Mrs Parul Vasanth is an advocate by Profession and her receipts and payments for the year ending Mar 31, 2009 are as follows:
|
Dr. |
Cr. |
||
|
Receipts |
Rs |
Payments |
Rs |
|
To Balance b/d |
33,050 |
By Rent (for 18 months to July 30, 2009) |
22,500 |
|
To Fees |
1,07,100 |
By Mobile Phone Charges |
2,250 |
|
To Miscellaneous Receipts |
100 |
By Salaries to Clerk |
16,500 |
|
To Sale of Old Equipment |
2,000 |
By journals |
500 |
|
By Law Books (purchased on |
2,500 |
||
|
July 1, 2008) |
|||
|
By Software Equipments |
4,000 |
||
|
By Furniture (purchased on |
3,500 |
||
|
Oct 1, 2008) |
|||
|
By Purchase of Stationeries |
21,500 |
||
|
By Conveyance Expenses |
25,000 |
||
|
By Drawings |
30,000 |
||
|
By Miscellaneous Expenses |
500 |
||
|
By Balance c/d |
13,500 |
||
|
1,42,500 |
1,42,250 |
- Fees outstanding: on Mar 31, 2008 Rs 1,000, on Mar 31, 2009: Rs 2,500
- Stock of stationeries: on Mar 31, 2008 Rs 5,000, on Mar 31, 2009: Rs 9,300
- Creditors for stationeries: on Mar 31, 2008 Rs 50, on Mar 31, 2009: Rs 150
- Software equipment on Mar 31, 2008 Rs 25,000. Software equipment was sold as well as purchased on Jan 1, 2009 the cost of equipment sold benign Rs 3,000. Equipment is subject to depreciation of 20%. p.a.
- Furniture on Mar 31, 2008 Rs 2,500, library books on Mar 31, 2008 Rs 500. Depreciates Furniture by 10% and library books by 20%.
- Salary to clerk still payable is Rs 1,500
- 60% of conveyance is for professional purpose
You are required to prepare the Receipts and Expenditure of MRs Parul Vasanth for the year 2008–2009 and the Balance Sheet as on Mar 31, 2009.