Maharashtra State BoardHSC Arts 12th Board Exam
Advertisement Remove all ads

Following is the Balance Sheet as on 1.4.2012 and Receipts and Payments Accounts of Mahakavi Kalidas Library , Nashik . - Book Keeping and Accountancy

Ledger

Following is the balance sheet as on 1.4.2012 and receipts and payments accounts of mahakavi kalidas Library , Nashik . Balance sheet as on 31st March 2013.

Balnce sheet as on 01.04.2012

Liabilities Amount (₹) Assets Amount (₹)
Capital fund 690000 Furniture 72500
Expenses due 7000 Books 551000
    Investment in securities 50000
Cash in hand 8500
Cash in Bank 15000
  697000   697000


Receipts and Payments for the year ending 31st March ,2013

Dr.                                                                                              Cr.

Receipts  Amount (₹) Payments Amount (₹)
To Balance b/d   By electricity charges  6980
Cash in hand  8500 By postage and telegram 6100
Cash in bank 15000 By Purchase of books 80000
To member's subscriptions 180000 By Payment of expenses due 7000
To Entrance fees 25000 By Sundry expenses 10500
To Sales of old newspapers 1500 By Investment in securities 100000
To Hire of lecture hall 18000 By Furniture 28000
To Interest on securities 4000 By Balance c/d  
    Cash in hand 6420
Cash in bank 7000
  252000   252000

Adjustments:

(1) During the current year , furniture was purchased on 1.10.2012. Depreciation furniture @ 10 % p.a.

(2) Depreciate books by ₹ 100000

(3) Membership subscription received during the year includes ₹ 15000 , for the year 2013 - 14 and ₹ 7500 , are outstanding for current year.

(4) Capitalised half (1/2) of the entrance fees.

Prepare : Income and Expenditure account for the year ended 31st March 2013 and Balance sheet as on 31st march , 2013.

Advertisement Remove all ads

Solution

In the books of Mahakavi Kalidas Library, Nashik

Income and Expenditure Account for the year ended 31.3.2013

Expenditure
Amount
Amount
Payments
Amount
Amount
To Electricity Charges
 
6980
By Members Subscription
180000
172500
To Postage and Telegram
 
6100
Add: Outstanding Subscription
7500
To Sundry Expenses
 
10500
Less: Pre - received Subscription
15000
To Depreciation:
   
By Entrance Fees
25000
12500
Furniture
8650
108650
Less: Capitalised
12500
Books
100000
By Sale of Old Newspapers
 
1500
     
By Hire of lecture hall
 
18000
To Income Over Expenditure [Surplus]   76270
By Interest on securities
 
4000
 
208500
 
208500

 

Balance Sheet of Mahakavi Kalidas Library as on 31.3.2013

 

Liabilities
Amount
Amount
Assets
Amount
Amount
Capital Fund
690000
 
Furniture
72500
91850
Add: Entrance Fees
12500
 
Add: Purchased
28000
Add: Surplus
76270
778770
 
100500
Pre - received Subscription
 
15000
Less: Depreciation
8650
     
Books
551000
531000
Add: Purchased
80000
 
631000
Less: Depreciation
100000
Investment in securities
50000
150000
Add: Purchased
100000
Cash inHand
 
6420
Cash at Bank
 
7000
Outstanding Subscription
 
7500
 
793770
 
793770
Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
  Is there an error in this question or solution?
Advertisement Remove all ads

APPEARS IN

Advertisement Remove all ads
Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×