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
