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
|
