question_answer

From the following receipts and payments account and income and expenditure account, prepare balance sheet for 31st March, 2017 and 31st March, 2018. Receipts And Payments Account Dr                                             for the year ending 31st March, 2018                                                         Cr

Receipts		Amt (Rs.)	Payments	Amt (Rs.)
To Balance b/d		8,100	By Printing	1,350
To Interest			By Advertisements	2,538
2017	1,800
2018	2,700	4,500	By Staff Salary	23,400
To Tution Fees			By Furniture Purchased	12,060
2018	18,000
2019	1,800	19,800	By Rent	9,360
To Entrance Fees 2018		7,560	By Miscellaneous Expenses	1,980
To Subscription			By  Balance c/d	24,732
2017	5,400
2018	20,700
2019	7,020	33,120
To Miscellaneous Income		2,340
		75,420		75,420

Income And Expenditure Account Dr                                             for the year ending 31st March, 2018                                                         Cr

Expenditure	Amt (Rs.)	Income	Amt (Rs.)
To Printing	1,440	By Tution Fees	19,800
To Advertisements	2,700	By Subscription	20,700
To Rent	10,800	By Miscellaneous Income	2,340
To Staff Salary	21,600	By Interest	2,880
To Miscellaneous Expenses	1,980
To Surplus	7,200
	45,720		45,720

Additional information Following assets were on 31st March, 2017:

Investments	Rs. 72,000
Furniture	Rs. 18,000
Books	Rs. 9,000

Answer:

                                                            Balance Sheet as at 31st March, 2017

Liabilities	Amt (Rs.)	Assets	Amt (Rs.)
Capital fund	1,14,300	Cash	8,100
		Accrued Interest	1,800
		Outstanding Subscription	5,400
		Investment	72,000
		Furniture	18,000
		Books	9,000
	1,14,300		1,14,300

Balance Sheet as at 31st March, 2018

Liabilities		Amt (Rs.)	Assets		Amt (Rs.)
Advance subscription		7,020	Cash		24,732
Outstanding Printing		90	Accrued Interest		180
Outstanding Advertisement		162	Accrued Tution Fees		1,800
Outstanding Rent		1,440	Prepaid  Staff Salary		1,800
Advance Tution Fee		1,800	Investment		72,000
Capital Fund	1,14,300
(+) Entrance Fee	7,560		Furniture	18,000
(+) Surplus	7,200	1,29,060	(+) Purchase Books	12,060	30,060
			Books		9,000
		1,39,572			1,39,572