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18 : From the following Receipts and Payments Account of Bahurao Patil Polytechnic
College, Nagpur for the year ending 31 March 2019 and additional information. Prepare
st
Income and Expenditure Account for the year ended 31 March 2019 and a Balance
st
Sheet as on that date.
Receipts & Payments Account
for the year ended 31 March 2019
st
Dr. Cr.
Receipts Amount Payments Amount
` `
To Balance b/d By Salaries to teaching staff 15,00,000
Cash 12,000 Office Staff 8,55,000
Bank 2,00,000 By Printing & Stationery 27,000
To Interest 60,000 By Books 88,000
To Donations 7,00,000 By Furniture 78,000
To Tution fees 15,00,000 (Purchased on 1-1-2019)
To Admission fees 65,000 By Drama Expenses 90,000
To Term fees 4,00,000 By Postage 7,000
To Drama Receipts 1,00,000 By Telephone Charges 6,000
To Rent from use of hall 6,000 By Electricity 61,000
To Legacies (capital) 60,000 By Magazines and Newspaper 6,500
By Balance c/d
Cash 62,000
Bank 3,23,000
31,03,000 31,03,000
Additional Information :
1)
Particulars 1/4/2018 (`) 31/3/2019 ( `)
Books 9,00,000 8,88,000
Furniture 3,26,000 3,00,000
Building Fund 8,27,000 ?
Capital Fund 6,11,000 ?
2) 60 % Donations are for Building Fund and balance is to be treated as revenue income.
3) Outstanding office staff Salaries ` 70,000.
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