Page 103 - VIRANSH COACHING CLASSES

Additional Information :
1) Assets and liabilities on 1 April 2017 were as follows :
st
Outstanding Subscription ` 10,000, Machinery ` 50,000, Building Fund ` 2,10,000,
Investment ` 3,00,000.
2) Depreciate Machinery by ` 2,500.
3) Donations received for Building fund.
4) Outstanding subscription for the current year was due for ` 6,000.

Solution :
In the Book of Chambers of Commerce, Beed.
Income & Expenditure Account
st
for the year ended 31 March 2018
Dr. Cr.
Expenditure Amount Amount Income Amount Amount
` ` ` `
To Insurance 10,000 By Subscriptions 72,000

To Printing and Stationery 4,000 Less for 2016 - 17 8,000
To Traveling Exp. 4,000 64,000
To Loss on sale 5,000 Add : O/s.Subscriptions 4,000 68,000
Machinery By Admission fees 6,000

To Depreciation on 2,500
Machinery
To Surplus 48,500
(Excess to Income
over Expenditure)
74,000 74,000

st
Balance Sheet as on 31 March 2018
Liabilities Amount Amount Assets Amount Amount
` ` ` `

Capital Fund 1,72,250 Cash at Bank 5,250
Add : Surplus 48,500 2,20,750 Books 30,000
Building Fund 2,10,000 Computers 60,000
Add : Donations 55,000 2,65,000 Furniture 62,000
O/s Subscription
2016 - 17 2,000

2017 - 18 4,000 6,000
Machinery 50,000
Less : Sold 25,000
25,000
Less : Depreciation 2,500 22,500
Investment 30,000
4,85,750 4,85,750

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