Practical Problems | Q 9 | Page 119 Given below is the Receipts and Payments Account of “Vithai Mahila Mandal” Pandharpur for the year ending 31.03.2018

Practical Problems | Q 9 | Page 119


Given below is the Receipts and Payments Account of “Vithai Mahila Mandal” Pandharpur for the year ending 31.03.2018. 


Prepare an Income and Expenditure Account for the year ended 31.03.2018 and Balance Sheet as on that date.


Receipts and Payments Account for the year ending 31.03.2018.


Receipts

Amount

Amount

Payments

Amount

Amount

To Balance b/d



By Stationery


6000

Cash in Hand

3,000


By Repairs to Furniture


950

Cash at Bank

20,000

23,000

By Rent


8,300

To Entrance Fees


3,500

By Salaries


15,000

To Subscription


19,000

By Miscellaneous Expenses


450

To Miscellaneous Receipts


850

By Balance c/d






Cash in Hand

1,650





Cash at Bank

14,000

15,650



46,350



46,350

Adjustments :


1) Capital Fund on 01.04.2017 was  90,000

2) Outstanding Subscription  4,000

3) Entrance Fees are to be capitalized

4) Rent paid includes  800 paid for April 2018

5) They have the following Assets and Liabilities 01.04.2017

Furniture  9,000,

Building  70,000, 

Outstanding Expenses  12,000


Solution: 


In the books of Vithai Mahila Mandal, Pandharpur


Income and Expenditure Account for the year ended 31st March 2018


Expenditure

Amount

Amount

Income

Amount

Amount

To Stationery


6,000

By Subscription

19,000


To Repairs to Furniture


950

Add: Outstanding Subscription

4,000

23,000

To Rent

8,300


By Miscellaneous receipts


850

Less: Prepaid Rent

800

7,500

By Deficit (Excess of expenses over incomes)


6,050

To Salaries


15,000




To Miscellaneous Expense


450






29,900



29,900


Balance Sheet as on 31st March 2018


Liabilities

Amount

Amount

Assets

Amount

Amount

Capital Fund

90,000


Furniture


9,000

Add: Entrance Fees (Capitalised)

3,500


Building


70,000

Less: Deficit

6,050

87,450

Outstanding Subscription


4,000

Outstanding Expenses


12,000

Cash in Hand


1,650




Cash at Bank


14,000




Prepaid rent


800



99,450



99,450


Working Notes :


(1) Outstanding subscription of  4,000 is first added to subscription received on the credit side of Income and Expenditure A/c and then it is shown on the Assets side of the Balance Sheet.


(2) The entire amount of the entrance fees  3,500 is added to the capital fund.


(3) Prepaid  800 is first deducted from rent paid on the debit side of Income & Expenditure A/c and then shown on the Assets side of the Balance Sheet.


(4) Outstanding expenses  12,000 is directly shown on the Liabilities side of the Balance Sheet.


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