08. Followings are the Balance Sheet and Receipts and Payments Account ofBuddivardaka Library, Sirsi.Balance Sheet as on 31-03-201764LiabilitiesAssetsOutstanding RentCapital Fund200Cash in hand1,40023,800Books14,000Furniture8,000120/S Subscriptions6008024,00024,000Receipt and Payment A/C for the year ending 31-03-2018Cr.Dr.ReceiptsPayments2,4001,400 By Rent12,000 By Printing2,000 By Office expenses1,000 By Books bought(30-09-2017)To Balance b/d1,200To Subscriptions2,800To Entrance Fees10,000To Sale of old newspaper600To Sundry Receipts2,0004,000 By InvestmentsBy Balance c/dTo Donations2,60021,00021,000Adjustments:a) Outstanding rent on 31-03-2018 was ?300b) Subscriptions receivable for the year 2017-18 amounted to 400c) Subscriptions received for the year 2018-19 was 7800,d) Half of the entrance fees and half of the donations are to be capitalised,c) Depreciate books at 10% p.a.Prepare: (i) Income and Expenditure Account and(ii) Balance Sheet as on 31-03-2018.Answer: I & E Surplus ?7,200, Total of B/S 35,100.int of

Income and Expenditure account is based on accrual concept of accounting, which means all expenses…

08. Followings are the Balance Sheet and Receipts and Payments Account of Buddivardaka Library, Sirsi. Balance Sheet as on 31-03-2017 Liabilities Assets Outstanding Rent Capital Fund 200 Cash in hand 1,400 23,800 Books 14,000 8,000 Furniture /S Subscriptions 600 24,000 24,000 Receipt and Payment A/C for the year ending 31-03-2018 Dr. Cr. Receipts To Balance b/d Payments 1,400 By Rent 2,400 To Subscriptions 12,000 By Printing 2,000 By Office expenses 1,000 By Books bought 1,200 To Entrance Fees To Sale of old newspaper 2,800 10,000 To Sundry Receipts 600 (30-09-2017) To Donations 4,000 By Investments 2,000 By Balance c/d 2,600 21,000 21,000 djustments: a) Outstanding rent on 31-03-2018 was 300 b) Subscriptions receivable for the year 2017-18 amounted to 7400 c) Subscriptions received for the year 2018-19 was 7800, d) Half of the entrance fees and half of the donations are to be capitalised, c) Depreciate books at 10% p.a. epare: (i) Income and Expenditure Account and (ii) Balance Sheet as on 31-03-2018. wer: I & E Surplus ?7,200, Total of B/S ? 35,100.

08. Followings are the Balance Sheet and Receipts and Payments Account of Buddivardaka Library, Sirsi. Balance Sheet as on 31-03-2017 Liabilities Assets Outstanding Rent Capital Fund 200 Cash in hand 1,400 23,800 Books 14,000 8,000 Furniture /S Subscriptions 600 24,000 24,000 Receipt and Payment A/C for the year ending 31-03-2018 Dr. Cr. Receipts To Balance b/d Payments 1,400 By Rent 2,400 To Subscriptions 12,000 By Printing 2,000 By Office expenses 1,000 By Books bought 1,200 To Entrance Fees To Sale of old newspaper 2,800 10,000 To Sundry Receipts 600 (30-09-2017) To Donations 4,000 By Investments 2,000 By Balance c/d 2,600 21,000 21,000 djustments: a) Outstanding rent on 31-03-2018 was 300 b) Subscriptions receivable for the year 2017-18 amounted to 7400 c) Subscriptions received for the year 2018-19 was 7800, d) Half of the entrance fees and half of the donations are to be capitalised, c) Depreciate books at 10% p.a. epare: (i) Income and Expenditure Account and (ii) Balance Sheet as on 31-03-2018. wer: I & E Surplus ?7,200, Total of B/S ? 35,100.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 17RE: Using the information provided in RE17-16, prepare the journal entries to record Year 1s (a)...

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