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Question -

The Receipt and Payment Account of Harimohan charitable institution is given:
Receipt and Payment Account for the year ending March 31, 2015

Receipts

Amount

Rs

 Payments

Amount

Rs

Balance b/d:

 

Furniture

3,000

Cash at Bank

22,000

Investments

55,000

Cash in Hand

 8,800

Advance for building

20,000

Donations

32,000

Charities

 60,000

Subscriptions

50,200

Salaries

10,400

Endowment Fund

 60,000

Rent and Taxes

4,000

Legacies

24,000

Printing

1,000

Interest on Investment

 3,800

Postage

300

Interest on Deposits

 800

Advertisements

1,100

Sale of old newspapers

500

Insurance

4,800

 

 

Balance c/d:

 

 

 

Cash at Bank

32,000

 

 

Cash in Hand

10,500

 

2,02,100

 

2,02,100

 

 

 

 
Prepare the Income and Expenditure Account for the Year ended on March 31, 2015 after considering the following:
(i) It was decided to treat Fifty per cent of the amount received on account of Legacies and Donations as income.
(ii) Liabilities to be provided for are:
  Rent Rs 800; Salaries Rs 1,200; advertisement Rs 200.
(iii) Rs 2,000 due for interest on investment was not actually received.



Answer -

Books of Harimohan Charitable Institution

Income and Expenditure Account


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