From the following Receipt and Payment Account prepare final accounts of a Unity Club for the year ended March 31, 2017.
Receipt and Payment Accounts
for the year ending March 31, 2017
for the year ending March 31, 2017
| Receipt | Amount (Rs.) | Payment | Amount (Rs.) |
| Balance b/d | 15,000 | Furniture | 18,000 |
| Sale of Old furniture (costing Rs 6,000) | 4,000 | Library books | 10,000 |
| Subscriptions: 2015–16 18,000 2016-17 60,000 2017-18 12,000 | 90,000 | Salaries | 72,000 |
| Sale of old newspapers | 10,800 | General expenses | 18,000 |
| Profit from entertainment | 44,000 | Electric charges | 12,000 |
| Rent | 84,000 | Newspapers | 33,800 |
| Postage | 3,000 | ||
| Stationery | 40,000 | ||
| Audit fee | 8,000 | ||
| Balance c/d | 33,000 | ||
| 2,47,800 | 2,47,800 |
Balance Sheet
as on March 31, 2016
as on March 31, 2016
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
| Outstanding Salary | 6,000 | Cash | 15,000 |
| Capital Fund | 6,94,000 | Outstanding subscription | 18,000 |
| Library Books | 30,000 | ||
| Furniture | 37,000 | ||
| Land and Building | 6,00,000 | ||
| 7,00,000 | 7,00,000 |
Additional Information:
| 1. | The Club had 500 members each paying an annual subscription of Rs 150. |
| 2. | On 31.3.2013 salaries outstanding amounted to Rs 1,200 and salaries paid included Rs 6,000 for the year 2011–12. |
| 3. | Provide 5% depreciation on Land and Building. |
Books of Unity Club
Income and Expenditure Account
as on March 31,2017
| Expenditure | Amount (Rs.) | Income | Amount (Rs.) |
| Loss on sales of old Furniture (6,000-4,000) | 2,000 | Subscription (500X150) | 75,000 |
| Salaries | 72,000 | Sales of old newspaper | 10,800 |
| General Expenses | 18,000 | Profit from entertainment | 44,000 |
| Electric Charges | 12,000 | Rent | 84,000 |
| Newspapers | 33,800 | Deficit (Balancing figure) | 200 |
| Postage | 3,000 | ||
| Stationery | 40,000 | ||
| Audit fee | 8,000 | ||
| Land and Building (Depreciation) | 30,000 | ||
| 2,14,000 | 2,14,000 |
Balance Sheet
as on 31st March,2017
as on 31st March,2017
| Liabilities | Amount (Rs.) | Assets | Amount(Rs.) | ||
| Advanced Subscription for the year 2018 | 12,000 | Subscription Outstanding | 15,000 | ||
| Salaries Outstanding | 1,200 | Furniture | 37,000 | ||
| Capital fund | 6,94,000 | Add:Purchases | 18,000 | ||
| Less:Deficit | 200 | 6,93,800 | 55,000 | ||
| Less:Sales | 6,000 | 49,000 | |||
| Library Books | 30,000 | ||||
| Add:Purchases | 10,000 | 40,000 | |||
| Land and Building | 6,00,000 | ||||
| Less:Depreciation (5%) | 30,000 | 5,70,000 | |||
| Cash and Bank | 33,000 | ||||
| 7,07,000 | 7,07,000 |
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