Page 105 - VIRANSH COACHING CLASSES

Additional Information :
1) Jay Hanuman Vyayamshala has ` 5,000 members paying annual subscription ` 50 each.
2) Outstanding Salary ` 12,000.
st
3) On 1 April, 2019 the assets stood as under.
a) Land & Building ` 70,000
b) Furniture ` 45,000
Depreciate the above assets at 10 % p. a.
4) Income Accrued on Investment is ` 2,000
5) 50 % Entrance fees and 60 % of Donations should be capitalised.
st
Prepare Income and Expenditure Account for the year ended 31 March 2020 and also
Balance Sheet as on same date.
Solution :
In the Book of Jay Hanuman Vyayamshala, Aurangabad.
Income & Expenditure Account
for the year ended 31 March 2020
st
Dr. Cr.
Expenditure Amount Amount Income Amount Amount
` ` ` `
To Salary 50,000 By Subscription 2,30,000
Add : Outstanding 12,000 62,000 Add : O/s Subscription 20,000 2,50,000
To Lighting 10,500 By Donations 60,000

To General Exp. 20,000 Less : 60 % Capitalised 36,000 24,000
To Maintenance Charges 40,000 By Receipts from 40,000
To Entertainment 35,000 Entertainment
Expenses By Income from 1,000

To Printing & Stationery 7,000 Investment
To Depreciation on Add : Outstanding 2,000 3,000
Land & Building 7,000 By Entrance fees 50,000
Furniture 4,500 11,500 Less : 50 % Capitalised 25,000 25,000
To Surplus 1,60,000 By Interest on F. D. 3,000

(Excess of Income Add : O/s Interest 1,000 4,000
over Expenditure)
3,46,000 3,46,000

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