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
250000

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


Solution:

In the books of Chamber of Commerce, Amaravati
Income and Expenditure A/c for the year ended 31.03.2012

Expenditure
Rs.
Rs.
Income
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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