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 8: Company Accounts - Issue of Shares
Chapter 9: Analysis of Financial Statements
Chapter 10: Computer In Accounting
ACCOUNTS BOARD PAPERS
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MARCH 2015 View | PDF Download
JULY 2015 View | PDF Download
MARCH 2016 View | PDF Download
JULY 2016 View | PDF Download
JULY 2017 View | PDF Download
MARCH 2017 View | PDF Download
MARCH 2018 View | PDF Download
JULY 2018 View | PDF Download
MARCH 2019 View | PDF Download
MARCH 2020 View | PDF Download
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PROFORMA OF TRADING ACCOUNT: View | PDF Download
PROFORMA OF PROFIT & LOSS ACCOUNT: View | PDF Download
PROFORMA OF BALANCE SHEET: View | PDF Download
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SINGLE ENTRY: View : PDF Download
FINAL ACCOUNT: View | PDF Download
BILL OF EXCHANGE: View | PDF Download
FORMAT OF BILL: View | PDF Download
ADMISSION OF A PARTNER: View | PDF Download
RETIREMENT OF PARTNER: View | PDF Download
DEATH OF PARTNER: View | PDF Download
ACCOUNTING FOR SHARES : View | PDF Download
DISSOLUTION OF PARTNERSHIP FIRM : View | PDF Download
VALUATION OF GOODWILL WITH SOLUTION: View | PDF Download
FORMAT OF FINAL ACCOUNT : View | PDF Download
INTRODUCTION TO PARTNERSHIP: View | PDF Download
DISSOLUTION OF PARTNERSHIP FIRM
VALUATION OF GOODWILL WITH SOLUTION
ACCOUNTS BOARD PAPERS WITH SOLUTION
MARCH 2014, OCTOBER 2014, MARCH 2015, JULY 2015, MARCH 2016, JULY 2016.JULY 2017, MARCH 2017, MARCH 2018, JULY 2018 MARCH 2019 MARCH 2020
IMPORTANT PRACTICE PAPER FOR BOARD EXAM 2020
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