Practical Problems | Q 8 | Page 119 “Jeevan Jyoti Art Circle” a newly established concern has presented the following information.

Practical Problems | Q 8 | Page 119


“Jeevan Jyoti Art Circle” a newly established concern has presented the following information.


Receipts and Payments Account for the year ending 31.03.2018.


Receipts

Amount

Amount

Payments

Amount

Amount

To Admission fees


22,000

By Furniture


12,000

To Subscriptions


40,000

By Stationery


4,000

To Donations


18,000

By Office Rent


2,600




By Newspapers & Periodicals


300




By Telephone Expenses


560




By Investments


23,000




By Balance c/d






Cash in Hand

7,540





Cash at Bank

30,000

37,540



80,000



80,000


Adjustments:


1) Subscription Outstanding for the year was  5,000

2) Depreciate Furniture @10 % p.a

3) Full amount of Admission Fees and 50*% Donations are to be capitalized.

You are required to prepare Income and Expenditure Account for the year ending 31.03.2018 and Balance Sheet as on that date.


Solution: 


In the books of Jeevan Jyoti Art Circle 

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


Expenditure

Amount

Amount

Income

Amount

Amount

To Stationery


4,000

By Donations

18,000


To Office rent


2,600

Less: 50 % Capitalised

9,000

9,000

To Newspapers and Periodicals


300

By Subscription

40,000


To Telephone Expenses


560

Add: Outstanding of Current Year

5,000

45,000

To Depreciation Furniture


1,200




To Surplus (Excess of income over expenditure)


45,340






54000



54000


Balance Sheet as on 31st March, 2018


Liabilities

Amount

Amount

Assets

Amount

Amount

Capital Fund

-


Furniture

12,000


Add: Surplus

45,340


Less: Depreciation

1,200

10,800

Add: Admission Fees (Capitalised)

22,000


Investments


23,000

Add : Donations (50 % Capitalised)

9,000

76,340

Cash in Hand


7,540




Cash at Bank


30,000




Outstanding Subscription


5,000



76,340



76,340

Working Notes:


The full amount of admission fees and 50% of donations are added to the surplus amount to get the capital funds. (Opening balance of the capital fund is not given.)

Book-keeping and Accountancy 12th Standard 

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Chapter 5: Reconstitution of Partnership (Death of Partner)

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