Question

quc arincome and Expenditure Account for the year ended 31st March, 1994 and the Balance sheet as on that date of Modem college from the following:

Receipts and Payments Account for the year ended 31st March, 1984 Rs 70,500 Receipts To Cash on 1-4-1983 To Tuition Fees To Fines To Grants from State Government To Interest on Securities To Rent from use of Hall 5.540 700 4,600 500 300 Rs. Payments 20,000

By Pay and Allowances 59,000 By Provident Fund 1,000 Contribution By Printing and Stationery 30,000 By Books for Library 300 By Postage and Telegrams 1,000 By Newspapers etc. By Science Equipments (Capital Expenditure) By Laboratory Expenses By Construction of New Building By Repairs and Maintenance By Audit Fee

By General charges By Cash on 31-3-1984 480 500 4,700 600 300 580 22,000 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. 160.000; 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 ​

Answer 1

Answer:

From the following Receipts and Payments Account of A.S.C. College of Commerce, Ramanand Nagar, for the year ending 31

st

March, 2016 and additional information, prepare Income and Expenditure Account for the year ending 31st March, 2016 and Balance Sheet as on that date.

Receipts and Payments Account for the year ended on 31 March, 2016

Receipts Amount(Rs.) Dr. Payments Amount(Rs.) Cr.

To Balance b/d

By Salaries 67,000

Cash in hand 7,950 By Electricity 26,200

Cash at bank 50,800 By Books 41,300

To Life membership fees 20,500 By Furniture 45,000

To Donations 1,00,000 By Stationery 18,300

To Tuition fees 1,30,000 By Fixed deposits 2,00,000

To Term fees 1,00,000 By Balance c/d

To Admission fees 40,000 Cash 1,450

Bank 50,000

4,49,250 4,49,250