Form the following Receipts and payments Account of A. S. C. College of Commerce, Ramanand Nagar, for the year ending 31st March, 2016 and additional information, prepare Income and Expenditure Account for the year ending 31st March, 2016 and Balance Sheet as on that date.
Receipts and Payments Account
for the year ended on 31 March, 2016
|To Balance b/d||By Salaries||67,000|
|Cash in hand||7,950||By Electricity||26,200|
|Cash in bank||50,800||By Books||41,300|
|To Life membership fees||20,500||By Furniture||45,000|
|To Donations||1,00,000||By Stationery||18,000|
|To Tuition fees||1,30,000||By Fixed deposits||2,00,000|
|To Term fees||1,00,000||By Balance c/d|
|To Admission fees||40,000||Cash||1,450|
Additional information :
|Particulars||01.04.2015 Amount (Rs )||31.03.2016 Amount (Rs)|
(2) 50% of donations are received for building fund.
(3) Life membership fees are to be capitalised.
(4) Tuition fees includes Rs 12,000 received for the last year.
(5) Outstanding tuition fees for the current year amounted to Rs 4,200.