question_answer

Following are the details furnished by Youth Club. You are required to prepare balance sheet as at 31st March, 2017 and 31st March, 2018. Receipts and Payments Account Dr                                             for the year ending 31st March, 2018                                                         Cr

Receipts	Amt (Rs.)	Payments	Amt (Rs.)
To Balance b/d		By Salaries	15,125
Cash	4,250	By Insurance	3,935
Bank	15,500	By Furniture Purchased (during the year)	6,390
To Entrance Fees	18,125	By Postage	3,185
To Subscription Received		By Printing and Stationery	8,440
2016-17	4,000	By Sundry Expenses	5,625
2017-18	55,625	By Members Meeting expenses	31,375
To Sale of Old Newspapers	1,375	By Closing Balance
To Lecture Meet Fees	4,750	Cash	16,875
To Sale of Old Furniture (1st Oct, 2017)	6,825	Bank	19,500
	1,10,450		1,10,450

Income and Expenditure Account Dr                                             for the year ending 31st March, 2018                                                         Cr

Expenditure	Amt (Rs.)	Income		Amt (Rs.)
To Salaries	15,125	By Entrance Fees		18,125
To Insurance	3,935	By Subscription	55,625
To Postage	3,185	(+) Outstanding for Current Year	6,875	62,500
To Printing and Stationery	8,440	By Lecture Meet Fees	4,750
To Sundry Expenses	5,625	(+) Outstanding Per Current Year	1,500	6,250
To Members Meeting Expenses	31,375	By Sale of Newspapers		1,375
To Depreciation: Furniture @ 10%	515	By Profit on Sale of Furniture		1,125
Machinery @ 20%	2,500
Building @ 10%	12,500
To Excess of Income over
Expenditure	6,175
	89,375			89,375

	Details:	(31st March, 2017)	(31st March, 2018)
(i)	Subscription Due and Outstanding	5,000	....
(ii)	Club Building	....	1,12,500

 

Answer:

Total of balance sheet of 31st March, 2017= Rs. 1,68,250 Total of balance sheet of 31st March, 2018 = Rs. 1,74,425