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 |