Page 109 - VIRANSH COACHING CLASSES

15 : Following is the Receipts and Payments Accounte of Krishna Junior College, Mahabaleshwar
for the year ended 31 March 2020.
st
Receipts & Payments Account
st
for the year ended 31 March 2020
Dr. Cr.
Receipts Amount Amount Payments Amount Amount
` ` ` `
To Balance b/d By Bank Overdraft 28,500
Cash 23,500 By Salaries to teachers 2,00,000
To Tution fees By Salaries to Office Staff 40,000
2018 - 19 7,000 By Books Purchased on 60,000
2019 - 20 70,000 77,000 1 - 7 - 2019
To Fine Collected 4,000 By Printing and Stationery 7,000

To Interest on Bank 25,500 By Office Rent 6,000
Deposits By Repairs 3,000
To Admission fees 12,000 By Sports Expenses 1,500
To Donations for 90,000 By Annual Gathering Exp. 12,000
Prize Fund By Furniture 40,000
To Govt. Grands 1,73,000 (Purchased on 1-1-2020)

By Balance c/d
Cash in Hand 200
Cash in Bank 6,800 7,000

4,05,000 4,05,000
Additional Information :
1) For the current year (2019 - 20) Tuition fees are outstanding ` 10,000.
2) 50 % Admission fees should be capitalised.
3) Outstanding Salary to teachers are ` 12,000.
4) Depreciation : Books @ 10 % p.a. and Furniture @ 15 % p.a.
5) 50 % Govt. Grants should be capitalised.
6) Assets and Liabilities on 1 April, 2019 were as follows. Building ` 18,00,000, Furniture
st
` 7,00,000, Books ` 5,00,000, 9 % Bank Deposits ` 3,00,000,
Tution fees receivable ` 7,000, Bank overdraft ` 28,500
You are required to prepare Income and Expenditure Account for the year ended 31
st
March 2020 and Balance sheet as on that date.

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