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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 - HSC Commerce 12th Board Exam - Book Keeping and Accountancy

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Question

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

Dr.                                                                                                                                  Cr.

Receipts Amount Payments Amount
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
    Bank 50,000
  4,49,250   4,49,250

Additional information :

Particulars 01.04.2015 Amount (Rs ) 31.03.2016 Amount (Rs)
Furniture 40,000 75,000
Building 1,50,000 ............
Fixed deposits 1,60,000 ............
Capital Fund 1,20,750 ............

(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.

Solution

In the books of M/s A.S.C. College of Commerce.

 

Expenditure
Rs.
Rs.
Income
Rs.
Rs.
To Salaries
 
67000
By Admission Fees
 
40000
To Electricity
 
26200
By Donations
100000
 
To Stationery
 
18300
Less: Building Fund
50000
50000
To To Dep. on Furniture.
 
10000
By Term Fees
 
100000
     
By Tution Fees
130000
 
     
Less: Last Year Amount
12000
 
       
118000
 
     
Add: Outstanding of Current Year.
4200
122200
           
To Surplus C/d
 
190700
     
           
   
312200
   
312200
M/s A.S.C. College of Commerce
Balance Sheet as on 31st March 2016.
Liabilities
Rs.
Rs.
Assets
Rs.
Rs.
Capital Fund:
120750
 
Books
 
41300
Add: Life Membership Fees
20500
 
Furniture
40000
 
Add: Surplus
190700
331950
Add: Purchased
45000
 
Building Fund
150000
   
85000
 
Add: Donations
50000
200000
Less: Depreciation
10000
75000
     
Fixed Deposit
160000
 
     
Add: Purchased
200000
360000
     
Tuition Fees Receivable
 
4200
     
Cash
 
1450
     
Bank
 
50000
           
   
531950
   
531950
 
  Is there an error in this question or solution?

APPEARS IN

 2017-2018 (March) (with solutions)
Question 6 | 12.00 marks
Solution 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 Concept: Additional Information - Prepaid Expenses of the Current and Previous Year.
S
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