CA Foundation MTP 2020 Paper 1 Ques
CA Foundation MTP 2020 Paper 1 Ques
The receipts and payment account for the year ended on 31 st March, 2020 is given below:
Rs. Rs.
To Balance b/d By Electric charges 7,200
Cash at bank 25,000 By Postage and stationary 5,000
Cash in hand 25,000 50,000 By Telephone charges 5,000
To Entrance fee 30,000 By Books purchased 60,000
To Membership subscription 2,00,000 By Outstanding expenses paid 7,000
To Sale proceeds of old papers 1,500 By Rent 88,000
To Hire of lecture hall 20,000 By Investment in securities 40,000
To Interest on securities. 8,000 By Salaries 66,000
By Balance c/d
Cash at bank 20,000
Cash in hand 11,300
3,09,500 3,09,500
You are required to prepare income and expenditure account for the year ended 31st March, 2020
after making the following adjustments:
Membership subscription included Rs. 10,000 received in advance.
Provide for outstanding rent Rs. 4,000 and salaries Rs. 3,000.
Books to be depreciated @ 10% including additions. Electrical fittings and furniture are also to be
depreciated at the same rate.
75% of the entrance fees is to be capitalized.
Interest on securities is to be calculated @ 5% p.a. including purchases made on 1.10.2019 for
Rs. 40,000.