Maharashtra State BoardHSC Commerce 12th Board Exam
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(Newly Started Associations) Following is the Receipts and Payments Account of Bavdhan Pensioners Association Newly Started on 01.04.2010. - Book Keeping and Accountancy

Ledger

(Newly started Associations)
Following is the Receipts and Payments Account of Bavdhan Pensioners Association newly started on 01.04.2010.
  Receipts and Payment Account for the year ending on 31-03-2011
Dr.                                                                                                          Cr.

Receipts
Amount
(Rs.)
Amount
(Rs.)
Payments
Amount
(Rs.)
Amount
(Rs.)
To Subscriptions received   93,900 By rent   6,000
For 2010-2011 85,000 By Travelling Expenses   2,800
For 2011-2012 6,900 By Expenses for get-together Function   3,300
For 2012-2013 2,000 By Charity   1,000
To Entrance Fees   11,000 By Salaries   4,500
To Donations   25,000 By Furniture   30,500
      By Fixed Deposit   50,000
      By Balance c/d   31,800
    129,900      129,900

Adjustments:
1) Outstanding Subscription for current year Rs 10,000.
2) Entrance Fees are to be capitalized.
3) ‘Capital Fund’ should be created out of Entrance Fees and Surplus of the current year’.
4) Depreciate Furniture by Rs 2,500.
You are required to prepare Income and Expenditure Account for the year ending on 31/03/2011 and Balance Sheet as on that date.

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Solution

Bavdhan Pensioners Association
Income and Expenditure Account
                              for the year ending March 31,2011
Dr.                                                                                                          Cr.
Expenditure
Amount
(Rs)
Income
Amount
(Rs)
Amount
(Rs)
Printing and Stationery - Subscription 85,000 95,000
Rent Paid 6,000 Add: Outstanding at the end 10,000
Expenses for Get-Together Function 3,300 General Donation   25000
Travelling Expenses 2,800      
Charity 1,000      
Depreciation on Furniture 2,500      
Salaries paid 4,500      
Surplus (Excess of Income over Expenditure) 99,900      
  120,000     120,000

Balance Sheet
as on March 31,2011
Liabilities

Amount
(Rs)

Amount
(Rs)

Assets Amount
(Rs)
Amount
(Rs)
Capital Fund

 

  Furniture 30,500 28,000
Entrance Fees 11,000 110,900 Less: Depreciation 2,500
Add: Donation 99,900 Fixed Assets   50,000
Subscription received in advance   8,900 Outstanding Subscription   10,000
      Cash in hand   31,800
    119,800     119,800
  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 5 | Page 230
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