26.77 Balance sheet as on that date of Modem college from the following: are an Income and Expenditure Account for the year ended 31st March, 1994 and ames or Non-Profit Organisations Accounting Ist March, Receipts and Payments Account for the year ended 31st March, 1984 Rs. . 1998] 1,695; 6,075; Ancijos Cash on 1-4-1983 poſition Fees from State to Fines 3,420) Grants 2. Government po Interest on Securities To Rent from use of Hall Payments Rs. 20,000 By Pay and Allowances 70,500 59,000 By Provident Fund 1,000 Contribution 5,540 By Printing and Stationery 700 30,000 By Books for Library 4,600 300 By Postage and Telegrams 500 1,000 By Newspapers etc. 300 By Science Equipments (Capital Expenditure) 480 By Laboratory Expenses 500 By Construction of New Building 4,700 By Repairs and Maintenance 600 By Audit Fee 300 By General charges 580 By Cash on 31-3-1984 22,000 Rs. So 0 1,11,300 1,11,300 The college had the following assets as on 31st March, 1983: Furniture Rs. 35,000, Land and Buildings Rs. 1,60,000; Library Books Rs. 24,000; Investments Rs. 10,000 and Outstanding Tuition Fee Rs. 2,200. Provide for Depreciation on the closing balances of the following Assets : Land and Building @ 5%; Furniture @ 15% and Library Books @ 20%. [Bharathiar, B.B.M. Nov. 1992) Ans: Opening Capital Fund : Rs. 2,51,200; Deficit : Rs. 9,625; B/S Total : Rs. 2,41,575) Hint: Grant from State Govt is a revenue receipt.
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Working Note :
Opening Stock = 3,10,000
(+) Purchases = 8,20,000
11,30,000
(-) Material Supplies
Consumed 2,99,000
(-) Cost of Good Sold
(7,60,000−(7,60,000×15%) 6,46,000
Closing Stock
1,85,000
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