Question 11: PRACTICAL PROBLEMS From the following Receipts and Payments Account of Nanasaheb Patil Engineering College,

Question 11:

PRACTICAL PROBLEMS

From the following Receipts and Payments Account of Nanasaheb Patil Engineering College, Faizpur for the year ending 31 March 2013 and additional information, Prepare Income and Expenditure Account for year ending 31/03/2013 and a Balance Sheet as on that date.

Receipts and Payments Account for the year ending 31.03.2013
Additional Information:
1. 
Particulars
01-04-2012
31-03-2013
Books
5,50,000
5,50,000
Furniture
2,15,000
2,00,000
Building Fund
9,35,000
?
Fixed Deposits
8,00,000
?
Capital Fund
7,46,020
?

2) 50% of the Donations are for Building Fund and the balance is to be treated as revenue income.
3) Outstanding Subscription Rs 4,200.
4) Life Membership Fees are to be capitalized.
Working Notes:
WN1: Calculation of Depreciation on Furniture:
Depreciation on Furniture = Furniture as on Apr. 01, 2012 + Purchases - Furniture as on Mar. 31, 2013
2,15,000 + 45,000 - 2,00,000 = Rs 2,60,000

WN2: Calculation of Depreciation on Books:
Depreciation on Books = Books as on Apr. 01, 2012 + Purchases - Books as on Mar. 31, 2013
5,50,000 + 57,800 - 5,50,000 = Rs 57,800