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Question
From the following receipts and payments account of Tenkasi Thiruvalluvar Manram, prepare income and expenditure account for the year ended 31st March, 2019.
| Receipts | ₹ | Payments | ₹ |
| To Balance b/d | By Salaries | 20,000 | |
| Cash in hand | 14,000 | By Rent | 24,000 |
| To Interest received | 5,000 | By Travelling expenses | 2,000 |
| To Subscription | 55,000 | By Printing and stationery | 6,000 |
| To Legacies | 48,000 | By Investments made | 50,000 |
| To Entrance fees | 7,000 | By Sports equipment purchased | 33,000 |
| To Sale of furniture (Book value: ₹ 17,000) |
16,000 | By Balance c/d | |
| Cash in hand | 10,000 | ||
| 1,45,000 | 1,45,000 |
Solution
| Dr. | Tenkasi Thiruvalluvar Manram Income and Expenditure Account for the year ended 31.03.19 | Cr. | |
| Expenses | ₹ | Income | ₹ |
| To Loss on sale of Furniture | 1,000 | By Interest received | 5,000 |
| To Salaries | 20,000 | By Subscription | 55,000 |
| To Rent | 24,000 | By Entrance fees | 7,000 |
| To Travelling expenses | 2,000 | ||
| To Printing and stationery | 6,000 | ||
| To Surplus (Excess of Income Over Expenditure) |
14,000 | ||
| 67,000 | 67,000 | ||
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(Calculation of stationery consumed during the year)
| 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 | ||||
Adjustments :
1. ₹ 1,000 Outstanding for Stationery bill.
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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
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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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