Question

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.

Answer 1

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