Chapter: Accounts of 'Not for Profit' Concerns· Book-Keeping & Accountancy
From the following Receipts and Payments Account of ‘Rampur High School’, Ratnagiri for the year ending 31st March, 2022 and additional information, prepare Income and Expenditure Account for the year ended 31st March, 2022 and a Balance Sheet as on…
Q.6 From the following Receipts and Payments Account of ‘Rampur High School’, Ratnagiri for the year ending 31st March, 2022 and additional information, prepare Income and Expenditure Account for the year ended 31st March, 2022 and a Balance Sheet as on that date.
Receipts and Payments Account for the year ended 31st March, 2022
| Dr. Receipts | Amount (₹) | Cr. Payments | Amount (₹) |
|---|---|---|---|
| To Balance b/d: Cash 24,000; Bank 4,00,000 | 4,24,000 | By Salary to staff | 47,10,000 |
| To Interest | 1,32,000 | By Printing and stationery | 68,000 |
| To Donation | 14,00,000 | By Books | 1,76,000 |
| To Tution fees | 30,00,000 | By Furniture (Purchased on 1.1.2022) | 1,56,000 |
| To Admission fees | 9,30,000 | By Drama expenses | 1,80,000 |
| To Drama receipts | 2,00,000 | By Electricity charges | 1,34,000 |
| To Legacies (Capital) | 1,20,000 | By Magazines and Newspapers | 12,000 |
| By Balance c/d: Cash 1,24,000; Bank 6,46,000 | 7,70,000 | ||
| Total | 62,06,000 | Total | 62,06,000 |
Additional information :
(1)
| Particulars | 1st April 2021 (₹) | 31st March, 2022 (₹) |
|---|---|---|
| Books | 18,00,000 | 17,76,000 |
| Furniture | 6,52,000 | 6,00,000 |
| Building fund | 16,54,000 | ? |
| Capital fund | 12,22,000 | ? |
(2) 60% Donations are for Building Fund and balance is to be treated as revenue income.
(3) Outstanding Staff salaries ₹ 1,40,000.