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Question

From the following Receipts and Payments Account of a Club and from the additional information supplied, prepare Income and Expenditure

Additional Information:

(a) The club has, 50 members each paying annual subscription of 25. Subscriptions outstanding on 31st Dec. 2011 were Rs 300.

(b) On 31st December 2012 salaries outstanding amounted to f 100. Salaries paid included Rs 100 for the year 2011.

(c) On 1-1-2012,the club owned Land and Building valued at Rs 10,000, Furniture Rs 600 and Books Rs 500.

ReceiptsAmount (Rs)PaymentsAmount (Rs)To Balance b/d250By Salaries1,200To Subscriptions :By General Charges3002011250By Electric Charges20020121,000By Books1002013200By Newspapers400To Sale of old Furniture (Costing By Postage50Rs 100)60By Furniture250To Rent received for the use of Hall740Balance c/d500To Entertainment400To Sale of Newspaper100¯¯¯¯¯¯¯¯¯¯¯¯¯3,000––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯3,000––––––––

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Solution

Income and Expenditure A/c

For the year ended 31 Dec., 2012

ExpenditureAmount (Rs)IncomesAmount (Rs)To Salaries1,200By Subscription1,000Add : Out standing salries100––Add : O/s (2012)250––1,2501,300By Rent of hall740Less : Salaries paid for 2011100––1,200By Profit on Entertainment400To General Expenses300By Sale of News Paper100To Electric Charges200To News Paper400To Postage50To less on sale of furniture40To Surplus (Excess of Incomeexpenditure)300¯¯¯¯¯¯¯¯¯¯¯¯¯2,490––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯2,490––––––––

Balance Sheet

As on 31.12.2012

LiabilitiesAmount (Rs)AssetsAmount (Rs)Capital fund11,550Cash in hand500Add : Surplus300––11,850Subscription O/s250Subscription recd in Advance200Add : O/s for 201150300Salries Outstanding100Land \& building10,000Furniture600Less : Sold100––500Add : Purchased250––750Books500Add : Purchased100––600¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯12,150––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯12,150––––––––––––

Working Notes :

LiabilitiesAmount (Rs)AssetsAmount (Rs)Salaries Outstanding100Cash Balance250Capital fund11,550Outstanding subscription300(Balancing figure)Furniture600Books500Land and Building10,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯11,650––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯11,650––––––––––––


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Q.

From the following Receipt and Payment Account of a club, prepare Income and Expenditure Account for the year ended December 31, 2006 and the Balance Sheet as on that date.

Receipt and Payment Account for the year ending December 31, 2006

Receipts

Amount

Rs

Payments

Amount

Rs

Balance b/d

3,500

General expenses

900

Subscription:

2005

2006

2007

1,800

70,000

3,000

75,000

Salary

Postage

Electricity charges

Furniture

16,000

1,300

7,800

26,500

Sale of old Books

2,000

Books

13,000

(Costing Rs 3,200)

Newspapers

600

Rent from use of hall

17,000

Meeting expenses

7,200

Sale of newspapers

400

T.V. set

16,000

Profit from entertainment

7,300

Balance c/d

15,900

1,05,200

1,05,200

Additional Information:

(a)

The club has 100 members each paying an annual subscription of Rs900. Subscriptions outstanding on December 31, 2005 were Rs 3,600.

(b)

On December 31, 2006 , salary outstanding amounted to Rs 1,000, Salary paid included Rs 1,000 for the year 2005.

(c)

On January 1, 2006 the club owned land and building Rs 25,000, furniture Rs 2,600 and books Rs 6,200.

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