Receipts | Amt (Rs.) | Payments | Amt (Rs.) |
Balance b/d | Charity | 23,000 | |
Cash in Hand | 23,000 | Rent and Taxes | 6,400 |
Cash at Bank | 25,200 | Salary | 12,000 |
Donation | 18,000 | Printing | 1,200 |
Subscription | 85,600 | Postage | 600 |
Legacies | 36,000 | Advertisements | 9,000 |
Interest on Investment | 9,000 | Insurances | 4,000 |
Sale of Old Newspapers | 400 | Furniture | 42,000 |
Investment | 46,000 | ||
Balance c/d | |||
Cash in Hand | 19,800 | ||
Cash at Bank | 33,200 | ||
1,97,200 | 1,97,200 |
(i) It was decided to treat \[\frac{1}{3}rd\] of the amount received on account of donation as income. |
(ii) Insurance premium was paid in advance for 3 months. |
(iii) Interest on investment Rs. 2,200 accrued was not received. |
(iv) Rent Rs. 1,200, salary Rs. 1,800 and advertisement expenses Rs. 2,000 outstanding as on 31st December, 2017. |
Answer:
Income and expenditure account = Rs. 43,000 (surplus) balance sheet total =Rs. 1,44,200; Capital Fund = Rs. 48,200
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