7} Board Problems Q.1, Following is the Receipts and Payments Account of Chamber of Commerce, 31" March, 2012 and some additional Information. Receipts and Payments Account for the year ended 31.03.2012 Amravatl for the year ending cr. | To Balance b/d (Cash at Bank) To Subscription (Including & 2,500 for 2010-11) To Sale of Furniture (Book value & 18,000) To Donation for Building Fund To Admission Fees (Revenue) 11,960 | By Printing and Stationery 36,500 | By Repairs | 27,000 | By Travelling Expenses 5,050 | By Investments By Insurance By Balance ¢/d (Cash at Bank) 2,000 40,000 1,700 Additional Information: Outstanding Subscription 3,000 Furniture 32,000 Building Fund 145,000 Capital Fund 1,51,960 Investments 2,50,000 2 Prepare Income and Expenditure A/c for the year ended 31° March 2012 and Balance Sheet as on, that date, [Mar 1Balance sheet and Receipts and P vents Account of Vi6Y2 ‘Mandir High School, Alibag, Expenditure count for the year ended 31" March, 2008 and Balance ‘Sheet as on that Balance Sheet as on 1" April, 2007 6,000 | Furniture 1,03,800 | Laboratory uibrary Investment Cash in Hand Cash at Bank Outstanding: Tuition Fees 1,000 Rece Ipts and Payments Account for the year ended 31" March, 2008 Cr. By Furniture purchased pBalence o/6 cashin Hand cash at Bank By Salaries By Rent ToTition Fees By Sundry Expenses 15,200 ees By Annual Gathering Expenses 11,300 ToGovernment Grant Panes 0 ToDonation of Library Ena | Cash at Bank 34,300 Tolnterest on Investment Adjustments: i. Tuition fees still receivable are & 10,000. i Salaries still payable are © 30,000. ii. Insurance premium is paid for one year ending 30.09.2008. iv. _ Rent paid in advance & 4,000. \. Depreciate Furniture and Library at 10%. De [oct 14] jpreciation to be charged on the closing balances of the assets. celpts and Payments Account of Sevagitl Hospital, Satara, Prepare fhe year ended on 31” March, 2013 and Balance Sheet as on that Q3. Following is the Balance Sheet and Ret Income and Expenditure account for tt date: Balance Sheet as on 1" April, 2012 6,000 30,000 8,00,000 70,000 1,20,000 2,000 10,00,000 | Cash in Hand 22,000 | Cash at Bank 6,000 | Land and Building Capital Fund Outstanding Salaries Medical Bill Unpaid Furniture Equipments Outstanding SubscrintionReceipts 7" Amount | Cee To Balance b/d By Soares Cash in Hand 6,000 | (including of previous year) | 48,000 | cash at Bank 30,000 | By Medicines 20,000 To Subscription 1,30,000 | By Equipment Purchased 3,000 {includes 2,000 received for previous year) | By Taxes 8,600 To Sale of Old Furniture 20,000 | By General Expenses (book value & 30,000) By Balance c/d 15,409 To Donations (revenue) 444,000 | Cash in Hand 50,009 To Life Membership Fees 25,000 | Cash at Bank = Consider the following adjustments: i. Outstanding Subscription € 15,000. ii, Capitalise the amount of Life Membership Fees. ii, Prepaid Taxes € 500. iv. Outstanding Salary € 12,000. v._ Write off depreciation & 20,000 from Land and Building and & 30,000 from Equipments. .. Wi Outstanding medicine bill as on 01.04.2012 is still due. [Mar 15) Q4. Following is the Balance Sheet as on 01.04.2012 and Receipts and Payments Accounts of Mahakavi Kalidas brary, Nashik. Balance Sheet as on 01.04.2012 Liabilities it Capital Fund 690,000 | Furniture Expenses due Books | [investments in Securities 50,000 | | Cash in Hand | 8,500 | Cash at Bank 15,000 7,000 7, Receipts and Payments for the year ending 31 March, 2013 a ints “Amount | Pay ‘Amount | Ee ibs z | To Balance b/d By Electricity Chare | 6,980 Cash in hand 8,500 | By Postage and