Question 12: PRACTICAL PROBLEMS (Loss on Sale of Asset) Following is the Receipts and Payments Account of Chamber of Commerce, Kolhapur,

Question 12:


PRACTICAL PROBLEMS
(Loss on Sale of Asset)
Following is the Receipts and Payments Account of Chamber of Commerce, Kolhapur, for the year ending 31/03/2012 and some additional information. You are required to prepare the Income and Expenditure Account for the year ending 31/03/2012 and Balance Sheet as at that date.

Receipts and Payments Account for the year ending 31.03.2012
Additional Information:
1)
Particulars
01-04-2011
31-03-2012
Outstanding Subscriptions
3000
5000
Furniture
32,000
?
Building Fund
1,45,000
?
Capital Fund
1,51,960
?
Investments
2,50,000
?

2. Neglect depreciation on the part of furniture sold during the year. But depreciate the remaining furniture by Rs. 1,400. 
3. Donations are received for Building Fund.