Accountancy, asked by Shankp1310, 8 months ago

Divya Library, Buldhana showed the following position of their accounting. Consider the adjustments given, prepare Income and Expenditure Account for the year ending 31st March, 2019 and Balance Sheet as on that date.
Balance Sheet as on 31st March, 2018
Liabilities
Amount (₹)
Assets
Amount (₹)
Capital Fund
3,45,000
Furniture
36,250
Expenses Due
3,500
Books
2,75,500




Investment in Securities
25,000




Cash in Hand
4,250




Cash at Bank
7,500


3,48,500


3,48,500
Receipts and Payments Accounts for the year ending 31st March, 2019
Dr. Cr.
Receipts
Amount (₹)
Payments
Amount (₹)
To Balance b/d


By Electricity Charges
3,490
Cash in hand
4,250
By Postage
3,050
Cash at Bank
7,500
By Books Purchased
40,000
To Membership Subscriptions
90,000
By Payment for expenses due
3,500
To Entrance Fees
12,500
By Sundry Expenses
5,250
To Sale of Scrap
750
By Investment in Securities
50,000
To Hire of Lecture Hall
9,000
By Furniture
14,000
To Interest on Securities
2,000
By Balance c/d






Cash in hand
3,210




Cash at Bank
3,500










1,26,000


1,26,000

Adjustments:
During the current year, furniture was purchased on 1st October, 2018. Depreciate furniture @ 10% p.a.
Depreciate books by Rs.50,000.
Membership subscription received during the year includes Rs.7,500 for the year
2019-20 and Rs.3,750 are outstanding for the current year.
Capitalise half of the entrance fees.

Answers

Answered by yadavvaidehi42
1

Answer:

Q.6. Divya Library, Buldhana showed the following position of their

accounting. Consider the adjustments given and prepare Income and

Expenditure Account for the year ending 31st March, 2016 and

Balance Sheet as on that date: [10]

Balance Sheet as on 31st March, 2015

Liabilities Amount Rs. Assets Amount Rs.

Capital fund 3,45,000 Furniture 36,250

Expenses due 3,500 Books 2,75,000

Investment in

Securities 25,000

Cash in hand 4,250

Cash at bank 7,500

3,48,500 3,48,500

Similar questions