Page 270 - ISCDEBK-XI

23.18 Double Entry Book Keeping—ISC XI

BALANCE SHEET
as at 31st March, 2020
Liabilities ` Assets `

Outstanding Amount for Building Cash in Hand 13,000
(under construction): Cash at Bank 40,000
Building as on 31st March, 2020 4,00,000 Canteen Expenses Prepaid 15,000
Building as on 31st March, 2019 1,50,000 Subscriptions Due (WN 2)
Addition during 2019–20 2,50,000 For 2018–19 5,000
Less: Amount paid in 2019–20 For 2019–20 1,000 6,000
for construction of building 1,50,000 1,00,000 Fixed Deposits with Bank 1,00,000
Subscriptions Received in Advance 4,000 Building (under Construction) 4,00,000
Outstanding Salary of Staff 20,000 Furniture (WN 1) 1,12,500
Building Fund 2,00,000
Add: Donation for Building 1,00,000 3,00,000
Capital Fund:
Opening Balance (WN 3) 3,38,000
Less: Deficit 75,500 2,62,500
6,86,500 6,86,500

Working Notes:
1. Dr. FURNITURE ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 1,40,000 By Bank A/c (Sale) 20,000
To Income & Expenditure A/c 5,000 By Depreciation A/c* 12,500
(Profit on Sale of Furniture) By Balance c/d 1,12,500
(` 20,000 – ` 15,000)
1,45,000 1,45,000

* Balance in Furniture Account before providing depreciation is = ` 1,40,000 – ` 15,000 = ` 1,25,000;
Depreciation on furniture = ` 1,25,000 × 10/100 = ` 12,500.

2. Dr. SUBSCRIPTIONS ACCOUNT Cr.
Particulars ` Particulars `
To Outstanding Subscriptions A/c 10,000 By Advance Subscriptions A/c (In the Beginning) 2,000
(In the beginning) By Bank A/c 64,000
To Income & Expenditure A/c 58,000 (Subscriptions Received during the year)
(Balancing Figure) By Outstanding Subscriptions A/c:
To Advance Subscriptions A/c 4,000 For 2018–19 (` 10,000 – ` 5,000) 5,000
(At the end) For 2019–20 (` 6,000 – ` 5,000) 1,000
72,000 72,000

*Subscriptions due on 31st March, 2020 given ` 6,000 are inclusive of ` 5,000 still due for 2018–19.