Maharashtra State BoardHSC Commerce 12th Board Exam
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Bhartiya Kala Kendra”, Solapur gives you thefollowing information, for the year ended on 31.03.2018 Prepare Income and Expenditure Account for the year ending 31.03.2018 - Book Keeping and Accountancy

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Ledger

“Bhartiya Kala Kendra”, Solapur gives you the following information, for the year ended on 31.03.2018 Prepare Income and Expenditure Account for the year ending 31.03.2018

Dr Receipts and payments Account for the year ending 31.03.2018. Cr
Receipts Amount ₹ Payments Amount ₹
To Balance b/d   By Stationery 600
Cash in Hand 200 By Furniture Purchased 7,000
Cash at Bank 12,500 By Investments in govt securities 14,000
To Locker Rent 400 By Expenses of Drama 3,000
To Entrance fees 2,900 By Postage 450
To Sale of old newspapers 250 By Magazine and newspaper 600
To Receipts from Drama 9,000 By Salaries 4,400
To Legacies 12,000 By Balance c/d  
To Interest of Govt. Securities 400 Cash in Hand 700
To Miscellaneous Receipts 400 Cash at Bank 7,300
  38050   38050

Additional Information :

1) Legacies are to be capitalized

2) Outstanding Salary ₹ 200

3) 50 % of Entrance Fees are to be Capitalised

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Solution

Dr

In the books of Bhartiya Kala Kendra, Solapur

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

Cr
Expenditure Amount (₹) Amount (₹) Income Amount (₹) Amount (₹)
To Stationery   600 By Locker rent   400
To Expenses of Drama   3,000 By Entrance Fees 2,900  
To Postage   450 Less: 50 % Capitalised 1,450 1,450
To Magazine and Newspaper   600 By Sale of Old Newspapers   250
To Salaries 4,400   By receipts from Drama   9,000
Add: Outstanding Salaries 200 4,600 By Interest on Govt. Securities   400

To Surplus

(Excess of income over expenditure)

  2,650 By Miscellaneous receipts   400

 

  11900     11900
Concept: Income and Expenditure Account
  Is there an error in this question or solution?
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APPEARS IN

Balbharati Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board
Chapter 2 Accounts of ‘Not for Profit’ Concerns
Exercise 2 (Practical Problems) | Q 5. | Page 117
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