From the following Balance Sheet and Receipts and Payments Account of “New English School”, Barshi, Prepare Income and Expenditure Account for the year ending 31.03.2020 and a Balance Sheet as on that date.

Practical Problems | Q 11 | Page 121


From the following Balance Sheet and Receipts and Payments Account of “New English School”, Barshi, Prepare Income and Expenditure Account for the year ending 31.03.2020 and a Balance Sheet as on that date.


Balance Sheet as on 01.04.2019


Liabilities

Amount

Assets

Amount

Capital Fund

6,43,000

Cash in Hand

6,000



Cash at Bank

10,000



Building

4,50,000



Furniture

72,000



Library Books

45,000



Computer Laboratory

60,000


6,43,000


6,43,000


Receipts and Payments Account for the year ending 31.03.2020 


Receipts

Amount ₹

Amount ₹

Payments

Amount ₹

Amount

To Balance b/d



By Salary


90,000

Cash in Hand

6,000


By Library Books


14,000

Cash at Bank

10,000

16,000

By Office Rent


10,000

To Tuition Fees


90,000

By Printing and Stationery


22,000

To Term Fees


3,000

By Sundry Expenses


12,000

To Admission Fees


12,000

By Insurance


10,200

To Donation (Capital)


61,000

By Sport Expenses


8,000

To Interest Received


2,000

By Annual Gathering Exp


9,000

To Government Grant (Revenue)


1,20,000

By Furniture


50,000

To Sundry Receipts


11,000

By Repairs


15,000




By Balance c/d






Cash in Hand

4,800





Cash at Bank

70,000

74,800



315000



315000


Additional Information :

1) Outstanding Salary of  9,000

2) Outstanding Tuition Fees  15,000

3) Depreciate Library Books by  9,000 and Furniture by  10,000


Solution: 


In the books of New English School, Barshi


Income and Expenditure Account for the year ended 31st March, 2020


Expenditure

Amount

Amount

Income

Amount

Amount

To Salary

90,000


By Tuition Fees

90,000


Add: Outstanding Salary

9,000

99,000

Add: Outstanding tuition Fees

15,000

1,05,000

To Office rent


10,000

By Term Fees


3,000

To Printing and Stationery


22,000

By Admission Fees


12,000

To Sundry Expenses


12,000

By Interest Received


2,000

To Insurance


10,200

By Government Grant


1,20,000

To Sport Expenses


8,000

By Sundry Receipts


11,000

To Annual Gathering Expenses


9,000




To Repairs


15,000




To Depreciation






Library Books

9,000





Furniture

10,000

19,000




To Surplus

(Excess of income over expenditure)


48,800






2,53,000



2,53,000


Balance Sheet as on 31st March, 2020


Liabilities

Amount ₹

Amount ₹

Assets

Amount ₹

Amount ₹

Capital Fund

6,43,000


Building


4,50,000

Add: Surplus

48,800


Furniture

72,000


Add: Donation

61,000

7,52,800

Add: Purchases

50,000


Outstanding Salary


9,000


1,22,000





Less: Depreciation

10,000

1,12,000




Library Books

45,000





Add: Purchases

14,000






59,000





Less: Depreciation

9,000

50,000




Computer Laboratory


60,000




Cash in Hand


4,800




Cash at Bank


70,000




Outstanding Tuition Fees


15,000



7,61,800



7,61,800


Working Notes :


(1) Donation (Capital) is added in Capital fund.


(2) Government Grant  1,20,000 is recorded on the credit side of Income & Expenditure A/c because it is revenue income of the organisation.


(3) Outstanding tuition fees  15,000 and outstanding salary  9,000 are added to respective head of Account and then they are shown separately on the Assets side and Liabilities side of Balance Sheet respectively.


Book-keeping and Accountancy 12th Standard 

HSC Maharashtra State Board. Latest Syllabus.

Chapter 1: Introduction to Partnership and Partnership Final Accounts

Chapter 2: Accounts of ‘Not for Profit’ Concerns

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Chapter 5: Reconstitution of Partnership (Death of Partner)

Chapter 6: Dissolution of Partnership Firm

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Chapter 8: Company Accounts - Issue of Shares

Chapter 9: Analysis of Financial Statements

Chapter 10: Computer In Accounting

 

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