Smith Library Society showed the following position on 31st March, 2011 Balance Sheet as on 31st March, 2011 Liabilities Amount Assets Amount Capital Fund Expenses payable 7,93,000 7,000 Electrical Fittings Furniture Books Investment in securities Cash at bank Cash in hand 1,50,000 50,000 4,00,000 1,50,000 25,000 25,000 8,00,000 8,00,000 The Receipt and Payment Account for the year ended 31st March, 2011 is given below: Receipts Amount Payments Amount To Balance b/f Cash at bank 25,000 Cash in hand 25,000 To Entrance Fees To Membership Subscription To Sale proceeds of old papers To Hire of lecture hall To Interest on securities 50,000 30,000 2,00,000 1,500 20,000 8,000 By Electric charges By Postage and stationery By Telephone charges By Books Purchased By Outstanding Expenses paid By Rent By Investment in securities By Salaries By Bal. c/f. Cash at bank Cash in hand 7,200 5,000 5,000 60,000 7,000 88,000 40,000 66,000 20,000 11,300 3,09,500 3,09,500 You are required to prepare an Income and Expenditure Account for the year ended 31st March, 2011 and a Balance Sheet as at 31st March, 2011 after making the following adjustments: (a) Membership Subscription included 10,000 received in advance. (b) Provide for outstanding rent ₹ 4,000 and salaries ₹ 3,000. (c) Books to be depreciated @ 10% including additions. Electrical Fittings and Furniture's are also to be depreciated at the same rate. (d) 75% of Entrance Fees is to be capitalised. (e) Interest on Securities is to be calculated @ 5% p.a. including purchases made on 1.10.2010 for 40,000. [MTP Jan. 2025-Modified; Figures-2X]

The following Trial Balance is the Trial Balance of a Proprietor as on March 31st 2024. Prepare Trading and Profit & Loss Account for the year ending March 31st 2024 and a Balance Sheet as at that date. Particulars Amount Particulars Amount Plant and Machinery 5,00,000 Capital 4,00,000 Office Furniture 26,000 Sundry Creditors 5,20,000 Opening stock 4,80,000 Sales 48,00,000 Motor van 1,20,000 Bills payables 56,000 Sundry debtors 4,57,000 Provision for doubtful doubts 25,000 Cash in hand 4,000 Return outwards 55,000 Cash at Bank 65,000 Discount received 37,000 Wages 15,00,000 Salaries 1,40,000 Purchases 21,35,000 Bills Receivable 72,000 Return inwards 93,000 Drawings 70,000 Advertisements 60,000 Factory Rent 8,000 Insurance 63,000 General Expenses 10,000 Bad debts 25,000 Discount allowed 65,000 58,93,000 58,93,000 Additional Information to be considered: (i) Closing Stock on March 31st 2024 is 5,20,000. (ii) During the year, Plant and Machinery was purchased for ₹ 3,00,000 but it was debited to Purchase Account. (iii) 3 months factory rent is due but not paid ₹ 3,000. (iv) Provide depreciation at 5% per annum on furniture and 10% on plant and machinery and motor van. (v) Further bad debts 7,000. (vi) Provision for doubtful debts to be increased to ₹ 30,000 at year end. (vii) Provision for discount on Debtors to be made at 2%. [Sept. 2024, 10 Marks]

Income and Expenditure A/c

Receipt and Payment A/c

Entrance Fees

Membership fees

Donation