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From the following Receipts and Payments...

From the following Receipts and Payments Account and additional information given below prepare income and Expenditure account and Balance Sheet of Rural Literacy Society as on 31st March 2019

Additional Information
(i) Subscription outstanding as on 31st March 2018 Rs 20,000 and on 31st March 2019 Rs 15,000
(ii) On 31st March 2019 salary outstanding Rs 6,000 and one month rent paid in advance .
(iii) On 1st April 2018 society owned furniture RS 1,20,000 and books Rs 50,000.

Text Solution

Verified by Experts

The correct Answer is:
Surplu-Rs 2,15,000; Opening capital Fund -Rs 3,85,500 Total of Balance Sheet -Rs 6,11,500.
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