Telegram | 6.100 Cash at bank | 15,000 | By Purchase of Books | 80,000 To Member's Subscriptions 1,80,000 | By Payments of Expenses Due | 7,000 To Entrance Fees 25,000 | By Sundry Expenses 10,500 | To Sales of Old Newspapers 1,500 | By Investment in Securities 1,00,000 To Hire of Lecture Hall 18,000 | By Funiture | To Interest on Securities | 4,000 | By Balance c/d | Cash in Hand Cash at Bank Adjustments: = Depreciate Books by € 1,00,000. During the current year, Funiture was purchased on 01.10.2012. Depreciate furniture @ 10% pa= Membership subscription received during the year includes € 15,000 forthe year 2013-16 and & 7,500 are outstanding for current year. Capitals half (1/2) of the entrance fees. prepare: Income and Expenditure account for the year ended 31°" March, 2013 and Balance Sheet as 07 31° March, 2013. [oct 15] a5. Marathi Vishwa Kosha Centre, Wai, has given you the following information from which, you are required to prepare: (i) Income and Expenditure Account for the year ending on 31.03.2013, (ii) Balance sheet as on 31.03.2013, Receipts and Payments Account for the year ending 31.03.2013 or. cr. Reces aa Payment are To Balance b/d | by stationery 5,000 ash in Hand 13,000 | By Furniture (Purchased on 01.01.2013) 50,000 cash at Bank 95,000 | By Investments 1,00,000 To Locker Rent 5,000 | By Expenses of Drama 33,500 ToEntrance Fees 19,000 | By Postage and Telegram 2,500 Tosale of Od Newspapers 1,500 | By Magazines and Newspapers 4,000 To Receipts from Drama 78,500 | By Salaries 22,000 To Legacies 41,10,000 | By Balance c/d To Miscellaneous Receipts 8,000 | Cashin Hand 3,000 | Cash at Bank 1,10,000 i 3,30,000 y 3,30,000 Additional informatio iL Capital Fund on 01.04.2012, was & 1,08,000. ii, Legacies are to be capitalised. i, Outstanding Salary & 3,000. iv, 508 of entrance fees isto be capitalised \. Depreciation on Furniture @ 10% pa [Mar 16] 0.6. With the help of the Balance Sheet and Receipts and Payments Account of Adarsh Cultural Club, Mumbai, prepare Income and Expenditure Account for the year ended 31" March, 2013 and the Balance Sheet as on that date: Balance Sheet as on 01.04.2012 7" zi ‘Amount ‘Amount Liabilities ’ Assets : "Capital Fund ~~ 2,57,000 | Building 2,50,000 Building Fund 50,000 | Furniture 20,000 Outstanding Salary 41,300 | Outstanding Subscription 1,000 Cash in Hand 2,400 Cash at Bank 34,900 b 3 308,300 | 3,08,300 | Receipts and Payments Account for the year ending 31.03.2013 Dr. cr. ‘Amount | Amount Amount — Amount Payments ls Rett freee Le aye : ed To Balance b/d By Salaries 35,300 Cash in Hand 2,400 | By Furniture 10,000 Cash at Bank 34,900 | (Purchased on 01.10.2012) onTo Subscriptions By General Expenses 2011-12 1,000 By Printing and Stationery 2012-13 48,000 By Drama Expenses 2013-14 2,000 51,000 | By Balance ¢/4 na To Donations for Building Fund 20,000 | Cashin Hand 57.00 To Drama Receipts 28,000 Cash at Bank ana aaa aon ao yea La] Gi You are also required to consider the additional information given below: The club had 100 members, each paying € 500 as annual subscription, ii, Furniture to be depreciated at 20% p.2 ie ries in 300 paid for outstanding salaries for the year 2011-12. Salaries outstanding for the year Salaries include ® 1,300 pai IMar 17) 2012-13 were & 700. Q.7. From the following Balance Sheet and Receipts and Payments Account of Ekveera Hospital Amravati, Balance Sheet As on 01.04.2012 [ abies { suea Assets Capital Fund 5,02,000 | Cashin Hand Medicines Bll Unpaid 3,000 | Cash at Bank Land and Building Furniture Equipments | outstanding Subscription Receipts and