(a) From the following particulars of Tamil Educational Society, prepare Receipts and Payments accounts for th

Question 24 of 48

(a) From the following particulars of Tamil Educational Society, prepare Receipts and Payments accounts for the year ended 31st March, 2019.

Particulars	₹	Particulars	₹
Opening cash balance as on 1.4.2018	18,000	Building purchased	2,10,000
Rent paid	6,000	Staff salary	55,000
Scholarship given	15,200	Subscription received	2,65,000
Entrance fees received	18,500

(b) Akash, Mugesh and Sanjay are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Their balance sheet as on 31st March, 2017 is as follows :

Liabilities	₹	₹	Assets	₹
Capital accounts :			Buildings	1,10,000
Akash	40,000		Vehicle	30,000
Mugesh	60,000		Stock in trade	26,000
Sanjay	30,000	1,30,000	Debtors	25,000
Profit and Loss appropriation A/c		12,000	Cash in hand	15,000
General reserve		24,000
Workmen compensation fund		18,000
Bills payable		22,000
		2,06,000		2,06,000

Pass journal entry to transfer accumulated profit general reserve and workmen compensation fund and prepare the capital account of the partners.

Tamil Nadu DgeTamil Nadu HSC (DGE) Commerce Board 2022Subjective· 5mImportance★★★★★

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(a) Receipts ₹3,01,500 vs payments ₹2,86,200 → closing cash ₹15,300. (b) Distribute reserves/profit ₹54,000 in 3:2:1; closing capitals Akash ₹67,000, Mugesh ₹78,000, Sanjay ₹39,000.

(a) Receipts and Payments Account of Tamil Educational Society for the year ended 31st March 2019

Receipts	₹	Payments	₹
To Balance b/d (cash 1.4.2018)	18,000	By Rent paid	6,000
To Subscription received	2,65,000	By Scholarship given	15,200
To Entrance fees received	18,500	By Building purchased	2,10,000
		By Staff salary	55,000
		By Balance c/d (closing cash)	15,300
	3,01,500		3,01,500

Closing cash balance = 3,01,500 − (6,000 + 15,200 + 2,10,000 + 55,000) = ₹15,300. (A Receipts and Payments A/c records all cash items — revenue and capital alike — so building purchased and entrance fees both appear here.)

OR (b) Distribution of accumulated profit and reserves (Akash, Mugesh, Sanjay = 3 : 2 : 1)

Items to be distributed in the old ratio: P&L Appropriation A/c ₹12,000 + General reserve ₹24,000 + Workmen compensation fund ₹18,000 = ₹54,000 (no claim against the WCF is given, so the whole fund is free and distributable).

Journal Entry

Particulars	Dr (₹)	Cr (₹)
Profit & Loss Appropriation A/c ..... Dr	12,000
General Reserve A/c ..... Dr	24,000
Workmen Compensation Fund A/c ..... Dr	18,000
To Akash's Capital A/c		27,000
To Mugesh's Capital A/c		18,000
To Sanjay's Capital A/c		9,000
(Being accumulated profit and reserves transferred to partners in 3:2:1)

Shares: Akash 54,000 × 3/6 = 27,000; Mugesh 54,000 × 2/6 = 18,000; Sanjay 54,000 × 1/6 = 9,000.

…

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(a) Receipts and Payments Account of Tamil Educational Society for the year ended 31st March 2019

OR (b) Distribution of accumulated profit and reserves (Akash, Mugesh, Sanjay = 3 : 2 : 1)

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