19. Following is the Receipts and Payments Account for the year ended 31st March 2018 of Jain Trust: (6)

Recei

By Eden

19. Following is the Receipts and Payments Account for the year ended 31st March 2018 of Jain Trust: (6)

Receipts Rs Payments Rs

To Balance b/d

To Subscription

To Sale of Investment

To Interest of Investment

To Sale of Furniture

(Book value Rs. 6,000) 72,000

1,01,200

90,000

3,000

5,200 By Rent

By Salary

By Electricity Charges

By Purchase of Books

By Purchase of Furniture

By Defence Bonds

By Scholarship to Students

By Balance c/d 5,400

12,000

7,200

8,000

18,000

50,000

48,000

1,22,800

2,71,400 2,71,400

Prepare Income and Expenditure A/c for the year ending 31st March 2018 and Balance Sheet on that date on the basis of the following additional information:

(a) Subscription outstanding for the year ended 31st March 2017 and 2018 are Rs. 7,000 and Rs. 17,000 respectively. Subscription of Rs. 2,000 of last year is still outstanding.

(b) Interest on defence bonds Rs. 5,000 is outstanding.

(c) Rent is outstanding for 3 months.

(d) The book value of investment sold is Rs. 1,00,000. Investment of Rs. 20,000 is still in hands.

(e) The trust owns a building of Rs. 90,000 and furniture of Rs. 30,000 in the beginning of the year. Depreciation @5% is to be provided on the assets.​

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