Payments Account for the year ended 31.03.2013 Dr. _ _ - ay _ — or. E Amount | noo ‘Amount | aia fs i fod To Balance b/d By Salaries 55,000 Cash in hand 3,000 | By Medicines | 26,000 Cash at Bank 6,000 | 8y Equipment Purchased | 10,000 | To Subscription 65,000 | By General Expenses, 4300 | (includes & 1,000 received for last year) | By Balance c/d | To Sale of Furniture 10,000 | Cashin Hand 7,100 | (Book Value ® 15,000) Cash at Bank 15,500 To Donation (revenue) 22,000 | To Life Membership Fees 12,500 | ES as 118,500 ‘Adjustments: i. Outstanding subscription & 6,000. ii, Capitalise the amount of Life Membership Fees. ili, Outstanding salary 6,000. iv. Depreciate Land and Building by & 10,000 and Equipments by & 15,000. V. Unpaid medicine bill on 01.04.2012 is stil unpaid Prepare Income and Expenditure account for the year ending 31.03.2013 and Balance Sheet as on that date. Duly 17)‘8. From the following Receipts and Payments Account of A. S.C. College of Commerce, Ramanand Nagar, for the year ending 31" March, 2016 and additional information, prepare Income and Expenditure ‘Account for the year ending 31” March, 2016 and Balance Sheet as on that date. Receipts and Payments Account for the year ended on 31" March, 2016 Dr — ‘Amount | " Tle ESS Payments To Balance b/d | By Salaries 7 cash in Hand 7,950 | By Electricity Cash at Bank 50,800 | By Books Jolife Membership Fees 20,500 | By Furniture Jo Donations 1,00,000 | By Stationery To Tuition Fees 1,30,000 | By Fixed Deposits 2,00,000 Jo erm Fees 1,00,000 | By Balance c/d To Admission Fees 40,000 | Cash 1,450 | | Bank 50,000 449,250, Trintre asaaaaiee faa an ooo] te Building fund 150,000 ? Fixed deposits 160.0002 Capital fund |__ 120,750 2 ii, 50% of donations are received for Building Fund. i, Life Membership Fees are to be capitalised. iv. Tuition fees includes & 12,000 received for the last year. v. Outstanding Tuition Fees for the current year amounted to & 4,200. [Mar 18] 109, From the following information and Receipts and Payments Account of Sanjeevani Hospital for the year ending 31% March, 2013, prepare Income and Expenditure Account for the year ended 31 March, 2013 and Balance Sheet on that date. Receipts and Payments Account for the year ending 31” March, 2013 To Balance b/d 12,000 | By Medicines 20,000 ToSubscription By Honorarium to Doctors 150,000 2011-12 15,000 By Ambulance Maintenance 88,000 2012-13, 1,90,000 | By Hospital Equipment 60,000 2013-14 a 2,35,000 | By Furniture 50,000 To Donations 1,10,000 | By Fixed Deposit 2,00,000 Toife Membership Fees 50,000 | By Balance c/d 41,39,000 3,00,000 | To Hospital Receipts (Revenue) | ‘Additional information: On 01 04.2012, the hospital had the following assets and liabilities: Land 5,00,000, Investment & 1,00,000,, Bank Loan ¥ 4,00,000, Ambulance & 2,05,000. i. Hospital Equipments and Furniture were purchased on 1" Oct, 2012 and both the assets were to be depreciated @ 20%P.2 — a — ae _ a a———————— 0. sno current year is © 10,000 £ the current ¥ i. Outstanding subserition forthe corre iv. Donations represent donation v. life Membership Fees are to be captalaed ‘5000 vi. Staff Salary for current year is cunandi ae vii. Capital Fund as on 01.04.2012 was & 4,32 Duly ay et as on 1" April, 2025 and Receipts and Payments Account fa, thee Kudal. at 1d Expenditure Account for the year endeg ay he Q.10, Given below is the balance st ending 31" March, 2016 of Decent Sports Club, From the given information prepare Income an Mar, ee a ca ° lance Sheet as on 1" April, 2015 i Papeatt BE | Amount Assets ‘Amount ) | abilities er ; ee | (000 | Playgroun 800 Capital Fund 9,25, 009 Building Fund 5,00,000 | Furniture ver 36,00) Subscription received in advance for Stock of Sports Materi el the year 2015-2016 9,000 | Building Fund Investment Soon, Cash at Bank 2005 Outstanding Subscriptions Sane ee a | 1434,000 14,34,006) Receipts and Payments Account for the year ending 31 March, 2016 De — _ - | Receipts Shell Payments | To Balance b/d - By Sports Material Purchased Cash in Bank 20,000 | By Salaries and Wages To Subscription 2,01,800 | By Office Expenses To Donations 56,000 | By Telenhone Charges To Admission Fees 13,000 | By Balanced e/d To Sundry Receipts 2,700 | Cash in Bank 34,100 Tolnterest on Investment of Building Fund | 18,000 g& eB _ 311,500 | 3,11,500) Adjustments: i, Stock of Sports Material in hand on 31° March, 2016 was € 48,000. li, Admission fees and donations are to be capitalised. lil, Subscription received during the year included % 34,000 for Current year's subscription & 29,000 is to be received, Previous year and ® 10,000 for the next year. [Mar 19] Q.11, Following are the receipts and payments accounts and at idditional information of Patil Hospital, Buldhana. Prepare income and Expenditure Account forthe year ending 31" March, 2016 and the Balance Sheet as on that date. Receipts and Payments Account forthe year ending 31" March, 2016 Dr. _ _ cr. Pere ‘Amount ae nice Ament Amount To Subscription By Honorarium to Doctors Boca 2014-2015, 30,000 By Amulance Maintenance 176000 2015-2016 3,80,000 By Hospital Equipments 2016-2017 60,000 4,70,000 Purchased (cag =eTo Donation 2,20,000 | By Furniture Purchased 1,00,000 | To Life Membership Fees 1,00,000 | By Fixed Deposit 4,00,000 To Hospital Receipts 6,00,000 | By Closing Cash Balance 2,78,000 (Revenue) ‘ 14,14,000 [36314000 | oe additional information: i, Outstanding subscription for 2015-16 is & 20,000. ii dso pee ane Furniture were purchased on 1" Oct, 2015 and both the assets were to be ji, Life Membership Fees are to be capitalized. iv. Donations represent donation for Building Fund. y, Staff salary outstanding for the current year is ® 30,000. (On 1* April, 2015 the hospital had the following assets and liabilities : Land % 10,00,000, Investment % 2,00,000, Bank Loan & 8,00,000, Ambulance & 4, 10,000. = vi. Capital Fund as on 1° April, 2015 was & 8,64,000. uly 19] Q.12. Divya Library, Buldhana showed the following position of their accounting. Consider the adjustments given and prepare Income and Expenditure Account for the year ending 31% March, 2016 and Balance Sheet as that date: Balance Sheet as on 31° March, 2015, | Liabilities ot Sone Leds oh Re as Capital Fund 3,45,000 | Furniture Expenses Due | 3,500 | Books Investment in Securities | 25,000 Cash in Hand. 4,250 Cash at Bank 7,500 cr. | Amount dst Ri To Balance b/d | By Electricity Charges 3,490 Cash in Hand 4,250 | By Postage 3,050 Cash at Bank 7,500 | By Books Purchased 40,000 To Membership Subscriptions 90,000 | By Payment of Expenses Due 3,500 | To Entrance Fees 412,500 | By Sundry Expenses | 5,250 To Sale of Scrap 750 | By Investment in Securities 50,000 To Hire of Lecture Hall 9,000 | By Furniture 14,000 To Interest on Securities 2,000 | 8y Balance c/d Cash in Hand Cash at Bank Adjustments: i. During the current ye ii, Depreciate Books by € 50,000 tReet ership subscription received during the year includes & 7,500 fo the year 2016-2017 and & 3,750 are Sutstanding for the current year. Capttalise half of the Entrance Fees, in 20 a ——— - in ar, Furniture was purchased on 1" October, 2015. Depreciate Furniture @ 10% p.a.