Illustrations · Q9
Q.From the following particulars of a welfare association as on 1st April 2023, prepare a Statement of Affairs and find out the Capital Fund as on that date: Cash in hand ₹5,000; Cash at Bank ₹45,000; Furniture ₹60,000; Sports Equipment ₹30,000; Outstanding Subscription ₹8,000; Building ₹2,00,000; Outstanding Salary ₹3,000; Subscription received in advance ₹5,000.
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| Liabilities | ₹ | Assets | ₹ |
|---|---|---|---|
| Outstanding Salary | 3,000 | Cash in hand | 5,000 |
| Subscription received in advance | 5,000 | Cash at Bank | 45,000 |
| Capital Fund (balancing figure) | 3,40,000 | Furniture | 60,000 |
| Sports Equipment | 30,000 | ||
| Outstanding Subscription | 8,000 | ||
| Building | 2,00,000 | ||
| Total | 3,48,000 | Total | 3,48,000 |
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