Page 87 - VIRANSH COACHING CLASSES

Income & Expenditure Account
for the year ended 31 March 2019
st
Dr. Cr.
Expenditure Amount Amount Income Amount Amount
` ` ` `
To Depriciation on Furni- 14,700
ture
(Working Note)
Balance Sheet
as on 31 March 2019
st
Liabilities Amount Amount Assets Amount Amount
` ` ` `
Furniture 1,00,000

Add : Additions 30,000
1,30,000
Less : 12 %Depreciation 14,700 1,15,300

Working Note :
`
A) 12 % Depr. on ` 1,00,000 for 1 year 12,000
B) 12 % Depr. on ` 30,000 for 9 months 2,700

Total Depreciation 14,700

4 : Outstanding Expenses and Prepaid Expenses of the current year and previous year
Balance Sheet as on 31 March 2018
st
Liabilities Amount Amount Assets Amount Amount
` ` ` `
Prepaid Salaries 2,000
(for 2018 - 19)

Receipts & Payments Account
st
for the year ended 31 March 2019
Dr. Cr.

Receipts Amount Amount Payments Amount Amount
` ` ` `

By Salaries
2018 - 19 30,000
2019 - 20 1,000 31,000

Adjustment : Outstanding Salaries for the current year was ` 5,500, show the presentation of
Salaries in the Final Accounts of a concern for the year 2018 - 19.

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