Practical Problems | Q 7 | Page 118 From the following transactions of Receipts and Payments Account of “Pavan - Putra Hanuma Vyayamshala” Parbhani,

Practical Problems | Q 7 | Page 118


From the following transactions of Receipts and Payments Account of “Pavan - Putra Hanuma Vyayamshala” Parbhani, and the adjustments given, you are required to prepare Income and Expenditure Account and Balance Sheet as on 31st March 2019.


Receipts and Payments Account for the year ending 31.03.2019.


Receipts

Amount

Payments

Amount


To Balance b/d


By Salaries

6,000


Cash in Hand

5,000

By Entertainment Expenses

2,480


To Subscriptions


By Sundry Expenses

1,300


2018 - 19

18,000


By Electricity Charges

1,200

2019 - 20

410

18,410

By Rent

700

To Donations

6,000

By Investment

15,000


To Receipts from Entertainment

5,400

By Printing and Stationery

800


To Interest

400

By Postage

3,200


To Entrance fees

6,200

By Fixed Deposit

3,900




By Balance c/d





Cash in Hand

830




Cash at Bank

6000

6,830


41,410


41,410



Adjustments:


1) There are 500 members paying an annual Subscription of  50 each

2) Outstanding Salary was  1,200

3) The Assets on 01.04.2018 were as follows: Building  50,000, Furniture  15,000

4) Provide depreciation on Building and Furniture at 5% and 10% respectively.

5) 50% Entrance Fee is to be capitalized.

6) Interest on Investment at 5% p. a. has accrued for 6 months.

7) Capital Fund  70,000 on 01.04.2018


Solution: 


In the books of Pavan-putra Hanuman Vyayamshala, Parbhani 


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


Expenditure

Amount

Amount

Income

Amount

Amount

To Salaries

6,000


By Subscription

18,000


Add*: Outstanding

1,200

7,200

Add: Outstanding Subscription for Current Year

7000

25000

To Entertainment Expenses


2,480

By Donations


6,000

To Sundry Expenses


1,300

By receipts from Entertainment


5,400

To Electricity Charges


1,200

By Interest


400

To Rent


700

By Outstanding Interest on Investments (6 Months)


375

To Printing and Stationery


800

By Entrance Fees

6,200


To Postage


3,200

Less : 50 % capitalised

3,100

3,100

To Depreciation






Building

2,500





Furniture

1,500

4,000




To Surplus 

(Excess of income over expenditure)


19,395






40,275



40,275


Balance Sheet as on 31st March, 2019


Liabilities

Amount ₹

Amount ₹

Assets

Amount ₹

Amount ₹

Capital Fund

70,000


Building

50,000


Add: Surplus

19,395


Less: Depreciation

2,500

47,500

Add: 50 % Entrance Fees

3,100

92,495

Furniture

15,000


Outstanding Salary


1,200

Less: Depreciation

1,500

13,500

Subscription received in Advance


410

Investments


15,000




Outstanding Interest on Investments


375




Fixed Deposit


3,900




Cash in Hand


830




Cash at Bank


6,000




Outstanding Subscription of Current Year


7,000



94,105



94,105


Working Notes :


(1) Interest on investment is receivable for 6 months


I = PNR/100 = 15000 × (5  ÷ 100) × (6  ÷ 12) =   375 (outstanding interest on investment)


(2) 50% of entrance fees (i.e. 6200  ÷ 2 =   3100) is to be capitalised means add it to the capital fund.


(3) Total subscription of current year = 500 members ×  50 =  25,000

But actual subscription received =  18,000

means difference (25,000 – 18,000) of  7,000 is outstanding subscription.


Book-keeping and Accountancy 12th Standard 

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