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 

HSC Maharashtra State Board. Latest Syllabus.

Chapter 1: Introduction to Partnership and Partnership Final Accounts

Chapter 2: Accounts of ‘Not for Profit’ Concerns

Chapter 3: Reconstitution of Partnership (Admission of Partner)

Chapter 4: Reconstitution of Partnership (Retirement of Partner)

Chapter 5: Reconstitution of Partnership (Death of Partner)

Chapter 6: Dissolution of Partnership Firm

Chapter 7: Bills of Exchange

Chapter 8: Company Accounts - Issue of Shares

Chapter 9: Analysis of Financial Statements

Chapter 10: Computer In Accounting

 

ACCOUNTS BOARD PAPERS

HSC Accounts March 2020 Board Paper With Solution

MARCH 2014 : View | PDF Download

OCTOBER 2014 View | PDF Download

MARCH 2015 View | PDF Download

JULY 2015 View | PDF Download

MARCH 2016 View | PDF Download

JULY 2016 View | PDF Download

JULY 2017 View | PDF Download

MARCH 2017 View | PDF Download

MARCH 2018 View | PDF Download

JULY 2018 View | PDF Download

MARCH 2019 View | PDF Download

MARCH 2020 View | PDF Download

 

ACCOUNTANCY PAPER PATTERN: New 2020, Old View | PDF Download

PROFORMA OF TRADING ACCOUNT: View | PDF Download

PROFORMA OF PROFIT & LOSS ACCOUNT: View | PDF Download

PROFORMA OF BALANCE SHEET: View | PDF Download

FINAL ACCOUNT ADJUSTMENTS: View | PDF Download

SINGLE ENTRY: View : PDF Download

FINAL ACCOUNT: View | PDF Download

NPO : View | PDF Download

BILL OF EXCHANGE: View | PDF Download

FORMAT OF BILL: View | PDF Download

ADMISSION OF A PARTNER: View | PDF Download

RETIREMENT OF PARTNER: View | PDF Download

DEATH OF PARTNER: View | PDF Download

ACCOUNTING FOR SHARES : View | PDF Download

DISSOLUTION OF PARTNERSHIP FIRM : View | PDF Download

VALUATION OF GOODWILL WITH SOLUTION: View | PDF Download

FORMAT OF FINAL ACCOUNT : View | PDF Download

INTRODUCTION TO PARTNERSHIP: View | PDF Download 

 

ACCOUNTANCY PAPER PATTERN

SINGLE ENTRY

FINAL ACCOUNT

NPO

BILL OF EXCHANGE

BILL OF EXCHANGE [FORMAT].

ADMISSION OF A PARTNER

RETIREMENT OF PARTNER

DEATH OF PARTNER

ACCOUNTING FOR SHARES

DISSOLUTION OF PARTNERSHIP FIRM

VALUATION OF GOODWILL WITH SOLUTION

FORMAT OF FINAL ACCOUNT

INTRODUCTION TO PARTNERSHIP

 

ACCOUNTS BOARD PAPERS WITH SOLUTION

 

MARCH 2014, OCTOBER 2014, MARCH 2015, JULY 2015, MARCH 2016, JULY 2016.JULY 2017, MARCH 2017, MARCH 2018,  JULY 2018  MARCH 2019 MARCH 2020

 

IMPORTANT PRACTICE PAPER FOR BOARD EXAM 2020

 

ACCOUNTS SAMPLE PAPER ONE  

ACCOUNTS SAMPLE PAPER TWO

ACCOUNTS SAMPLE PAPER THREE

OBJECTIVE QUESTIONS

ANSWER IN ONE SENTENCE EACH

SELECT THE MOST APPROPRIATE ALTERNATIVE

WRITE THE WORD/ TERM / PHRASE

STATE TRUE OR FALSE