Receipts and Payments Account For the
year ended on 31st March, 2007.
|
Receipts
|
Amount
|
Payments
|
Amount
|
|
To Balance (1-4-06)
|
|
By Salaries
|
40000
|
|
Cash in Hand
|
15000
|
By Wages
|
40000
|
|
Cash at Bank
|
215000
|
By Postage and Telegram
|
15000
|
|
To Subscriptions
|
125000
|
By Printing &
Stationery
|
25000
|
|
To Donations
|
225000
|
By Hire of Ground
|
15000
|
|
To Entrance Fees
|
125000
|
By Sports Material
[Purchased on 1-1-07]
|
200000
|
|
To Interest
|
15000
|
By Insurance
|
50000
|
|
To Miscellaneous Receipts
|
15000
|
BY Balance (31.03.07)
|
|
|
|
|
Cash in Hand
|
10000
|
|
|
|
Cash at Bank
|
340000
|
|
|
735000
|
|
735000
|
Adjustment
i.
Subscriptions include Rs. 2000 received for the year 2005 – 2006 and
subscription of Rs. 5000 is due to for current year but not received yet.
ii.
Assets as on 1st April, 2006 were as follows.
a. Building Rs. 300000
b. Sports Material Rs. 250000
c. Investments Rs. 150000
d. Furniture Rs. 150000.
iii.
Provide depreciation on Building, Sports Material and Furniture at 5%
p.a.
iv.
Capitalise 50 % of Donations and Entrance Fees.
v.
Insurance of Rs. 5000 is paid in advance.
vi.
Salaries are outstanding at Rs. 5000 and Interest Rs. 5000 is due but not
received.
vii.
Capital fund was Rs. 10,82,000 as
on 1-4-2006.
Solution: In the books of Sangameshwar Sports Club,
Income and Expenditure A/c for the year ended 31.03.07
|
Expenditure
|
Amount
|
Amount
|
Income
|
Amount
|
Amount
|
|
To
Salaries
|
40000
|
|
By
Subscription
|
125000
|
|
|
(+)
Outstanding
|
5000
|
45000
|
(-)
Last Year Amount
|
(2000)
|
|
|
To
Wages
|
|
40000
|
|
123000
|
|
|
To
Postage & Telegram
|
|
15000
|
(+)
Outstanding
|
5000
|
128000
|
|
To
Printing & Stationary
|
|
25000
|
By
Donations
|
225000
|
|
|
To
Hire of Ground
|
|
15000
|
(-)
Capitalized
|
(112500)
|
112500
|
|
To
Insurance
|
50000
|
|
By
Entrance Fees
|
125000
|
|
|
(-)
Prepaid
|
(5000)
|
45000
|
(-)
Capitalized
|
(62500)
|
62500
|
|
To
Depreciation
|
|
|
By
Interest
|
15000
|
|
|
Sports
Material
|
15000
|
|
(+)
Outstanding
|
5000
|
20000
|
|
Building
|
15000
|
|
By
Miscellaneous Receipts
|
|
15000
|
|
Furniture
|
7500
|
37500
|
|
|
|
|
To
Surplus
[Income
over Expenditure]
|
|
115500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
338000
|
|
|
338000
|
Balance Sheet as on 31.03.07
|
Liability
|
Amount
|
Amount
|
Asset
|
Amount
|
Amount
|
|
Capital
Fund
|
1082000
|
|
Sports
materials
|
450000
|
|
|
(+)
Donations
|
112500
|
|
(-)
Depreciation
|
-15000
|
435000
|
|
|
1194500
|
|
Cash
in Hand
|
|
10000
|
|
(+)
Entrance Fees
|
62500
|
|
Cash
at Bank
|
|
340000
|
|
|
1257000
|
|
Outstanding
Subscription for Current year
|
|
5000
|
|
(+)
Surplus
|
115500
|
1372500
|
Building
|
300000
|
|
|
Outstanding
Salary
|
|
5000
|
(-)
Depreciation
|
-15000
|
285000
|
|
|
|
|
Investment
|
|
150000
|
|
|
|
|
Furniture
|
150000
|
|
|
|
|
|
(-)
Depreciation
|
-7500
|
142500
|
|
|
|
|
Prepaid
Insurance
|
|
5000
|
|
|
|
|
Outstanding
Interest
|
|
5000
|
|
|
|
1377500
|
|
|
1377500
|
