Question

Form the following Receipts and payments Account of A. S. C. College of Commerce, Ramanand Nagar, for the year ending 31st March, 2016 and additional information, prepare Income and Expenditure Account for the year ending 31st March, 2016 and Balance Sheet as on that date.

Receipts and Payments Account
for the year ended on 31 March, 2016

Dr.                                                        Cr.

Receipts	Amount	Payments	Amount
To Balance b/d		By Salaries	67,000
Cash in hand	7,950	By Electricity	26,200
Cash in bank	50,800	By Books	41,300
To Life membership fees	20,500	By Furniture	45,000
To Donations	1,00,000	By Stationery	18,300
To Tuition fees	1,30,000	By Fixed deposits	2,00,000
To Term fees	1,00,000	By Balance c/d
To Admission fees	40,000	Cash	1,450
		Bank	50,000
	4,49,250		4,49,250

Additional information :

Particulars	01.04.2015 Amount (Rs)	31.03.2016 Amount (Rs)
Furniture	40,000	75,000
Building Fund	1,50,000	............
Fixed deposits	1,60,000	............
Capital Fund	1,20,750	............

(2) 50% of donations are received for building fund.
(3) Life membership fees are to be capitalised.
(4) Tuition fees includes Rs 12,000 received for the last year.
(5) Outstanding tuition fees for the current year amounted to Rs 4,200.

Answer 1

Income & Expenditure A/c

In the books of M/s A.S.C. College of Commerce.

Expenditure	Rs.	Rs.	Income	Rs.	Rs.
To Salaries		67,000	By Admission Fees		40,000
To Electricity		26,200	By Donations	100000
To Stationery		18,300	Less: Building Fund	50000	50,000
To Dep. on Furniture.		10,000	By Term Fees		100,000
			By Tuition Fees	130,000
			Less: Last Year Amount	(12,000)
				118,000
			Add: Outstanding of Current Year.	4,200	122,200
To Surplus C/d		1,90,700
		312200			312200

M/s A.S.C. College of Commerce

Balance Sheet as on 31st March 2016.

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital Fund:	120,750		Books		41,300
Add: Surplus	190,700	311,450	Furniture	40,000
			Add: Purchased	45,000
Building Fund	150,000			85,000
Add: Donations	50,000	200,000	Less: Depreciation	10,000	75,000
Life Membership Fees		20,500	Fixed Deposit	160,000
			Add: Purchased	200,000	360,000
			Tuition Fees Receivable		4,200
			Cash		1,450
			Bank		50,000
		531950			531950

Working Note :
                                              Furniture A/c
Dr.                                                                                                   Cr.

Date	Particulars	Amt (Rs.)	Date	Particulars	Amt (Rs.)
1/4/15	To Balance b/d	40,000	31/3/16	By Depreciation	10,000
1/4/15	To Bank (Purchase)	45,000	31/3/16	By Balance c/d	75,000
		85,000			85,000