land & Building
6000




Furniture
4600
10600















To Surplus
[Income over Expenditure]

107980











244180


244180



Balance Sheet as on 31.03.07

Liability
Amount
Amount
Asset
Amount
Amount
Capital Fund
127720

Investments
120000

(+) Entrance Fees
22500

(+) Interest
2000
122000

150220

Fixed Deposits

40000
(+) Surplus
107980
258200
Cash balance

35800



Outstanding Subscription

20000
Donation for Building

50000
Land & Building
60000

Outstanding Salaries

5000
(-) Depreciation
-6000
54000



Furniture
46000




(-) Depreciation
-4600
41400


313200


313200

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