HSC Commerce (Marketing and Salesmanship) 12th Board ExamMaharashtra State Board
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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. - HSC Commerce (Marketing and Salesmanship) 12th Board Exam - Book Keeping and Accountancy

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Question

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.

Solution

                                 In the books of Marathi Vishwa Kosha Centre
                        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
 
  Is there an error in this question or solution?

APPEARS IN

 2015-2016 (March) (with solutions)
Question 6 | 12.00 marks
Solution 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. Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet.
S
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