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Question
Complete the Table:
Rent received during the year
| Sr.No | Total Received ₹ | Rent received in Advance/Accrued | ₹ | Income for the year ₹ |
| 1 | 1,300 | Received in Advance | 200 | ? |
| 2 | ? | Received in Advance | 400 | 1,400 |
| 3 | 2,650 | Received in Advance | ? | 2,000 |
| 4 | ? | Accrued | 290 | 3,190 |
| 5 | 1,700 | Accrued | ? | 2,150 |
| 6 | 2,600 | Accrued | 500 | ? |
Solution
| Sr.No | Total Received ₹ | Rent received in Advance/Accrued | ₹ | Income for the year ₹ |
| 1 | 1,300 | Received in Advance | 200 | 1,100 |
| 2 | 1,800 | Received in Advance | 400 | 1,400 |
| 3 | 2,650 | Received in Advance | 650 | 2,000 |
| 4 | 2,900 | Accrued | 290 | 3,190 |
| 5 | 1,700 | Accrued | 450 | 2,150 |
| 6 | 2,600 | Accrued | 500 | 3100 |
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| Balance Sheet as on 01.04.2018 | |||||
| Liabilities | Amt. ₹ | Amt. ₹ | Assets | Amt. ₹ | Amt. ₹ |
| Stock of Stationery | 400 | ||||
| Dr | Receipts and Payments Account for the year ending 31.03.2019 | Cr | |||
| Receipts | Amt. ₹ | Amt. ₹ | Payments | Amt. ₹ | Amt. ₹ |
| By Stationery Purchased | 6,300 | ||||
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1. ₹ 1,000 Outstanding for Stationery bill.
2. Stock of Stationery as on 31.03.2019 was valued at ₹1,800
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From the following Receipts and Payments Account “K.B.P. Engineering College” Nashik for the year ending on 31.03.2019 and additional information, prepare Income and Expenditure Account for the year ending 31.03.2019 and Balance Sheet as on that date.
| Dr | Receipts and payments Account for the year ending 31.03.2019. | Cr | |||
| Receipts | Amount ₹ | Payments | Amount ₹ | ||
| To Balance b/d | By Salaries to Teaching Staff | 11,70,000 | |||
| Cash in Hand | 18,000 | By Electricity Charges | 55,000 | ||
| Cash at Bank | 1,00,400 | By Books | 61,000 | ||
| To Interest | 55,000 | By Furniture | 51,000 | ||
| To Subscriptions | 28,300 | By Stationery | 21,850 | ||
| To Life Membership fees | 25,000 | By Fixed Deposit (31.03.2019) | 8,50,000 | ||
| To Donation | 7,00,000 | By Balance c/d | |||
| To Tuition Fees | 12,30,000 | Cash in Hand | 16,650 | ||
| To Term Fees | 2,00,800 | Cash at Bank | 2,00,000 | ||
| To Sundry Receipts | 8,000 | ||||
| To Admission Fees (Revenue) | 60,000 | ||||
| 24,25,500 | 24,25,500 | ||||
Additional Information :
| Particulars | 01.04.2018 ₹ | 31.03.2019 ₹ |
| Books | 6,00,000 | 6,00,000 |
| Furniture | 3,19,000 | 3,00,000 |
| Building Fund | 10,00,000 | ? |
| Fixed Deposit | 9,10,000 | ? |
| Capital Fund | 9,47,400 | ? |
1) 50% of Donation are for Building Fund and the balance is to be treated Revenue Income.
2) Outstanding subscription ₹ 5,300
3) Life membership fees are to capitalised
(Account of a School)
From the following Balance Sheet and Receipts and Payments Account of “New English School”, Barshi, Prepare Income and Expenditure Account for the year ending 31.03.2020 and a Balance Sheet as on that date.
| Balance Sheet as on 01.04.2019 | |||
| Liabilities | Amount ₹ | Assets | Amount ₹ |
| Capital Fund | 6,43,000 | Cash in Hand | 6,000 |
| Cash at Bank | 10,000 | ||
| Building | 4,50,000 | ||
| Furniture | 72,000 | ||
| Library Books | 45,000 | ||
| Computer Laboratory | 60,000 | ||
| 6,43,000 | 6,43,000 | ||
| Dr. | Receipts and Payments Account for the year ending 31.03.2020 | Cr. | |||||
| Receipts | Amount ₹ | Amount ₹ | Payments | Amount ₹ | Amount ₹ |
||
| To Balance b/d | By Salary | 90,000 | |||||
| Cash in Hand | 6,000 | By Library Books | 14,000 | ||||
| Cash at Bank | 10,000 | 16,000 | By Office Rent | 10,000 | |||
| To Tuition Fees | 90,000 | By Printing and Stationery | 22,000 | ||||
| To Term Fees | 3,000 | By Sundry Expenses | 12,000 | ||||
| To Admission Fees | 12,000 | By Insurance | 10,200 | ||||
| To Donation (Capital) | 61,000 | By Sport Expenses | 8,000 | ||||
| To Interest Received | 2,000 | By Annual Gathering Exp | 9,000 | ||||
| To Government Grant (Revenue) | 1,20,000 | By Furniture | 50,000 | ||||
| To Sundry Receipts | 11,000 | By Repairs | 15,000 | ||||
| By Balance c/d | |||||||
| Cash in Hand | 4,800 | ||||||
| Cash at Bank | 70,000 | 74,800 | |||||
| 315000 | 315000 | ||||||
Additional Information :
1) Outstanding Salary of ₹ 9,000
2) Outstanding Tuition Fees ₹ 15,000
3) Depreciate Library Books by ₹ 9,000 and Furniture by ₹ 10,000
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| Receipts | ₹ | ₹ | Payments | ₹ |
| To Subscription | ||||
| 2017 | 28,000 | |||
| 2018 | 1,72,000 | |||
| 2019 | 12,000 | 2,12,000 | ||
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| Particulars | 1.1.2018 ₹ |
31.12.2018 ₹ |
| Outstanding subscription | 3,000 | 5,000 |
| Subscription received in advance | 4,000 | 7,000 |
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| Dr. | Receipts and Payments Account for the year ended 31st March, 2020 |
Cr. | |
| Receipts | Amount (₹) | Payments | Amount (₹) |
| To Balance b/d | By Salaries | 11,77,500 | |
| Cash | 6,000 | By Printing and Stationery |
13,500 |
| Bank | 1,00,000 | By Books | 44,000 |
| To Interest | 30,000 | By Furniture | 39,000 |
| To Donation | 3,50,000 | By Drama Expenses | 45,000 |
| To Tuition Fees | 9,50,000 | By Postage | 3,500 |
| To Admission Fees | 32,500 | By Telephone Charges | 3,000 |
| To Drama Receipts | 50,000 | By Electricity | 30,500 |
| To Rent from use of Hall | 3,000 | By Magazine and Newspapers |
3,000 |
| To Legacies (Capital) | 30,000 | By Balance c/d | |
| Cash | 31,000 | ||
| Bank | 1,61,500 | ||
| 15,51,500 | 15,51,500 | ||
Additional information:
(1) Outstanding Salaries ₹ 35,000.
(2) 60% of donations are for Building Fund and Balance is to be treated as revenue income.
(3)
| Particulars | 1 - 4 - 2019 (₹) | 31 - 3 - 2020 (₹) |
| Capital Fund | 3,05,500 | ? |
| Building Fund | 4,13,500 | ? |
| Furniture | 1,63,000 | 1,50,000 |
| Books | 4,50,000 | 4,44,000 |
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