OMTEX AD 2

Receipts and Payments Account of Chamber of Commerce, Amaravati

HSC Accounts March 2014 Board Paper Solution - NPO Problem
Reference Material

Question paper for reference:

Name Page No. 4 Name Page No. 5
Q. 1. Attempt any Three of the following. [15]

Following is the Receipts and Payments Account of Chamber of Commerce, Amaravati for the year ending 31st March, 2012 and some additional information. [12 MARKS]

Receipts and Payments A/c For the year ended 31.03.2012

Receipts Amount Payments Amount
To balance b/d
(Cash at bank)		 11,960 By Printing and Stationery 6950
To subscription
(Including Rs. 2500 for 2010 – 11)		 36500 By Repairs 2100
To Sale of furniture
(Books value Rs. 18,000)		 12000 By Rent 8500
To Donation for building fund 27000 By Books 20000
To Admission fees
(Revenue)		 5050 By Travelling expenses 2000
By Investments 40,000
By Insurance 1700
By Balance c/d
(Cash at bank)		 11260
92510 92510

Additional information:

Particulars 1.04.2011 31.03.2012
Outstanding subscription 3000 5000
Furniture 32000 12600
Building fund 145000
Capital fund 151960
Investment 2500000

Prepare Income and Expenditure A/c for the year ended 31st March, 2012 and balance sheet as on that date.

Solution

Income and Expenditure A/c for the year ended 31.03.2012

Expenditure JF Rs. Rs. Income JF Rs. Rs.
To Loss on Sale of Furniture [18000 – 12000] [Loss = C.P. – S.P.] 6000 By Subscription 36500
To Printing and stationery 6950 ( - ) Last year amount received in this year. -2500
To Repairs 2100 (+) Outstanding for the current year +5000 39000
To Rent 8500
To Travelling expenses 2000 By Admission Fees
[Revenue]		 5050
To Insurance 1700
To Depreciation on Furniture 1400
To Income Over Expenditure (Surplus) 15400
44050 44050

Balance sheet as on 31.03.2012

Liabilities Rs. Rs. Assets Rs. Rs.
Capital Fund 151960 Outstanding subscription for the Last year still receivable [3000 – 2500] 500
(+) Surplus 15400 167360 Outstanding subscription for the Current year 5000
Furniture 32,000
(-) Sale of Furniture [Book Value] -18000
(-) Depreciation -1400 12600
Building Fund 145000 Books 20000
(+) Fund received during current year +27000 172000 Investments 250000
(+) New investments purchased 40000 290000
Cash at Bank 11260
339360 339360
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