Question

From the following Receipts and Payments Account and additional information given below, prepare Income and Expenditure Account and Balance Sheet of Rural Literacy Society as on 31st March, 2018:
Additional information:
(i) Subscription outstanding as on 31st March, 2017 ₹ 20,000 and on 31st March, 2018 ₹ 15,000.
(ii) On 31st March, 2018, salary outstanding ₹ 6,000 and one month rent paid in advance.
(iii) On 1st April, 2017, society owned furniture ₹ 1,20,000 and books ₹ 50,000.

Answer 1

HEYA MATE YOUR ANSWER IS

1) Subscription outstanding as on 31st March, 2017 ₹ 20,000 and on 31st March, 2018

2). Subscription outstanding as on 31st March, 2017 ₹ 20,000 and on 31st March, 2018

3) April, 2017, society owned furniture ₹ 1,20,000 and books ₹ 50,000.

HOPE THIS HELPS ❤️

Answer 2

Calculation of Capital:

Capital= Assets- Liabilities

           = 3,85,500-0

            =Rs 3,85,500