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Following is the Receipts and Payments Account of Chamber of Commerce, Amaravati for the Year Ending 31st March 2012 and Some Additional Information. - Book Keeping and Accountancy

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Question

Following is the Receipts and Payments Account of Chamber of Commerce, Amaravati for the year ending 31st March 2012 and some additional information.

Receipts and Payments Account For the year ended March 31, 2012
Receipts Amount Payment Amount
To balance b/d (Cash at bank) 11,960 By Printing and Stationery 6,950
To Subscription (Including Rs. 2,500 for 2010–11) 36,500 By Repairs 2,100
To Sale of furniture (Books value Rs. 18,000) 12,000 By Rent 8,500
To Donation for building fund 27,000 By Books 20,000
To Admission fees (Revenue) 5,050 By Travelling expenses 2,000
    By Investments 40,000
    By Insurance 1,700
    By Balance c/d (Cash at bank) 11,260
       
  92,510   92,510
 
Additional information:
Particulars 1.04.2011 31.03.2012
Outstanding
Subscription
3,000 5,000
Furniture 32,000 12,600
Building Fund 1,45,000  
Capital Fund 1,51,960  
Investment 2,50,000  

Prepare Income and Expenditure A/c for the year ended 31st March, 2012 and Balance Sheet as on that date.

Solution

In the books of Chamber of Commerce, Amravati

Income and Expenditure Account

for the year ending March 31, 2012

Dr.   Cr.
Expenditure Amount (Rs) Income Amount (Rs)
Printing & Stationery 6950 Subscription                                36,500  
Repairs 2,100     Less: Outstanding (2010–11)   2,500  
Rent 8,500     Add: Outstanding (2011–12)    4,500 38,500
Travelling Expenses 2,000 Admission Fees 5,050
Loss on Sale of Furniture 6,000    
Depreciation on Furniture (WN) 1,400    
Insurance 1,700    
Surplus (Excess of Income over Expenditure) 14,900    
       
  43,550   43,550

 

Balance Sheet as on March 31, 2012
Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund       1,51,960   Books 20000
  Add: Surplus       14,900 1,66,860 Investment             2,50,000  
Building               1,45,000      Add: Additional        40,000 2,90,000
Fund      
   Add:      
  Donation             27,000 1,72,000 Furniture 12,600
    Outstanding Subscription  
       2010–11          500  
       2011–12        4500 5,000
    Bank 11,260
       
  3,38,860   3,38,860

Working Note:

Furniture Account
Dr.   Cr.
Date Particulars J.F. Amount (Rs) Date Particulars J.F. Amount (Rs)

2011

April 01

Balance b/d   32,000 2011-12 Bank A/c (Sale)   12000
          Profit and Loss A/c (Loss on sale)   6000
        Mar. 31 Depreciation A/c (Balancing Figure)   1,400
        Mar. 31 Balance c/d   12,600
               
      32,000       32,000
  Is there an error in this question or solution?

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Solution Following is the Receipts and Payments Account of Chamber of Commerce, Amaravati for the Year Ending 31st March 2012 and Some Additional Information. Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet.
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