Receipts
and Payments Account for the year ended on 31st March, 2007.
|
Receipts
|
Amount
|
Payments
|
Amount
|
|
To
Balance b/d
|
1490
|
By
Upkeep of Garden
|
9500
|
|
To
Subscription
|
13600
|
By
Wages
|
2360
|
|
To
Entrance Fees
|
520
|
By
Salary
|
7000
|
|
To
Interest on Investments
|
840
|
By
Ground Rent
|
210
|
|
To
Proceeds from Matches
|
5180
|
By
Printing
|
930
|
|
To
Life Member Fees
|
5000
|
By
Postage
|
190
|
|
|
|
By
Bank Balance
|
5000
|
|
|
|
By
Balance C/d
|
1440
|
|
|
26630
|
|
26630
|
Adjustments:
1.
Ledger balances of the club as on 31.3.2006
were
Capital
fund Rs. 66,430, Club house and ground Rs. 40,000, Investments Rs. 18,640,
furniture Rs. 6,400, and outstanding subscription Rs. 600.
2.
Printing
includes Rs. 200, Upkeep of garden includes Rs. 500 and Subscription includes
Rs. 400 for the previous year.
3.
Entrance
fees are to be capitalized.
4.
The
Rotary club of Satara owed Rs. 210 for the use of club hall.
5.
Provide
10% depreciation on furniture.
6.
Subscriptions
outstanding for the current year were Rs. 1,000.
Prepare
_
Income
and Expenditure account for the year ended 31st March, 2007 and
Balance Sheet as on that date.
Solution: In the books of Modern Sports Club, Satara
Income and Expenditure A/c for the year ended 31.03.07
|
Expenditure
|
Amount
|
Amount
|
Income
|
Amount
|
Amount
|
|
To
Upkeep of Garden
|
9500
|
|
By
Subscription
|
13600
|
|
|
(-)
Last year Amount
|
(500)
|
9000
|
(-)
Last year Amount
|
(400)
|
|
|
To
Wages
|
|
2360
|
|
13200
|
|
|
To
Salary
|
|
7000
|
(+)
Outstanding of Current Year
|
1000
|
14200
|
|
To
Ground rent
|
|
210
|
By
Entrance Fees
|
520
|
|
|
To
Printing
|
930
|
|
(-)
Capitalised
|
-520
|
NIL
|
|
(-)
Last Year Amount
|
-200
|
730
|
By
Interest on Investment
|
|
840
|
|
To
Postage
|
|
190
|
By
Proceeds from Matches
|
|
5180
|
|
To
Depreciation on Furniture
|
|
640
|
By
Amount receivable from Rotary Club, Satara
|
|
210
|
|
To
Surplus
[Income
over Expenditure]
|
|
300
|
|
|
|
|
|
|
20430
|
|
|
20430
|
Balance Sheet as on 31.03.07
|
Liability
|
Amount
|
Amount
|
Asset
|
Amount
|
Amount
|
|
Capital
Fund
|
66430
|
|
Bank
Balance
|
|
5000
|
|
(+)
Entrance Fees
|
520
|
|
Cash
Balance
|
|
1440
|
|
|
66950
|
|
Ground
& Club House
|
|
40000
|
|
(+)
Surplus
|
300
|
67250
|
Investments
|
|
18640
|
|
|
|
|
Furniture
|
6400
|
|
|
Life
Membership Fees
|
|
5000
|
(-)
Depreciation
|
-640
|
5760
|
|
|
|
|
Outstanding
Subscription of Last Year
[600
– 400]
|
|
200
|
|
|
|
|
Amount
Receivable from Rotary club of Satara for the use of Club hall
|
|
210
|
|
|
|
|
Outstanding
Subscription of Current year
|
|
1000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72250
|
|
|
72250
|
