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.

Answer 1

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