Receipt and Payment Account of Shankar Sports Club given below, for the year ended December 31, 2017.
Receipt and Payment Account
For the year ending December 31,2017
| Receipt | Amount | Payments | Amount |
| Opening cash in hand | 2,600 | Rent | 18,000 |
| Entrance Fees | 3,200 | Wages | 7,000 |
| Donation for building | 23,000 | Billiard Table | 14,000 |
| Locker Rent | 1,200 | Furniture | 10,000 |
| Life Membership Fee | 7,000 | Interest | 2,000 |
| Profit from Entertainment | 3,000 | Postage | 1,000 |
| Subscription | 40,000 | Salary | 24,000 |
| Cash in hand | 4,000 | ||
| 80,000 | 80,000 |
Prepare income and expenditure account with the help of the following information:
Subscription outstanding on 31st Dec 2007 is Rs. 1,200 and Rs. 2,300 on
31.12.2006, Opening stock of postage stamps is Rs 200. rent Rs. 1,500 related to 2005 and Rs. 1,500 is still unpaid. On Jan 1, 2006, the club owned furniture
Rs 15000. Furniture valued at Rs. 22,500 on 31.12. 07. The club took a loan of Rs. 20,000@10% p.a. in 2017.
Books of Sankar Sport Club
Income and Expenditure Account
as on 31 Dec.2017
Income and Expenditure Account
as on 31 Dec.2017
| Expenditure | Amount | Income | Amount | ||
| Rent | 18,000 | Entrance fees | 3,200 | ||
| Add:Outstanding for the year 2017 | 1,500 | Locker Rent | 1,200 | ||
| 19,500 | Entertainment | 3,000 | |||
| Less:Outstanding for the year 2016 | (1,500) | 18,000 | Subscription | 40,000 | |
| Wages | 7,000 | Less:Outstanding for the year 2016 | (1,200) | ||
| Furniture (depreciation) | 2,500 | 38,800 | |||
| Interest | 2,000 | Add:Outstanding for the year 2017 | 2,300 | 41,100 | |
| Postage | 1,000 | Deficit(Balancing figure) | 6,100 | ||
| Add:Opening Stock | 300 | ||||
| 1,300 | |||||
| Less:Closing Stock | (200) | 1,100 | |||
| Salaries | 24,000 | ||||
| 54,600 | 54,600 |
Balance Sheet
as on Dec 31,2016
as on Dec 31,2016
| Liabilities | Amount | Assets | Amount |
| Outstanding Rent | 1,500 | Cash in hand | 2,600 |
| Loan (10%) | 20,000 | Furniture | 15,000 |
| Subscription Outstanding | 1,200 | ||
| Stock of Postage stamp | 300 | ||
| Capital Fund Deficit(Balancing figure) | 2,400 | ||
| 21,500 | 21,500 |
Balance Sheet
as on Dec 31,2017
as on Dec 31,2017
| Liabilities | Amount (Rs) | Assets | Amount (Rs) | ||
| Rent Outstanding | 1,500 | Subscription Outstanding | 2,300 | ||
| 10% Loan | 20,000 | Stock of Postage Stamps | 200 | ||
| Donation for Building | 23,000 | Billiard Table | 14,000 | ||
| Capital Fund | (2,400) | Furniture | 15,000 | ||
| Add: Life Membership Fee | 7,000 | Add: Purchases | 10,000 | ||
| Less: Deficit | (6,100) | 25,000 | |||
| Less : Depreciation | (2500) | 22,500 | |||
| Cash in Hand | 4,000 | ||||
| Capital Fund (Deficit) | 1500 | ||||
| 44,500 | 44,500 |
0 Comments