Question

1. Preparation of Income and Expenditure Account and Balance
Sheet when Opening Balance Sheet Is glven in the problem
01. Followings are the Balance Sheet and Receipts and Payments Account of
Sharada Education Society, Mangaluru.
Balance Sheet as on 31-03-2017
Liabilities
Assets
Capital fund
36,400 Cash in hand
2,050
Audit fees
2.500 Maps and charts
1,600
5% Govt. Bonds
31,000
Subscriptions outstanding
1,000
Furniture
3,250
38.900
38,900
Receipts and Payments A/C for the year ending 31-03-2018
Cr
Dr.
Receipts
To Balance b/d
To Subscriptions
2,500
1.800
To Donation
3,400
To Interest on Govt.
Payments
2,050 By Audit fees
20.500 By Rent
2.500 By Maps and charts
850 By Stationery and postage
By Salary
By Functions
By Balance c/d
25,900
250
Bonds
8,000
1,050
8,900
25.900
Adjustments:
1) Audit fees 2,500 still due
2) Charge 250 as depreciation on furniture,
3) Half of the donation is to be considered as revenue.
4) Outstanding Subscriptions 2,000 and subscriptions received in advance 81,500.
Prepare: i) Income and Expenditure Account and
ii) Balance Sheet as on 31-03-2018.
(Answer: I & E A/C Surplus ? 8,950, Total of B/S 50,600,)​

Answer 1

Answer:

Preparation of Income and Expenditure Account and Balance

Sheet when Opening Balance Sheet Is glven in the problem

01. Followings are the Balance Sheet and Receipts and Payments Account of

Sharada Education Society, Mangaluru.

Balance Sheet as on 31-03-2017

Liabilities

Assets

Capital fund

36,400 Cash in hand

2,050

Audit fees

2.500 Maps and charts

1,600

5% Govt. Bonds

31,000

Subscriptions outstanding

1,000

Furniture

3,250

38.900

38,900

Receipts and Payments A/C for the year ending 31-03-2018

Cr