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From the Following Information Supplied to You, Prepare Income and Expenditure Account for the Year Ending on 31/03/2013 and Balance Sheet as on that Date for Suryodaya Club, Nasik. - Book Keeping and Accountancy

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From the following information supplied to you, prepare Income and Expenditure Account for the year ending on 31/03/2013 and Balance Sheet as on that date for Suryodaya Club, Nasik.
                        Balance Sheet as on 01/04/2012

Liabilities

Amount (Rs.)

Assets
Amount (Rs.)
Capital Fund 50,000

Land

60,000
Bank Overdraft 35,000 Outstanding Subscriptions 5,000
Outstanding Salary 2,000 Prepaid Insurance Premium 2,500
    Cash in Hand 9,500
    Furniture 10,000
  87,000   87,000

     Receipts and Payments Account for the year ending 31.03.2013
Dr.                                                                                                         Cr.

Receipts
Amount (Rs.)
Payments Amount (Rs.) Amount (Rs.)
To Balance b/d 9,500 By Bank Overdraft (Repaid)   35,000
To Subscription 95,000 By Salary   12,500
To Admission Fees 7,500 By Insurance Premium   8,000
   

By Interest

  1,700
    By Miscellaneous Expenses   4,400
    By Furniture   20,000
    By Balance c/d
Cash in Hand
Cash at Bank
5,400
25,000
30,400
  112,000     112,000

Adjustments:
1) Subscriptions received, includes Rs 3,000 for 2011-2012 and Outstanding Subscriptions for 2012-2013 was Rs 8,000.
2) Salary Paid includes Rs 2,000 Paid for last year
3) On 31/03/2013, Prepaid Insurance Premium was Rs 3,000
4) Admissions Fees are to be capitalized.
5) Depreciate Furniture by Rs 2,000.

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Solution

Suryodaya Club, Nasik
Income and Expenditure Account
 
for the year ending March 31,2013
Expenditure
Amount
(Rs)
Amount
(Rs)
Income
Amount
(Rs)
Amount
(Rs)
Depreciation on Furniture   2,000 Subscription 95,000 102,000
Miscellaneous Expenses   4,400 Less: Outstanding in the begining 3,000
Interest   1,700

Add: Outstand. at the end

10,000
Insurance Premium 8,000 7,500      
Less: Prepaid at the end 3,000      
Add: Prepaid at the beginning 2,500      
Salaries paid 12,500 12,500      
Less: Salaries Outstanding at the end 2,000      
Add: Outstanding in the beginning 2,000      
Surplus (Excess of Income over Expenditure)   73,900      
    102,000     102,000
Balance Sheet
as on March 31,2013
Liabilities
Amount
(Rs)
Amount
(Rs)
Assets Amount (Rs) Amount (Rs)
Capital Fund     Furniture 10,000 28,000
Opening Balance 50,000   Add: Purchases 20,000
Add: Admission Fees 7,500   Less: Depreciation 2,000
Add: Surplus 73,900 131,400 Subscription Outstanding    
      For 2011-12      2,000  
      For 2012-13      8,000 10,000
      Prepaid Insurance   3,000
      Land   60,000
      Investment in Securities   -
      Stock of Food Stuff   -
      Cash in Hand   5,400
      Cash at Bank   25,000
    131,400     131,400
  Is there an error in this question or solution?
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 7 Accounts of 'Not For Profit' Concerns
Exercise | Q 7 | Page 232
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