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Q13:Novel Education Society supplied the following information: INCOME AND EXPENDITURE ACCOUNT for the year ending 31st March, 2015 Expenditure $ (in '000) 830 By Subscriptions 4,130 By Government Grant 280 By Proceeds of Tickets for Income $ (in '000) To Salaries 4,780 To Scholarships To Rent To General Expenses 530 310 Entertainment 830 60 By Advertisements in Souvenir 150 | By Interest on Bank Fixed Deposit 350 510 To Audit Fees To Printing Tickets and Souvenir To Cost of Entertainment To Loss on Sale of Furniture (Book Value, 80,000) To Depreciation on Furniture To Surplus, i.e., Excess of Income ver Expenditure (for full year @ 6% per annum) 150 30 60 600 6,800 6,800 RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2015 $ (in '000) 380 By Salaries 4,600 By Scholarships 530 By Rent 830 By General Expenses 460 By Printing of Tickets and Souvenir 100 By Cost of Entertainment 50 By Furniture By Balance c/f Receipts Раyтents $ (in '000) To Balance b/f To Subscriptions To Government Grant To Sale of Tickets To Advertisements in Souvenir to Interest on Bank Fixed Deposits To Sale of Furniture 940 4,010 260 310 120 350 200 760 6,950 6,950 On 31st March, 2014, subscriptions due were $ 1,50,000, furniture on that date was $ 6,00,000. Prepare Balance Sheet as at 31st March, 2014 and 31st March, 2015

Q13:Novel Education Society supplied the following information: INCOME AND EXPENDITURE ACCOUNT for the year ending 31st March, 2015 Expenditure $ (in '000) 830 By Subscriptions 4,130 By Government Grant 280 By Proceeds of Tickets for Income $ (in '000) To Salaries 4,780 To Scholarships To Rent To General Expenses 530 310 Entertainment 830 60 By Advertisements in Souvenir 150 | By Interest on Bank Fixed Deposit 350 510 To Audit Fees To Printing Tickets and Souvenir To Cost of Entertainment To Loss on Sale of Furniture (Book Value, 80,000) To Depreciation on Furniture To Surplus, i.e., Excess of Income ver Expenditure (for full year @ 6% per annum) 150 30 60 600 6,800 6,800 RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2015 $ (in '000) 380 By Salaries 4,600 By Scholarships 530 By Rent 830 By General Expenses 460 By Printing of Tickets and Souvenir 100 By Cost of Entertainment 50 By Furniture By Balance c/f Receipts Раyтents $ (in '000) To Balance b/f To Subscriptions To Government Grant To Sale of Tickets To Advertisements in Souvenir to Interest on Bank Fixed Deposits To Sale of Furniture 940 4,010 260 310 120 350 200 760 6,950 6,950 On 31st March, 2014, subscriptions due were $ 1,50,000, furniture on that date was $ 6,00,000. Prepare Balance Sheet as at 31st March, 2014 and 31st March, 2015

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q13:Novel Education Society supplied the following information: INCOME AND EXPENDITURE ACCOUNT for the year ending 31st March, 2015 Expenditure $ (in '000) 830 By Subscriptions 4,130 By Government Grant 280 By Proceeds of Tickets for Income $ (in '000) To Salaries 4,780 To Scholarships To Rent 530 830 To General Expenses To Audit Fees To Printing Tickets and Souvenir To Cost of Entertainment To Loss on Sale of Furniture (Book Value, 80,000) To Depreciation on Furniture To Surplus, i.e., Excess of Income over Expenditure 310 Entertainment 60 By Advertisements in Souvenir 150 | By Interest on Bank Fixed Deposit (for full year @ 6% per annum) 510 350 150 30 60 600 6,800 6,800 RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2015 $ (in '000) 380 By Salaries 4,600 By Scholarships 530 By Rent 830 By General Expenses 460 By Printing of Tickets and Souvenir 100 By Cost of Entertainment 50 By Furniture By Balance c/f Receipts Раyтents $ (in '000) 940 To Balance b/f To Subscriptions To Government Grant To Sale of Tickets To Advertisements in Souvenir to Interest on Bank Fixed Deposits To Sale of Furniture 4,010 260 310 120 350 200 760 6,950 6,950 On 31st March, 2014, subscriptions due were $ 1,50,000, furniture on that date was $ 6,00,000. Prepare Balance Sheet as at 31st March, 2014 and 31st March, 2015
Transcribed Image Text:Q13:Novel Education Society supplied the following information: INCOME AND EXPENDITURE ACCOUNT for the year ending 31st March, 2015 Expenditure $ (in '000) 830 By Subscriptions 4,130 By Government Grant 280 By Proceeds of Tickets for Income $ (in '000) To Salaries 4,780 To Scholarships To Rent 530 830 To General Expenses To Audit Fees To Printing Tickets and Souvenir To Cost of Entertainment To Loss on Sale of Furniture (Book Value, 80,000) To Depreciation on Furniture To Surplus, i.e., Excess of Income over Expenditure 310 Entertainment 60 By Advertisements in Souvenir 150 | By Interest on Bank Fixed Deposit (for full year @ 6% per annum) 510 350 150 30 60 600 6,800 6,800 RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2015 $ (in '000) 380 By Salaries 4,600 By Scholarships 530 By Rent 830 By General Expenses 460 By Printing of Tickets and Souvenir 100 By Cost of Entertainment 50 By Furniture By Balance c/f Receipts Раyтents $ (in '000) 940 To Balance b/f To Subscriptions To Government Grant To Sale of Tickets To Advertisements in Souvenir to Interest on Bank Fixed Deposits To Sale of Furniture 4,010 260 310 120 350 200 760 6,950 6,950 On 31st March, 2014, subscriptions due were $ 1,50,000, furniture on that date was $ 6,00,000. Prepare Balance Sheet as at 31st March, 2014 and 31st March, 2015
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