Following is the Balancesheet and Receipts and payment A/c of students association. 12 Liabilities Amt. (`) Assets Amt. (`) Capital Fund 23,500 Cash in Hand 500 Outstanding Exp. Cash at Bank 3,000 Salaries 300 Subscription receivable 600 Rent 200 6% Investments 10,000 Stationery 100 600 Furniture 10,000 24,100 24,100 Receipts and Payments Accounts for the year ended 31st March, 2020 Dr. Cr. Receipts Amt. (`) Payments Amt. (`) To Balance b/d. By Rent 2,200 Cash in hand 500 By Stationery 1,400 Cash at Bank 3,000 By Salaries 3,600 To Entrance Fees 750 By Furniture's Repairs 300 To Subscription : By Party Expenses 290 2018-19 500 By Honorarium 1,200 2019-20 5,000 to Secretary 2020-21 100 5,600 Bal. Balance C/d. To Special SuAdditional Information :
1) Rent payable is ` 400 for the year 2019-20.
2) Outstanding stationery expenses are ` 150.
3) Subscription yet to be received for 2019-20 is ` 1,000.
4) Entrance fees are to be fully capitalized.
5) Depreciate furniture @ 5% p.a.
Prepare : Income and Expenditure A/c for the year ending 31st March, 2020 and
Balancesheet as on that date.bscription for Party 300 Cash in Hand 250 Cash at Bank 910 10,150 10,150
Answers
(1) Outstanding subscription (2018-19) * 8,000 given in b/s against that ₹ 3,000 received in 2019-20.
Means still receivable subscription = 5,000 (8,000 - 3,000).
(2) Prepaid insurance premium (2018-19)
2,000 is for the current year. Therefore, in current year's insurance premium, ₹ 2,000 is to be added and then subtract current year's prepaid insurance premium.
(3) Outstanding salary of (2018-19), 4,000 of the previous year is to be subtracted from the current year's salary.
(4) The total amount of donations and entrance fees are to be capitalised so add the entire amount of both the items to the Capital fund.
(5) Outstanding locker's rent (2018-19) * 500 is given in Balance Sheet. It is to be subtracted from current year's locker's rent and then add current year's outstanding
Answer:
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