Practical Problems | Q 10 | Page 120 From the following Receipts and Payments Account “K.B.P. Engineering College” Nashik for the year ending on 31.03.2019

Practical Problems | Q 10 | Page 120


From the following Receipts and Payments Account “K.B.P. Engineering College” Nashik for the year ending on 31.03.2019 and additional information, prepare Income and Expenditure Account for the year ending 31.03.2019 and Balance Sheet as on that date.


Receipts and payments Account for the year ending 31.03.2019.


Receipts

Amount ₹

Payments

Amount ₹

To Balance b/d


By Salaries to Teaching Staff

11,70,000

Cash in Hand

18,000

By Electricity Charges

55,000

Cash at Bank

1,00,400

By Books

61,000

To Interest

55,000

By Furniture

51,000

To Subscriptions

28,300

By Stationery

21,850

To Life Membership fees

25,000

By Fixed Deposit (31.03.2019)

8,50,000

To Donation

7,00,000

By Balance c/d


To Tuition Fees

12,30,000

Cash in Hand

16,650

To Term Fees

2,00,800

Cash at Bank

2,00,000

To Sundry Receipts

8,000



To Admission Fees (Revenue)

60,000




24,25,500


24,25,500


Additional Information :


Particulars

01.04.2018 ₹

31.03.2019 ₹

Books

6,00,000

6,00,000

Furniture

3,19,000

3,00,000

Building Fund

10,00,000

?

Fixed Deposit

9,10,000

?

Capital Fund

9,47,400

?


1) 50% of Donation are for Building Fund and the balance is to be treated Revenue Income.


2) Outstanding subscription  5,300


3) Life membership fees are to capitalised


Solution: 


In the books of K.B.P. Engineering College, Nashik


Income and Expenditure Account for the year ended on 31st March, 2019


Expenditure

Amount ₹

Amount ₹

Income

Amount ₹

Amount ₹

To Salaries to Teaching Staff


11,70,000

By Interest


55,000

To Electricity Charges


55,000

By Subscription

28,300


To Stationery


21,850

Add: Outstanding Subscription

5,300

33,600

To Depreciation



By Donations

7,00,000


Furniture

70,000


Less: 50 % for Building Fund

3,50,000

3,50,000

Books

61,000

1,31,000

By Tuition Fees


12,30,000

To Surplus

(Excess of income over expenditure)


5,59,550

By Term Fees


2,00,800




By Sundry receipts


8,000




By Admission Fees


60,000



19,37,400



19,37,400


Balance Sheet as on 31st March, 2019


Liabilities

Amount

Amount

Assets

Amount

Amount

Capital Fund

9,47,400


Outstanding Subscription


5300

Add: Surplus

5,59,550


Books

6,00,000


Add: Life Membership Fees (Capitalised)

25,000

15,31,950

Add: Purchases

61,000


Building Fund

10,00,000



6,61,000


Add: 50% of Donations

3,50,000

13,50,000

Less: Depreciation

61,000

6,00,000




Furniture

3,19,000





Add: Purchase

51,000






3,70,000





Less: Depreciation

70,000

3,00,000




Fixed Deposits (Old)


8,50,000




Cash in Hand


16,650




Cash in Bank


2,00,000




Fixed Deposits (New)


9,10,000



28,81,950



28,81,950


Working Notes :


(1) Life membership fees are to be capitalised, means add entire amount in capital fund.


(2) 50% of Donations of  7,00,000 i.e.,  3,50,000 is to be added to the Building Fund, and the remaining amount of donation i.e.,  3,50,000 is credited to Income and Expenditure A/c.


(3) The depreciation on Fixed assets is calculated by using following formula:


Depreciation = Opening balance + Purchases – Closing value

 Depreciation on Books = 6,00,000 + 61,000 – 6,00,000

= 6,61,000 – 6,00,000

 61,000

 Depreciation on Furniture = 3,19,000 + 51,000 – 3,00,000

= 3,70,000 – 3,00,000

 70,000


(4) Fixed Deposit: 

Opening balance given

₹ 910000

Fixed deposit (31 – 03 – 2019) (Newly purchased)

₹ 850000

 Total fixed deposits

₹ 1760000


(5) Admission Fees  60,000 is recorded on the credit side of Income and Expenditure A/c because it is taken as revenue income.


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