Liabilities | Amt (Rs.) | Assets | Amt (Rs.) |
Capital Fund | 5,94,750 | Electrical Fittings | 1,12,500 |
Expenses Payable | 5,250 | Furniture | 37,500 |
Books | 3,00,000 | ||
Investment in Securities | 1,12,500 | ||
Cash at Bank | 18,750 | ||
Cash in Hand | 18,750 | ||
6,00,000 | 6,00,000 |
Receipts | Amt (Rs.) | Payments | Amt (Rs.) | ||
To Balance b/f | By Electric Charges | 5,400 | |||
Cash at Bank | 18,750 | By Postage and Stationery | 3,750 | ||
Cash in hand | 18,750 | 37,500 | By Telephone Charges | 3,750 | |
To Entrance Fees | 22,500 | By Books Purchased | 45,000 | ||
To Membership Subscription | 1,50,00 | By Outstanding Expenses Paid | 5,250 | ||
To Sale Proceeds of Old Papers | 1,125 | By Rent | 66,000 | ||
To Hire of Lecture Hall | 15,000 | By Investment in Securities | 30,000 | ||
To Interest on Securities | 6,000 | By Salaries | 49,500 | ||
By Balance c/d | |||||
Cash at Bank | 15,000 | ||||
Cash in Hand | 8,475 | 23,475 | |||
2,32,125 | 2,32,125 |
(i) Membership subscription included Rs. 7,500 received in advance. |
(ii) Provide for outstanding rent Rs. 3,000 and salaries Rs. 2,250. |
(iii) Books to be depreciated @ 10% including additions. Electrical fittings and furniture are also to be depreciated at the same rate. |
(iv) 75% of the entrance fees is to be capitalised. |
(v) Invested on securities is to be calculated @ 5% p.a. including purchases made on 1st October, 2017 for Rs. 30,000. |
Answer:
Excess of expenditure over income = Rs. 12,525, Total of balance sheet = Rs. 6,11,850
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