02. Following are the Balance Sheet and receipt and Payment sccount of Gurudens 15,000 Education Trust, Tumkur. Balance Sheet as on 31-03-2017 Liabilities husets Outstanding Office exp 5,000 Cash in hand Bank Loan 35,000 Furniture Capital Fund 1,20,000 Buildings Sports Materials Library Books 1,60,000 25,000 70,000 20,000 30,000 1,60,000 Receipts and Payment A/C for the year ended 31-03-2018 CI. Dr. ₹ Receipts To Balance b/d To Subs. 5,000 17,000 22,000 45,000 5,000 600 2017-18 2018-19 To Entrance Fees To Donations 25,000 ₹ Payments 15,000 By Office Exp. 2016-17 2017-18 By Printing & 50,000 Postage Exp. 8,000 By Salary 12,000 By Purchase of 5,000 books. By Bank Loan repaid By Subs. to Newspapers Bl To Interest 10,000 5,000 600 By Balance c/d 26,800 90,000 90,000 Adjustments: 1. Subscriptions outstanding P5,000. 2. Salary prepaid 12,500 3. Capitalise 50% of entrance fees and 100% of donations. 4. Depreciate buildings by 10% p.a. Prepare: i) Income and Expenditure Account for the year ending 31-03-2018. ii) Balance Sheet as on 31-03-2018. Answer: I & E A/C Surplus 11,300, Total of B/S 1,82,300,)
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. Audit fees Rs. 2500 still due. 2. Charge Rs. 250 as deprecation on furniture 3. Half of the donation is to be considered as revenue 4. Outstanding Subscriptions Rs. 2000 and Subscriptions received in advance Rs. 1500 Prepare (a) Income and Expenditure account. (b) Balance Sheet as on 31-3-2018. class-12Read more on Sarthaks.com - https://www.sarthaks.com/634190/following-are-the-balance-sheet-and-receipts-payments-account-sharada-education-society
Following are the Balance Sheet and receipt and Payment sccount of Gurudens 15,000 Education Trust, Tumkur. Balance Sheet as on 31-03-2017 Liabilities husets Outstanding Office exp 5,000 Cash in hand Bank Loan 35,000 Furniture Capital Fund 1,20,000 Buildings Sports Materials Library Books 1,60,000 25,000 70,000 20,000 30,000 1,60,000 Receipts and Payment A/C for the year ended 31-03-2018 CI
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