Q. 1. Women’s Sports
Association, Latur, prepared the following Receipt and Payment Account for the
year ending 31-3-2010.
Receipt and Payments
Account for the year ended 31st March 2010
|
Receipts
|
Amt.
|
Amt. (`.)
|
Payments
|
Amt.
|
Amt. (`.)
|
|
To Balance b/d
To Subscriptions:
|
|
4,200
|
By Sports Equipments bought on 1-10-2009
|
|
15,000
|
|
2008
– 2009
2009
– 2010
2010
– 2011
|
|
1,500
50,000
1,000
|
By Sundry Expenses
By Printing & Stationery
|
|
2,100
1,900
|
|
To Legacies
|
|
25,000
|
By Salaries
|
|
10,000
|
|
To Interest on Govt. Securities
|
|
2,500
|
By Electricity Charges
By Tournament Exp.
|
|
3,600
7,500
|
|
To Entrance Fees
|
|
15,000
|
By Purchase of Land
|
|
70,000
|
|
To Tournament Receipts
|
|
16,000
|
By Balance c/d
|
|
5,100
|
|
|
|
1,15,200
|
|
|
1,15,200
|
Additional Information:
(1)
The Association had the following Assets as on
1-4-2009.
Sports Equipments `.30,000; 5% Govt. Securities `. 50,000; Furniture `.20,000
(2)
Outstanding Subscription for the year 2009 – 2010
was `. 2,500.
(3)
Depreciate Sport Equipments @ 20% p.a. and
Furniture @ 10% p.a.
(4)
Legacies are to be capitalized and half of entrance
fees are to be capitalized.
With the above Receipts and Payments Account and additional information
given, you are required to prepare Income & Expenditure Account for the
year ended 31-3-2010 and Balance Sheet as at that date. (16)
In the books of Women’s Sports Association
Income & Expenditure A/c for the year ended 31.3.2010
|
Expenditure
|
Rs.
|
Rs.
|
Income
|
Rs.
|
Rs.
|
|
To Sundry Expenses
To Printing & Stationery
To Salaries
To Electricity Charges
To Tournament Exp.
To Depreciation
Furniture
Sports
Equipments
To Surplus
|
2,000
7,500
|
2,100
1,900
10,000
3,600
7,500
9,500
43,900
|
By Interest on government securities
By Entrance Fees
Less: Capitalised
By Tournament Receipts
By Subscription
|
15,000
7,500
|
2,500
7,500
16,000
52,500
|
|
|
|
78,500
|
|
|
78,500
|
Balance Sheet as on 31.3.2010
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
|
Capital Fund
Add: Legacies
Add: Entrance Fees
Add: Surplus
Subscription in advance
|
105700
25,000
1,30,700
7,500
1,38,200
43,900
|
1,82,100
1,000
|
5% Govt. Securities
Furniture
Less: Depreciation
Sports Equipments
Add: Additions (1.10.09)
Less: Depreciation
Land
Cash
Subscription receivable
|
20,000
2,000
30,000
15,000
45,000
7,500
|
50,000
18,000
37,500
70,000
5,100
2,500
|
|
|
|
1,83,100
|
|
|
1,83,100
|
Opening Balance Sheet as on 1.4.2009
|
Liabilities
|
Rs.
|
Assets
|
Rs.
|
|
Capital
Fund
|
1,05,700
|
Sports
Equipments
5% Govt.
Securities
Furniture
Subscription
receivable
Cash
|
30,000
50,000
20,000
1,500
4,200
|
|
|
1,05,700
|
|
1,05,700
|
