Following is the receipts and payments account of Chamber of Commerce, Chandgad for the year ending 31.03.2013 and some additional information.

You are required to prepare the Income and Expenditure Account for the year ending 31.03.2013 and Balance Sheet as on that date.

Receipts and Payment Account for the year ending 31.03.2013

Receipts
Amount
(Rs.)
Payments
Amount
(Rs.)
To Balance b/d
(Cash at Bank)
11960
By Printing & Stationery
6950
To Subscriptions (including Rs. 2,500 For 2011-2012)
36,500
By Repairs
2,100
To Sale of Furniture (Book value Rs. 18,000)
12,000
By Rent
8,500
To Donations
27000
By Books
20000
To Admission Fees
(Revenue)
5050
By Travelling Expenses
2000


By Investments
40000


By Insurance
1700


By Balance c/d
[Cash at Bank]
11200









92510

92510


Additional Information:


Particulars
01.04.2012
Amount
31.03.2013
Amount
Outstanding Subscriptions
Furniture
Building fund
Capital fund
Investments
3,000
32,000 1,45,000 1,51,960 2,50,000
5,000
?
?
?
?


(2) Neglect depreciation on the part of furniture sold during the year, but depreciate the remaining furniture by Rs. 1,000.
(2) Donation is received for building fund.


Answer: In the books of Chamber of Commerce
Income and Expenditure A/c for the year Ended 31.3.13


Expenditure
Amount
Rs.
Amount
Rs.
Income
Amount
Rs.
Amount
Rs.
To Loss on Sale of furniture
[Cost Price  - Selling Price]

6000
By Subscriptions
36500

To Printing & Stationery

6950
(-) Last Year’s Amount
-2500

To Repairs

2100
(+) Outstanding
5000
39000
To Travelling Expenses

2000
By Admission Fees

5050
To Insurance

1700



To Depreciation on Furniture

1000



To Rent.

8500



To Income Over Expenditure (Surplus)

15800





44050


44050


Balance Sheet as on 31.3.2013


Liabilities
Amount
Rs.
Amount
Rs.
Assets
Amount
Rs.
Amount
Rs.
Capital Fund
151960

Books

20000
(+) Surplus
15800
167760
Investment

290000
Building fund
145000

Cash at Bank

11260
(+) Donations
27000
172000
Outstanding Subscriptions for the Last year.

500



Outstanding Subscriptions for the Current year.

5000



Furniture
14000




(-) Depreciation
-1000
13000














339760


339760
W.N. 1. Furniture A/c


Debit
Amount
Credit
Amount
To Balance b/d
32000
By Bank A/c
[Sale of Furniture]
18000
To Bank A/c
[Purchase of Furnitre ]
-
By Balance C/d
14000

32000

32000

W.N. 2. Investments A/c


Debit
Amount
Credit
Amount
To Balance b/d
250000
By Bank A/c
[Sale of Furniture]
-
To Bank A/c
[Purchase of Furnitre ]
40000
By Balance C/d
290000

290000

290000

2 comments:

Unknown said...

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Unknown said...

full working note for furniture

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