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Question -

The following is the account of cash transactions of the Nari Kalayan Samittee for the year ended December 31, 2017:

Receipts

Amount

Rs

Payments

Amount

Rs

Balance from last year

2,270

Rent 

6,600

Subscriptions

32,500

Electric charges

3,200

Life membership fee

3,250

 Lecturer’s fee

730

Donation

2,500

Office expenses

1,480

Profit from entertainment

7,250

Printing and Stationery

1,050

Sale of old Books (books value Rs 1,000)

750

Legal fee

1,870

Interest

350

Books

6,500

 

 

Furniture purchased

 8,600

 

 

Expenses on nukar drama

1,300

 

 

Cash in hand

8,040

 

 

Cash at bank

9,500

 

 

 

 

 

48,870

 

48,870

 

 

 

 
You are required to prepare an Income and Expenditure Account after the following adjustments:
(a) Subscription still to be received are Rs 750, but subscription include Rs 500 for the year 2018.
(b)  In the beginning of the year the Sangh owned building Rs 20,000 and furniture Rs 3,000 and Books Rs 2,000.
(c) Provide depreciation on furniture @ 5% (including purchase), books @ 10% and building @ 5%.



Answer -

Books of  Nari Kalyan Samittee

Income and Expenditure Account 

as on Dec. 31, 2017

Dr.

 

 

Cr.

Expenditure

Amount

Rs

Income

Amount

Rs

Rent

6,600

Subscription

32,500

 

Electric Charges

3,200

Add: Outstanding for 2017

750

 

Lecturer’s fee

730

33,250

 

Office Expenses

1,480

Less: Advance for 2018

(500)

32,750

Printing and Stationery

1,050

Donation

2,500

Legal Fee

1,870

Profit from Entertainment

7,250

Depreciation on:

 

Interest

350

Books

750

 

 

 

Furniture

580

 

 

 

Building

1,000

2,330

 

 

Expenses on Nukar Drama

1,300

 

 

Loss on Sale of Books

250

 

 

Surplus

24,040

 

 

 

 

 

 

 

42,850

 

42,850

 

 

 

 

Balance Sheet 

as on Dec. 31, 2016

Liabilities

Amount

Rs

Assets

Amount

Rs

Capital Fund as Dec. 31, 2016

27,270

Building

20,000

(Balancing Figure)

 

Furniture

3,000

 

 

Books

2,000

 

 

Cash and Bank

2,270

 

 

 

 

 

27,270

 

27,270

 

 

 

 

Balance Sheet 

as on Dec. 31, 2017

Liabilities

Amount

Rs

Assets

Amount

Rs

Capital Fund

27,270

 

Building

20,000

 

Add: Life Membership Fees

3,250

 

Less: 5% Depreciation

(1,000)

 19,000

Add: Surplus

24,040

 54,560

 

 

 

 

 

Furniture

3,000

 

Advance Subscription for 2018

500

Add: Purchases

8,600

 

 

 

 

11,600

 

 

 

Less: 5% Depreciation

580

11,020

 

 

 

 

 

 

Books

2,000

 

 

 

Add: Purchases

6,500

 

 

 

 8,500

 

 

 

Less: Sales

1,000

 

 

 

 

 

7,500

 

 

 

Less: 5% Depreciation

750

6,750

 

 

Cash in Hand

 

8,040

 

 

Cash at Bank

 

9,500

 

 

Subscription Outstanding

 

750

 

 

 

 

 

55,060

 

55,060

 

 

 

 

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