Ledger
Marathi Vishwa Kosha Centre, Wai, has given you the following information from which, you are required to prepare. (i) Income and Expenditure Account for the year ending on 31.03.2013, (ii) Balance Sheet as on 31.03.2013.
Receipts and Payment Account for the year ending 31.03.2013
|
Receipts
|
Amount
(Rs.)
|
Payments
|
Amount
(Rs.)
|
|
To Balance b/d
|
By Stationery
|
5000
|
|
|
Cash in hand
|
13000
|
By Furniture
[Purchased on 01.01.2013]
|
50000
|
|
To Locker Rent
|
5000
|
By Investments
|
1,00,000
|
|
To Entrance Fees
|
19000
|
By Expenses of Drama
|
33500
|
|
To Sale of old newspapers
|
1500
|
By Postage and telegram
|
2,500
|
|
To Receipts from Drama
|
78,500
|
By Magazines and Newspapers
|
4000
|
|
To Legacies
|
1,10,000
|
By Salaries
|
22,000
|
|
To Miscellaneous Receipts
|
8000
|
By Balance c/d
|
|
|
Cash in Hand
|
3000
|
||
|
Cash at bank
|
1,10,000
|
||
|
330000
|
330000
|
Additional Information:
(1) Capital fund on 01.04.2012, was Rs. 1,08,000.
(2) Legacies are to be capitalized.
(3) Outstanding salary Rs. 3,000.
(4) 50% of entrance fees is to be capitalized.
(5) Depreciation on Furniture @ 10% p.a.
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Solution
In the books of Marathi Vishwa Kosha Centre
Income and Expenditure Account for the year ended 31.03.2013
Income and Expenditure Account for the year ended 31.03.2013
|
Expenditure
|
Amount Rs.
|
Amount Rs.
|
Income
|
Amount Rs.
|
Amount Rs.
|
|
To Stationery
|
5000
|
By Locker Rent
|
5000
|
||
|
To Expensies of Drama
|
33500
|
By Entrance Fees
|
19000
|
||
|
To Postage and Telegram
|
2500
|
Less: 50% Capitalized
|
9500
|
9500
|
|
|
To Magazines and newspapers
|
4000
|
By Sale of old newspapers
|
1500
|
||
|
To Salaries
|
22000
|
By Receipts from Drama
|
78500
|
||
|
Add: Outstanding
|
3000
|
25000
|
By Miscellaneous Receipts
|
8000
|
|
|
To Depreciation Furniture
|
1250
|
||||
|
To Surplus C/d
|
31250
|
||||
|
102500
|
102500
|
Balance Sheet as on 31.03.2013
|
Liabilities
|
Amount
Rs.
|
Amount
Rs.
|
Assets
|
Amount
Rs.
|
Amount
Rs.
|
|
Capital Fund
|
108000
|
Furniture
|
50000
|
||
|
Add: Entrance Fees
|
9500
|
Less: Depreciation
|
1250
|
48750
|
|
|
Add: Legacies
|
110000
|
Investment
|
100000
|
||
|
Add: Surplus
|
31250
|
258750
|
Cash in Hand
|
3000
|
|
|
Outstanding Salary
|
3000
|
Cash at Bank
|
110000
|
||
|
261750
|
261750
|
Working Note :
1) Depreciation of Furniture [ Purchased on 01.01.2013 ]: = `50,000 xx 10/100 xx 3/12`
= Rs. 1,250
= Rs. 1,250
Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
Is there an error in this question or solution?
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