once Sheet Total
52. Recepts and Payments Account or Shankar Sports Club is given below for the year ended 31st March 2015
6569201
RECEIPTS AND PAYMENTS ACCOUNT for the year end 3 March 2019
Payments
To cash in Hand Opening)
By Rent
18.000
To entrance fee
3.200 By Wages
To Donation for Building
23.000 By Billard Table
14.000
To Locker Rent
1.200 By Furniture
10000
To Ute Membership Fee
7.000 By interest
To Pront from Entertainment
3.000 By Postage
To Subscription
40,000 By Salary
24,000
By Cash in Hand (Closing!
4300
80.000
80,000
2000
Prepare Income and Expenditure Account and Balance Sheet with the help of following information
Subscription outstanding on 31st March, 2018 is 1.200 and 2,300 on 31st March, 2019: opening stock
of postage stamps is 300 and closing stock is 200: Rent 1.500 related to the year ended 31st March
2018 and 1.500 is still unpaid. On 1st April 2018 the club owned furniture ? 15.000. Fumiture valued at
22.500 on 31st March, 2019. The club has a loan of 20.000 ( 10% p.a.) which was taken in vear ended
INCERT Modified
31st March, 2018
(Ans.: Deficit-R 6,100; Opening Capital fund Dencit- 2.400Total of Closing Balance Sheet 5500
Receipt and Payment Account of Shankar Sports club is given below, for the year ended March 31, 2013
| Receipt and Payment Account for the year ending March 31, 2013 | |||
| Receipts | Amount Rs | Payments | Amount Rs |
| Opening Cash in hand | 2,600 | Rent | 18,000 |
| Entrance fees | 3,200 | Wages | 7,000 |
| Donation for building | 23,000 | Billiard table | 14,000 |
| Locker rent | 1,200 | Furniture | 10,000 |
| Life membership fee | 7,000 | Interest | 2,000 |
| Profit from entertainment | 3,000 | Postage | 1,000 |
| Subscription | 40,000 | Salary | 24,000 |
|
|
| Cash in hand | 4,000 |
|
| 80,000 |
| 80,000 |
|
|
|
|
|
Prepare Income and Expenditure Account and Balance Sheet with help of following Information:
Subscription outstanding on March 31, 2012 is Rs 1, 200 and Rs 2,300 on March 31, 2013, opening stock of postage stamps is Rs 300 and closing stock is Rs 200, Rent Rs 1,500 related to 2005 and Rs 1,500 is still unpaid.
On April 01, 2012 the club owned furniture Rs 15,000, Furniture valued at Rs 22,500
On March 31, 2013. The club took a loan of Rs 20,000 (@ 10% p.a.) in 2005*.
* As per the question, this year should be 2012.
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RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2018 |
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|
Dr. |
|
Cr. |
|||
| Receipts
|
₹ |
Payments |
₹ |
||
|
To Cash in Hand (Opening) |
2,600 3,200 23,000 1,200 7,000 3,000 40,000 |
By Rent By Wages By Billiard Table By Furniture By Interest By Postage By Salary By Cash In Hand (closing) |
18,000 7,000 14,000 10,000 2,000 1,000 24,000 4,000 |
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|
|
|
|||
|
|
80,000 |
|
80,000 |
||
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|
|
|
|
||
Prepare Income and Expenditure Account and Balance Sheet with the help of following information:
Subscription outstanding on 31st March, 2017 is ₹ 1,200 and ₹ 2,300 on 31st March, 2018; opening stock of postage stamps is ₹ 300 and closing stock is ₹ 200; Rent ₹ 1,500 related to the year ended 31st March, 2017 and ₹ 1,500 is still unpaid. On 1st April, 2017 the club owned furniture ₹ 15,000, Furniture valued at ₹ 22,500 on 31st March, 2018. The club has a loan of ₹ 20,000(@ 10% p.a.) which was taken , in year ended 31st March,2017.
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RECEIPTS AND PAYMENTS ACCOUNT
for the year ended 31st March, 2019 |
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|
Dr.
|
|
Cr.
|
|||
|
Receipts
|
(₹)
|
Payments
|
(₹)
|
||
| To Cash in Hand (Opening) | 2,600 | By Rent | 18,000 | ||
| To Entrance Fee | 3,200 | By Wages | 7,000 | ||
| To Donation for Building | 23,000 | By Billiard Table | 14,000 | ||
| To Locker Rent | 1,200 | By Furniture | 10,000 | ||
| To Life Membership Fee | 7,000 | By Interest | 2,000 | ||
| To Profit from Entertainment | 3,000 | By Postage | 1,000 | ||
| To Subscription | 40,000 | By Salary | 24,000 | ||
| By Cash In Hand (Closing) | 4,000 | ||||
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|
|
||||
|
|
80,000 |
|
80,000 | ||
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|
|
|
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Prepare Income and Expenditure Account and Balance Sheet with the help of following information:
Subscription outstanding on 31st March, 2018 is ₹ 1,200 and ₹ 2,300 on 31st March, 2019; opening stock of postage stamps is ₹ 300 and closing stock is ₹ 200; Rent ₹ 1,500 related to the year ended 31st March, 2018 and ₹ 1,500 is still unpaid. On 1st April, 2018 the club owned furniture ₹ 15,000, Furniture valued at ₹ 22,500 on 31st March, 2019. The club has a loan of ₹ 20,000 (@ 10% p.a.) which was taken, in year ended 31st March, 2018.
|
RECEIPTS AND PAYMENTS ACCOUNT
for the year ended 31st March ,2019 |
|||||
| Dr. |
|
|
Cr. |
||
| Receipts |
(₹) |
Payments |
(₹) |
||
| To Balance b/d | 7,000 | By Salaries | 28,000 | ||
| To Subscriptions: |
|
|
By General Expenses |
6,000 |
|
|
2017-18
|
5,000 | By Electricity Charges | 4,000 | ||
|
2018-19
|
20,000 | By Books | 10,000 | ||
|
2019-20
|
4,000 |
29,000
|
By Newspapers |
8,000 |
|
| To Hire of Ground |
14,000
|
By Balance c/d |
4,000 |
||
| To Surplus from Entertainment Events |
8,000
|
||||
| To Sale of Old Newspapers |
2,000
|
|
|||
|
60,000
|
60,000
|
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|
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(a) The club has 50 members each paying an annual subscription of ₹ 500. Subscriptions Outstanding on 31st March,2018 were ₹ 6,000.
(b) On 31st March, 2019, Salaries Outstanding amounted to ₹ 2,000. Salaries paid in the year ended 31st March, 2019 included ₹ 6,000 for the year ended 31st March, 2018.
(c) On 1st April, 2018, the club owned Building valued at ₹ 2,00,000; Furniture ₹ 20,000 and Books ₹ 20,000.
(d) Provide depreciation on Furniture at 10%.
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RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2018 |
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|
Dr. |
|
Cr. |
|||
| Receipts
|
₹ |
Payments |
₹ |
||
|
To Balance b/d (cash) To Donations |
1,50,000 |
By Salaries and Wages |
1,60,000 |
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|
|
|
|||
|
|
6,90,000 |
|
6,90,000 |
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Additional information :
(a) Outstanding Subscriptions for the year ended 31st March, 2018₹ 55,000.
(b) Outstanding Salaries and Wages₹ 40,000.
(c) Depreciate Sports Equipments by 25%.
Prepare Income and Expenditure Account of the club from the above particulars.