From the following Receipt and Payment account of Patan Sports
Association, Patan and the adjustments. You are required to prepare Income and
Expenditure Account for the year ended 31st March, 2004 and a
Balance sheet as on that date. (16)
Receipts
and Payments Account for the year ended 31st March 2004.
|
Receipts
|
Amt. (`.)
|
Payments
|
Amt. (`.)
|
|
To
Balance b/d
|
4,160
|
By
Salaries
|
5,500
|
|
To
Subscription:
|
By
Entertainment Exp.
|
2,580
|
|
|
2003-04
16,000
|
By
Lighting
|
1,000
|
|
|
2004-05 412
|
16,412
|
By
General Expenses
|
1,536
|
|
To
Donation
|
2,000
|
By
Taxes
|
500
|
|
To
Receipt from Entertainment
|
3,644
|
By
Investments
|
12,000
|
|
To
Interest on Investment
|
324
|
By
Printing & Stationery
|
944
|
|
To
Entrance Fees
|
4,500
|
By
Expenses of 2002-03
|
2,400
|
|
To
Price Fund
|
3,000
|
By
Fixed Deposit
|
4,000
|
|
By
Bank Balance
|
3,000
|
||
|
By
Balance c/d
|
580
|
||
|
34,040
|
34,040
|
Adjustments:
(1) There are 450 members paying an
annual subscription of `. 40 each.
(2) Salary outstanding on 31st March,
2004 was `. 1,000.
(3) Building stood in books `. 60,000 and furniture at `. 4,600 on 1st April,
2003. Write off depreciation on these assets @ 2% and 10% respectively.
(4) Interest on investment @ 5% has
accrued for 3 months.
(5) The capital fund was `. 66,360 on 1st April, 2003.
(6) 60% of the entrance fee is to be
capitalised.
Income & Expenditure A/c for the years ended 31-3-2004
|
Expenditure
|
`.
|
`.
|
Income
|
`.
|
`.
|
|
To Entertainment
Exp.
To Salaries
Add: Outstanding
To Lighting
To General Expenses
To Taxes
To Printing &
Stationery
To Depreciation
Building
Furniture
To Surplus
|
5,500
1,000
1,200
460
|
2,580
6,500
1,000
1,536
500
944
1,660
11198
|
By Donation
By Receipt from
Entertainment
By Interest on
Investment
Add: Interest
By Entrance Fees
Less: Capitalised
By Surplus
|
324
150
4,500
2,700
|
2,000
3,644
474
1,800
18,000
|
|
25,918
|
25,918
|
Balance Sheet as on 31-3-2004
|
Liabilities
|
`.
|
`.
|
Assets
|
`.
|
`.
|
|
Capital Fund
Add: Entrance Fees
Add: Surplus
Price Fund
Outstanding Salary
Subscription paid
in advance
|
66,360
2,700
69,060
11198
|
80258
3000
1000
412
|
Building
Less: Depreciation
Furniture
Less: Depreciation
Investments
Add: Interest
Fixed Deposit
Bank Balance
Cash
Subscription
receivable
|
60,000
1,200
4,600
460
12,000
150
|
58,800
4,140
12,150
4,000
3,000
580
2,000
|
|
84670
|
84670
|
Opening Balance Sheet as on 1-4-2003
|
Liabilities
|
Amt. (`.)
|
Assets
|
Amt. (`.)
|
|
Capital
Fund
Outstanding
Expenses
|
66360
2400
|
Building
Furniture
Cash
|
60000
4600
4160
|
|
68760
|
68760
|
Working Note :-
I] To find out
subscription for the
year.
II] To find out Expenses for the year.
|
Particulars
|
`.
|
Particulars
|
`.
|
|
Amount received as per Receipts
& Payments
Less: Receivable of last year
Add: Advance of last year
Add: Receivable of current year
Less: Advance of current year
Add: Still receivable of last year
|
16,412
-
-
2000
412
-
|
Amount paid as per Receipts &
Payments
Less: Outstanding of last year
Add: Prepaid of last year
Add: Outstanding of current year
Less: Prepaid of current year
Add: Still outstanding of last
year
|
2400
2400
-
-
-
-
|
|
Income for the year
|
18000
|
Expenses for the year
|
-
|
