From the following Receipt and Payment Account of Jan Kalyan Club, prepare Income and Expenditure Account and Balance Sheet for the year ending March 31, 2013.
Receipt and Payment Account
for the year ending March 31, 2017
| Receipts | Amount (Rs.) | Payments | Amount (Rs.) |
| Cash in hand as on 1.4.12 | 6,800 | Salaries | 24,000 |
| Subscription | 60,200 | Travelling Expenses | 6,000 |
| Donation | 3,000 | Stationery | 2,300 |
| Sale of furniture (Book value Rs 6000) | 4,000 | Rent | 16,000 |
| Entrance fee | 800 | Repair | 700 |
| Life membership fee | 7,000 | Books purchased | 6,000 |
| Interest on investment (@ 5% for full year) | 5,000 | Building purchased | 30,000 |
| Cash in hand as 31.3.2013 | 1,800 | ||
| 86,800 | 86,800 |
| As on 1.04.2012 | As on 31.03.2013 | ||
| (i) | Subscription received in advance | 1,000 | 3,200 |
| (ii) | Outstanding subscription | 2,000 | 3,700 |
| (iii) | Stock of stationery | 1,200 | 800 |
| (iv) | Books | 13,500 | 16,500 |
| (v) | Furniture | 16,000 | 8,000 |
| (vi) | Outstanding rent | 1,000 | 2,000 |
Book of Jan Kalyan Club
Income and Expenditure Account
as on 31 March 2017
Income and Expenditure Account
as on 31 March 2017
| Expenditure | Amount (Rs.) | Income | Amount (Rs.) | ||
| Salaries | 24,000 | Subscription | 60,200 | ||
| Loss on Sale of Furniture(Rs 6,000-Rs 4,000) | 2,000 | Less:Outstanding for 2016 | (2,000) | ||
| Travelling Expenses | 6,000 | 58,200 | |||
| Stationary | 2,300 | Add:Outstanding for 2017 | 3,700 | ||
| Add:Opening Stock | 1,200 | 62,900 | |||
| 3,500 | Less:Advanced in 2017 | (3,200) | 59,700 | ||
| Less:Closing Stock | (800) | 2,700 | Donation | 3,000 | |
| Repairs | 700 | Entranced fees | 800 | ||
| Rent | 16,000 | Interest on Investment | 5,000 | ||
| Less:Outstanding for 2016 | (1,000) | ||||
| 15,000 | |||||
| Add:Outstanding for 2017 | 2,000 | 17,000 | |||
| Depreciation on Books | 3,000 | ||||
| Depreciation on Furniture | 2,000 | ||||
| Surplus | 11,100 | ||||
| 68,500 | 68,500 |
Balance sheet
as on April 1,2016
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
| Outstanding Rent | 1,000 | Cash in hand | 6,800 |
| Advanced Subscription | 1,000 | Investment | 1,00,000 |
| Capital Fund(balancing figure) | 1,37,500 | Subscription Outstanding | 2,000 |
| Stock and Stationary | 1,200 | ||
| Books | 13,500 | ||
| Furniture | 16,000 | ||
| 1,39,500 | 1,39,500 |
Balance sheet
as on March 31,2017
| Liabilities | Amount | Assets | Amount | ||
| Advanced Subscription | 3,200 | Stock of Stationary | 3,700 | ||
| Outstanding Rent | 2,000 | Subscription Outstanding | 3,700 | ||
| Capital Fund | 1,37,500 | Investment | 1,00,000 | ||
| Add:Life membership Fees | 7,000 | Books | 13,500 | ||
| Add: Surplus | 11,100 | 1,55,600 | Add:Purchases | 6,000 | |
| 19,500 | |||||
| Less:Depreciation | (3,000) | 16,500 | |||
| Furniture | 16,000 | ||||
| Less:Sales | 6,000 | ||||
| 10,000 | |||||
| Less:Depreciation | (2,000) | 8,000 | |||
| Building | 30,000 | ||||
| Cash in hand | 1,800 | ||||
| 1,60,800 | 1,60,800 |
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