“Bhartiya Kala Kendra”, Solapur gives you the following information, for the year ended on 31.03.2018 Prepare Income and Expenditure Account for the year ending 31.03.2018

Practical Problems | Q 5 | Page 117


“Bhartiya Kala Kendra”, Solapur gives you the following information, for the year ended on 31.03.2018 Prepare Income and Expenditure Account for the year ending 31.03.2018


Receipts and payments Account for the year ending 31.03.2018.


Receipts

Amount ₹

Payments

Amount ₹

To Balance b/d


By Stationery

600

Cash in Hand

200

By Furniture Purchased

7,000

Cash at Bank

12,500

By Investments in govt securities

14,000

To Locker Rent

400

By Expenses of Drama

3,000

To Entrance fees

2,900

By Postage

450

To Sale of old newspapers

250

By Magazine and newspaper

600

To Receipts from Drama

9,000

By Salaries

4,400

To Legacies

12,000

By Balance c/d


To Interest of Govt. Securities

400

Cash in Hand

700

To Miscellaneous Receipts

400

Cash at Bank

7,300


38050


38050

Additional Information :

1) Legacies are to be capitalized

2) Outstanding Salary  200

3) 50 % of Entrance Fees are to be Capitalised



Solution: 


In the books of Bhartiya Kala Kendra, Solapur

Income and Expenditure Account for the year ended 31st March


Expenditure

Amount (₹)

Amount (₹)

Income

Amount (₹)

Amount (₹)

To Stationery


600

By Locker rent


400

To Expenses of Drama


3,000

By Entrance Fees

2,900


To Postage


450

Less: 50 % Capitalised

1,450

1,450

To Magazine and Newspaper


600

By Sale of Old Newspapers


250

To Salaries

4,400


By receipts from Drama


9,000

Add: Outstanding Salaries

200

4,600

By Interest on Govt. Securities


400

To Surplus

(Excess of income over expenditure)


2,650

By Miscellaneous receipts


400



11900



11900


Book-keeping and Accountancy 12th Standard 

HSC Maharashtra State Board. Latest Syllabus.

Chapter 1: Introduction to Partnership and Partnership Final Accounts

Chapter 2: Accounts of ‘Not for Profit’ Concerns

Chapter 3: Reconstitution of Partnership (Admission of Partner)

Chapter 4: Reconstitution of Partnership (Retirement of Partner)

Chapter 5: Reconstitution of Partnership (Death of Partner)

Chapter 6: Dissolution of Partnership Firm

Chapter 7: Bills of Exchange

Chapter 8: Company Accounts - Issue of Shares

Chapter 9: Analysis of Financial Statements

Chapter 10: Computer In Accounting

 

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ACCOUNTING FOR SHARES

DISSOLUTION OF PARTNERSHIP FIRM

VALUATION OF GOODWILL WITH SOLUTION

FORMAT OF FINAL ACCOUNT

INTRODUCTION TO PARTNERSHIP

 

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