From the following transactions of Samarth Vyayamshala, Chandgad, prepare Income and Expenditure Account and Balance Sheet as on 31st March 2022.Receipts and Payments Account as on 31st March 2022ReceiptsAmount (₹)PaymentsAmount (₹)To Balance b/dCash…

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Q.6 From the following transactions of Samarth Vyayamshala, Chandgad, prepare Income and Expenditure Account and Balance Sheet as on 31st March 2022. Receipts and Payments Account as on 31st March 2022 ReceiptsAmount (₹)PaymentsAmount (₹) To Balance b/d Cash in hand15,000By Salaries18,000 To Subscriptions 2021-2022 54,000 2022-2023 1,23055,230By Entertainment expenses7,440 To Donations18,000By Sundry Expenses3,900 To Receipts from entertainment16,200By Electricity Charges3,600 To Interest1,200By Rent2,100 To Entrance Fees18,600By Investment45,000 By Printing and Stationery2,400 By Postage9,600 By Fixed Deposit11,700 By Balance c/d20,490 1,24,2301,24,230 Adjustments: Capital fund as on 1st April 2021 was ₹ 2,10,000. Assets on 1st April 2021 were: Building ₹ 1,50,000, Furniture ₹ 45,000. Provide depreciation on building at 5% p.a. and on furniture at 10% p.a. 50% of entrance fees to be capitalised. There are 1,500 members each paying yearly subscription of ₹ 50.

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Answer: Surplus ₹ 60,660; Balance Sheet total ₹ 2,81,190. Working notes Subscription due for 2021-22 = 1,500 × ₹ 50 = ₹ 75,000. Received ₹ 54,000, so outstanding subscription = ₹ 21,000 (asset). ₹ 1,230 received for 2022-23 is subscription received in advance (liability). Entrance fees ₹ 18,600: 50% (₹ 9,300) is income and 50% (₹ 9,300) is added to capital fund. Depreciation: Building 5% of 1,50,000 = ₹ 7,500; Furniture 10% of 45,000 = ₹ 4,500. Donations are not stated to be for a specific purpose, so they are treated as revenue income. Income and Expenditure Account of Samarth Vyayamshala, Chandgad for the year ended 31st March 2022 ExpenditureAmount (₹)IncomeAmount (₹) To Salaries18,000By Subscriptions (1,500 × 50)75,000 To Entertainment expenses7,440By Donations18,000 To Sundry Expenses3,900By Receipts from entertainment16,200 To Electricity Charges3,600By Interest1,200 To Rent2,100By Entrance Fees (50%)9,300 To Printing and Stationery2,400 To Postage9,600 To Depreciation: Building 7,500 Furniture 4,50012,000 To Surplus (excess of income over expenditure) transferred to Capital Fund60,660 1,19,7001,19,700 Balance Sheet of Samarth Vyayamshala, Chandgad as on 31st March 2022 LiabilitiesAmount (₹)AssetsAmount (₹) Capital Fund 2,10,000 Add: Entrance fees (50%) 9,300 Add: Surplus 60,6602,79,960Building 1,50,000 Less: Depreciation 7,5001,42,500 Subscription received in advance (2022-23)1,230Furniture 45,000 Less: Depreciation 4,50040,500 Investment45,000 Fixed Deposit11,700 Outstanding Subscription21,000 Cash in hand20,490 2,81,1902,81,190

From the following transactions of Samarth Vyayamshala, Chandgad, prepare Income and Expenditure Account and Balance Sheet as on 31st March 2022.Receipts and Payments Account as on 31st March 2022ReceiptsAmount (₹)PaymentsAmount (₹)To Balance b/dCash…

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Receipts	Amount (₹)	Payments	Amount (₹)
To Balance b/d Cash in hand	15,000	By Salaries	18,000
To Subscriptions 2021-2022 54,000 2022-2023 1,230	55,230	By Entertainment expenses	7,440
To Donations	18,000	By Sundry Expenses	3,900
To Receipts from entertainment	16,200	By Electricity Charges	3,600
To Interest	1,200	By Rent	2,100
To Entrance Fees	18,600	By Investment	45,000
		By Printing and Stationery	2,400
		By Postage	9,600
		By Fixed Deposit	11,700
		By Balance c/d	20,490
	1,24,230		1,24,230

Expenditure	Amount (₹)	Income	Amount (₹)
To Salaries	18,000	By Subscriptions (1,500 × 50)	75,000
To Entertainment expenses	7,440	By Donations	18,000
To Sundry Expenses	3,900	By Receipts from entertainment	16,200
To Electricity Charges	3,600	By Interest	1,200
To Rent	2,100	By Entrance Fees (50%)	9,300
To Printing and Stationery	2,400
To Postage	9,600
To Depreciation: Building 7,500 Furniture 4,500	12,000
To Surplus (excess of income over expenditure) transferred to Capital Fund	60,660
	1,19,700		1,19,700

Liabilities	Amount (₹)	Assets	Amount (₹)
Capital Fund 2,10,000 Add: Entrance fees (50%) 9,300 Add: Surplus 60,660	2,79,960	Building 1,50,000 Less: Depreciation 7,500	1,42,500
Subscription received in advance (2022-23)	1,230	Furniture 45,000 Less: Depreciation 4,500	40,500
		Investment	45,000
		Fixed Deposit	11,700
		Outstanding Subscription	21,000
		Cash in hand	20,490
	2,81,190		2,81,190