Maharashtra State BoardHSC Commerce 12th Board Exam
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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 - Book Keeping and Accountancy

Ledger

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 18,300
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 Fund 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.

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Solution

Income & Expenditure A/c
In the books of M/s A.S.C. College of Commerce.
Expenditure
Rs.
Rs.
Income
Rs.
Rs.
To Salaries
 
67,000
By Admission Fees
 
40,000
To Electricity
 
26,200
By Donations
100000
 
To Stationery
 
18,300
Less: Building Fund
50000
50,000
To Dep. on Furniture.
 
10,000
By Term Fees
 
100,000
     
By Tuition Fees
130,000
 
     
Less: Last Year Amount
(12,000)
 
       
118,000
 
     
Add: Outstanding of Current Year.
4,200
122,200
           
To Surplus C/d
 
1,90,700
     
   
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:
120,750
 
Books
 
41,300
Add: Surplus
190,700
311,450
Furniture
40,000
 
Add: Purchased
45,000
 
Building Fund
150,000
   
85,000
 
Add: Donations
50,000
200,000
Less: Depreciation
10,000
75,000
Life Membership Fees   20,500
Fixed Deposit
160,000
 
     
Add: Purchased
200,000
360,000
     
Tuition Fees Receivable
 
4,200
     
Cash
 
1,450
     
Bank
 
50,000
           
   
531950
   
531950
 
Working Note :
                                              Furniture A/c
Dr.                                                                                                   Cr.
Date Particulars Amt (Rs.) Date Particulars Amt (Rs.)
1/4/15 To Balance b/d 40,000 31/3/16 By Depreciation 10,000
1/4/15 To Bank
(Purchase)
45,000 31/3/16 By Balance c/d 75,000
    85,000     85,000
Concept: Additional Information - Prepaid Expenses of the Current and Previous Year
  Is there an error in this question or solution?
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