Maharashtra State BoardHSC Arts 12th Board Exam
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With the Information Given Below, Prepare Income and Expenditure Account and Balance Sheet of Sudarshan Charitable Organisation for the Year Ending on 31-03-2012. - Book Keeping and Accountancy

Ledger

(Simple Problem)
With the information given below, prepare Income and Expenditure Account and Balance sheet of Sudarshan charitable Organisation for the year ending on 31-03-2012.
Receipts and Payment Account for the year ending on 31-03-2012
Dr.                                                                                                          Cr.

Receipts
Amount
(Rs.)
Amount
(Rs.)
 
Payments
Amount
Rs
Amount
Rs
To Balance b/d   40,000 By Salaries   18,000
Cash in Hand 500 By Printing and stationery   20,000
Cash at Bank 39,500 By Charity Expenses   20,000
To Subscriptions
(includes Rs 5,500 for 2009-10)
  81,000 By Investments   60,000
Interest on Investments   1,800 By Office expenses   2,000
To Sale of Furniture
(Book Value Rs 10,000)
  8,000 By Balance c/d
Cash in Hand
700  
      Cash at Bank 10,100  
    130,800     130,800

Additional Information:
1) There are Rs 800 members, paying annual subscription Rs 100 each.
2) Outstanding salary Rs 2,000.
3) The Assets on 01-04-2012 were as following:
Furniture Rs 40,000, Investment Rs 20,000, Land Rs 1,00,000
4) On 01-04-2012 Capital Fund was Rs 2,05,500

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Solution

Sudarshan Charitable Organisation
Income and Expenditure Account
                               for the year ending March 31,2012
Dr.                                                                                                          Cr.
Expenditure

Amount
(Rs)

Amount
(Rs)

Income Amount
(Rs)
Amount
(Rs)
Printing and Stationery   20,000 Subscription (800 × 100)   80,000
Charity Expenses   20,000 Interest on Investments   1,800
Office Expenses   2,000      
Loss on Sale of Furniture   2,000      
Salaries paid 18,000 20,000      
Add: Salaries Outstanding 2,000      
Surplus (Excess of Income over Expenditure)   17,800      
    81,800     81,800
                                         
Balance Sheet
                                          as on March 31, 2012
Liabilities
Amount
(Rs)
Amount
(Rs)
Assets
Amount
(Rs)
Amount
(Rs)
Capital Fund     Furniture 40,000  
Opening Balance 205,500 223,300 Less: Sale 10,000  
Add: Surplus 17,800 Investment 20,000  
Salaries Outstanding   2,000 Add: Further Investments 60,000  
      Land   100,000
      Outstanding Subscription    4,500
      Cash in hand   700
      Cash in Bank   10,100
    225,300     225,300

Working Notes:

Total amount of subscription due for 2011-2012
=  No. of Members x  Annual Subscription 
=  800 x Rs. 100                                                                  = Rs. 8,000
Less: Amount actually received
(Rs 81,000-Rs 5,500 for 2009-10)                                       = Rs. 75,500

Subscription Outstanding at the end of the year               =  Rs. 4,500

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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 4 | Page 230
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