Question

Q19. From the following Receipts and Payments Account, prepare Income and Expenditure

Account of Patel Education Society for the year ending 31st March, 2019 .

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019

Receipts Amount(Rs.) Payments Amount(Rs.)

To Balance b/d

To Entrance Fees

To Subscription :

Arrears

Current Year

Advance

To Surplus on Sale of Refreshments

To Sale of Old Printer

(Book value – Nil)

To Miscellaneous Income

33,500

3,000

500

35,000

7,50

1,000

4,000

3,200

80950

By Salaries

By Electricity Charges

By Other Expenses

By Fixed Deposits

By Utensils

By Creditors

By Balance c/d

12000

1200

5250

25000

2000

10000

25500

80950

Additional Information :

((i) Following were the assets and liabilities as on 1st April, 2018:

Utensils Rs.8,000, Furniture Rs.25,000, Consumable stores Rs.3,500, Creditors Rs.12,000.

(ii) On 31st March, 2019 Stock of Consumable Stores was Rs.7,000; Creditors were

Rs.5,500; Outstanding Subscription Rs.750; and Accrued Interest on fixed deposits was Rs

250.

(iii) Charge depreciation on the closing balance of Furniture and Utensils @ 10% and 15%

respectively.. (6)​

Answer 1

Answer:

Utensils Rs.8,000, Furniture Rs.25,000, Consumable stores Rs.3,500, Creditors Rs.12,000.

(ii) On 31st March, 2019 Stock of Consumable Stores was Rs.7,000; Creditors were

Rs.5,500; Outstanding Subscription Rs.750; and Accrued Interest on fixed deposits was Rs

250.

(iii) Charge depreciation on the closing balance of Furniture and Utensils @ 10