|
Receipts
|
Amount
|
Payments
|
Amount
|
|
To Balance B/f
|
1040
|
By Salaries
|
2100
|
|
To Subscriptions for :
|
|
By Entertainment Expenses
|
45
|
|
2006
|
85
|
By Electric Charges
|
234
|
|
2007
|
3000
|
By General Expenses
|
350
|
|
2008
|
103
|
By Rates & Taxes
|
120
|
|
To Donations
|
2200
|
By Investments
|
900
|
|
To Entertainment Receipts
|
76
|
By Stationery &
Printing
|
241
|
|
To Interest
|
981
|
By Expenses of 2006
|
600
|
|
To Entrance Fees
|
900
|
By Fixed Deposit
|
2900
|
|
|
|
By Balance C/f
|
895
|
|
|
8385
|
|
8385
|
The Gymkhana has 450 members paying an annual
subscription of Rs. 15/- each.
Rs. 20/- is still in arrears towards
subscription for the year 2006.
Carry forward Rs. 50/- or rates paid in
advance.
Provide Rs. 2000/- for salaries outstanding.
The Gymkhana owns Land and Building standing
in the books of Rs. 15,000/- and Furniture standing at Rs. 1,150, on which
depreciation at 5% and 20% respectively is to be written off.
The Capital Fund as on 1st April,
2006 was Rs. 16,695/-
50% of the Entrance Fees is to be capitalised.
Donations are capitalised.
Solution: In the books of Omtex Sports Club, Dadar.
Income and Expenditure A/c for the year ended 31.03.07
|
Expenditure
|
Amount
|
Amount
|
Income
|
Amount
|
Amount
|
|
To
Salaries
|
2100
|
|
By
Subscription
|
3000
|
|
|
(+)
Outstanding
|
2000
|
4100
|
(+)
Outstanding
|
3750
|
6750
|
|
To
Entertainment Expenses
|
|
45
|
By
Donations
|
2200
|
|
|
To
Electric Charges
|
|
234
|
(-)
Capitalized
|
-2200
|
NIL
|
|
To
General Expenses
|
|
350
|
By
Entertainment Receipts
|
|
76
|
|
To
Rates & Taxes
|
120
|
|
By
Interest
|
|
981
|
|
(-)
Prepaid
|
-50
|
70
|
By
Entrance Fees
|
900
|
|
|
To
Stationery & Printing
|
|
241
|
(-)
Capitalized
|
-450
|
450
|
|
To
Depreciation
|
|
|
|
|
|
|
Land
& Building
|
750
|
|
|
|
|
|
Furniture
|
230
|
980
|
|
|
|
|
To
Surplus
[Income
Over Expenditure]
|
|
2237
|
|
|
|
|
|
|
8257
|
|
|
8257
|
Balance Sheet as on 31.03.07
|
Liability
|
Amount
|
Amount
|
Asset
|
Amount
|
Amount
|
|
Capital
Fund
|
16695
|
|
Outstanding
Subscription of current year
|
|
3750
|
|
(+)
Entrance Fees
|
450
|
|
Outstanding
Subscription of Last Year
|
|
20
|
|
|
17145
|
|
Investments
|
|
900
|
|
(+)
Donations
|
2200
|
|
Fixed
Deposits
|
|
2900
|
|
|
19345
|
|
Cash
Balance
|
|
895
|
|
(+)
Surplus
|
2237
|
21582
|
Prepaid
Rates
|
|
50
|
|
Advance
Subscription of Next Year
|
|
103
|
Land
& Building
|
15000
|
|
|
O/S
Salaries
|
|
2000
|
(-)
Depreciation
|
-750
|
14250
|
|
|
|
|
Furniture
|
1150
|
|
|
|
|
|
(-)
Depreciation
|
-230
|
920
|
|
|
|
23685
|
|
|
23685
|
