OMTEX CLASSES: From the following, prepare an Income and Expenditure Account for the year ended 31st March, 2011:

From the following, prepare an Income and Expenditure Account for the year ended 31st March, 2011:


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Subscriptions include Rs 1,200 for 2009-10. Also rent includes Rs 500 paid for March, 2010. Subscriptions amounting to Rs 1,500 have still to be collected for the year 2010-2011. Rent for March, 2011 is still to be paid and Rs 250 is outstanding against a stationery bill. The book value of the scooter was Rs 8,200.
Solution:
Income and Expenditure Account for the Year ended March 31, 2011:
A Sample Income and Expenditure Account
If, in the above illustration, one is required to prepare a Balance Sheet as on March 31, 2011, one will have to first find out the Capital Fund of the institution.
This can be done by preparing Balance Sheet as at March 31, 2010 as follows:
A Sample Balance Sheet
Having determined the Capital Fund in the beginning, one can now prepare the Balance Sheet as at March 31, 2011 as follows:
A Sample Balance Sheet
A Sample Balance Sheet