MANSA BUILDING CASE

Group G
Ankit Purwar
Manoj K
Sai Dhanush
Pratik Vermun
Sanyam raheja
ING CASE
 Mansa Building
Balance Sheet as on 1st January 2000
Liability Amount Amount
Capital Account 4,800,000
Retained Earnings 153,500

Current Liability
Provision for collection charges 170
Accounts Payable 120,000
Less: Amount for the year 2000 -60,000 60,000

Total 5,013,670

We do not find any discrepancies in the balance sheet prepared by Manoj Acharya
 Mansa Building
ce Sheet as on 1st January 2000
Asset Amount Amount
Fixed Asset
Land 1,200,000
Building 3,600,000
Less :Accumulated Depreciation -1,080,000 2,520,000

Current Asset
Accounts Receivable 4,250
Cash at Bank 1,289,420 1,293,670

Total 5,013,670

balance sheet prepared by Manoj Acharya

 Mansa Building
INCOME STATEMENT FOR THE YEAR ENDING 31st December 2000
Particulars Amount

Revenue
Rent Income 609,000
Premium Income 100,000

Expense
Depreciation 120,000
Painting Charges exterior 30,000
Painting Charges Interior 10,000
Repairs 1,770
Collection Charges 21,380
Insurance 10,000
Muncipal Tax 240,000
Printing 250
Stationery 500
Bank Charges 280

Profit for the year 2000

Wr.N
Sr No. Particulars
1 Rent Income
Rent income per month
Less: Rent for harshvardhan pandit
Rent per month
No of Months
Total Rent Income

2 Amount Collected
Till December

Add: amount collected in Dec 2000

Total Amount Collected

3 Collection Charges
Paid during the year
Add: charges on amount collected in dec
Less: Outstanding of last year
 Less: Charges on advance received

Total Collection Charges

Dr Bank Account
Particulars Amount
Opening Balance 1,289,420
Premium Received 75,000
Rent collected 543,750

Total 1,908,170
st December 2000
Amount

709,000

-434,180

274,820

Amount Amount

53,750
-3,000 50,750

12
609,000

523,250

20,500
543,750

20,930
820
-170
 -200

21,380

ccount Cr
Particulars Amount
Painting exterior 30,000
Painting interior 20,000
Repairs 1,770
Insurance 20,000
Collection Charges 20,930
Muncipal tax 240,000
Drawings 100,000
Printing 250
Stationery 500
Bank Charges 280

Closing balance 1,474,440

Total 1,908,170
 Mansa Building
Balance Sheet as on 31st December 2000
Liability Amount Asset
Capital Account 4,800,000 Fixed Asset
Withdrawls/Drawings -100,000 4,700,000 Land
Building
Retained Earnings 153,500 Deducting Accumulated Depreciatio
Including Current Year Profit 274,820 428,320

Current Asset
Current Liability Accounts Receivable
Provision for collection charges Cash at Bank
Accounts Payable 120,000 Painting Charges Interior
Deducting Amount for the year 2 -60,000 60,000 Prepaid Insurance
Rent Receivable
Outstanding Commission 820 Premium Receivable
Advance rent received 5,000 Collection Charges paid in advance

Total 5,194,140 Total

To understand the financial position and profit/loss incurred in a better way, Income statement and balance sheets a
 Amount Calculation
Building cost 3600000
1,200,000 Life in years 30
3,600,000 Depreciation per year 120000
-1,200,000 2,400,000 Till 2000, Depreciation 1200000
Current value of building 2400000

1,474,440
10,000
10,000
74,500
25,000
200

5,194,140

me statement and balance sheets are preferred over the statement as provided by Mr. Harshavardhan Pandit.