Professional Documents
Culture Documents
Capital (Less: Drawings) 4,800,000 4,700,000 455,340: Liabilities Dec 1999 Dec 2000
Capital (Less: Drawings) 4,800,000 4,700,000 455,340: Liabilities Dec 1999 Dec 2000
for PRT
170 60,000
Total
5,043,670
5,224,140
Balance Sheet as on 31st Dec 2000 Assets Fixed Assets Land Building (Less) Accumulated Depreciation on Building Current Assets Accounts Receivable Cash in Bank Pugree receivable Prepaid Insurance Premium Prepaid Commission (on Adv rent received) Deferred Exterior painting expenses Deferred Interior painting expenses Total
4,250 1,289,420
20 flats + 8 shops Dec 1990 acquisition cost by Mr. Acharya Building (Life = 30 years) life remaining = 20 year (purchase date being 30 dec 1990) Depreciation Accumulated Depreciation for 10 years
2,400,000
25,200,000
Expenses Non Operating Expenses Rent Free Accommodation Insurance Premium (Life = 2 Years) Depreciation on Building Property Rates and Taxes Operating Expenses Building Repairs Painting Internal (Last yr's 9 months + this yr's Oct-Dec) External (Last yr's 9 months + this yr's Oct-Dec) Commission Expenses (Rent 609000 @ 4%) Printing & Stationery Postage and Telegram Bank Charges Profit Total
Income Statement for 31s Dec 2000 Amount (Rs.) 36,000 10,000 120,000 240,000
atement for 31s Dec 2000 Income Opening Profit Pugree Received Receivable Rental Income Accounts Receivable Rent Received
Painting done in Oct 2000 Interior (done every 2 yrs) Exterior (done every year) Deferred Exterior Painting Deferred Interior Painting
100,000
645,000
Total
928,500
Previous Year's payment Jan-00 Apr-00 Jul-00 20000 2,500 2500 2500 30000 7,500 7500 7500 Rs. 3,600,000 Paid for next 3 months =(3600000 / 30)*20 =7500*3 2400000 Paid for next 7 months =2500*7 120000 1200000
This year's deferred painting Jan-01 Apr-01 2500 2500 7500 7500
Receipts Opening Bank Balance Previous year's rent Pugree received Current Year's Rent Advance Rent
Total
Cash Statement on 31st Dec 2000 Payment 1,289,420 Painting Bills 4,250 Interior 75,000 Exterior 534500 Building Repairs 5,000 Commission to Mr. Pandit Insurance Paid Printing & Stationery Postage and Telegram Bank Charges Property Rates and Taxes Drawings Closing Balance 1,908,170 Total
20000 30000
50,000 1,770 20,930 20,000 250 500 280 240,000 100,000 1,474,440 1,908,170
Commission Calculation Total Rent receivable (less) Mr. Pandit's flat Actual Rent receivable Commission @ 4% Commission Paid Commission on Advance rent Rent received but commission not paid Rent Outstanding but commission due Accrued Commission (to be paid) Accrued Commission to be paid in 1999
=53750*12 =3000*12
645,000 36,000 609,000 24,360 20,930 200 820 2,980 3,800 170
=4250*4%