08. Followings are the Balance Sheet and Receipts and Payments Account of Buddivardaka Library, Sirsi. Balance Sheet as on 31-03-2017 Liabilities Assets Outstanding Rent Capital Fund 200 Cash in hand 1,400 23,800 Books 14,000 8,000 Furniture /S Subscriptions 600 24,000 24,000 Receipt and Payment A/C for the year ending 31-03-2018 Dr. Cr. Receipts To Balance b/d Payments 1,400 By Rent 2,400 To Subscriptions 12,000 By Printing 2,000 By Office expenses 1,000 By Books bought 1,200 To Entrance Fees To Sale of old newspaper 2,800 10,000 To Sundry Receipts 600 (30-09-2017) To Donations 4,000 By Investments 2,000 By Balance c/d 2,600 21,000 21,000 djustments: a) Outstanding rent on 31-03-2018 was 300 b) Subscriptions receivable for the year 2017-18 amounted to 7400 c) Subscriptions received for the year 2018-19 was 7800, d) Half of the entrance fees and half of the donations are to be capitalised, c) Depreciate books at 10% p.a. epare: (i) Income and Expenditure Account and (ii) Balance Sheet as on 31-03-2018. wer: I & E Surplus ?7,200, Total of B/S ? 35,100.
08. Followings are the Balance Sheet and Receipts and Payments Account of Buddivardaka Library, Sirsi. Balance Sheet as on 31-03-2017 Liabilities Assets Outstanding Rent Capital Fund 200 Cash in hand 1,400 23,800 Books 14,000 8,000 Furniture /S Subscriptions 600 24,000 24,000 Receipt and Payment A/C for the year ending 31-03-2018 Dr. Cr. Receipts To Balance b/d Payments 1,400 By Rent 2,400 To Subscriptions 12,000 By Printing 2,000 By Office expenses 1,000 By Books bought 1,200 To Entrance Fees To Sale of old newspaper 2,800 10,000 To Sundry Receipts 600 (30-09-2017) To Donations 4,000 By Investments 2,000 By Balance c/d 2,600 21,000 21,000 djustments: a) Outstanding rent on 31-03-2018 was 300 b) Subscriptions receivable for the year 2017-18 amounted to 7400 c) Subscriptions received for the year 2018-19 was 7800, d) Half of the entrance fees and half of the donations are to be capitalised, c) Depreciate books at 10% p.a. epare: (i) Income and Expenditure Account and (ii) Balance Sheet as on 31-03-2018. wer: I & E Surplus ?7,200, Total of B/S ? 35,100.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:08. Followings are the Balance Sheet and Receipts and Payments Account of
Buddivardaka Library, Sirsi.
Balance Sheet as on 31-03-2017
64
Liabilities
Assets
Outstanding Rent
Capital Fund
200
Cash in hand
1,400
23,800
Books
14,000
Furniture
8,000
12
0/S Subscriptions
600
80
24,000
24,000
Receipt and Payment A/C for the year ending 31-03-2018
Cr.
Dr.
Receipts
Payments
2,400
1,400 By Rent
12,000 By Printing
2,000 By Office expenses
1,000 By Books bought
(30-09-2017)
To Balance b/d
1,200
To Subscriptions
2,800
To Entrance Fees
10,000
To Sale of old newspaper
600
To Sundry Receipts
2,000
4,000 By Investments
By Balance c/d
To Donations
2,600
21,000
21,000
Adjustments:
a) Outstanding rent on 31-03-2018 was ?300
b) Subscriptions receivable for the year 2017-18 amounted to 400
c) Subscriptions received for the year 2018-19 was 7800,
d) Half of the entrance fees and half of the donations are to be capitalised,
c) Depreciate books at 10% p.a.
Prepare: (i) Income and Expenditure Account and
(ii) Balance Sheet as on 31-03-2018.
Answer: I & E Surplus ?7,200, Total of B/S 35,100.
int of
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