Question

08. Followings are the Balance Sheet and Receipts and Payments Account of
Buddivardaka Library, Sirsi.
Balance Sheet as on 31-03-2017
Liabilities
Assets
7
Outstanding Rent
200 Cash in hand
1.400
Capital Fund
23,800 Books
14,000
Furniture
8,000
0/S Subscriptions
600
24,000
24,000
Receipt and Payment A/C for the year ending 31-03-2018
Dr.
Cs.
7
2,400
1,200
2,800
10,000
2,000
2,600
Receipts
Payments
To Balance b/d
1,400 By Rent
To Subscriptions
12,000 By Printing
To Entrance Fees
2,000 By Office expenses
To Sale of old newspaper 1,000 By Books bought
To Sundry Receipts
600 (30-09-2017)
To Donations
4,000 By Investments
By Balance c/d
21,000
Adjustments:
a) Outstanding rent on 31-03-2018 was 2300
b) Subscriptions receivable for the year 2017-18 amounted to 2400
c) Subscriptions received for the year 2018-19 was 800,
d) Hall of the entrance fees and half of the donations are to be capitalised,
e) Depreciate books at 10% p.a.
Prepare: Income and Expenditure Account and
(1) Balance Sheet as on 31-03-2018.
21,000​

Answer 1

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