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  • Subscription (450 1000) 450000 Profit On Sale of Events Ticket 310000 Profit On Investments 200000 Total Income 960000

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    Alina Rahim
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    The document provides information about the receipts and payments account of Shaheen Sports Club for the year ending December 31, 2011. It states that there were 450 members each paying an annual subscription of Rs. 1,000. It also provides additional details such as an outstanding subscription amount from 2010, accrued rent, and the value of stationery and buildings at the end of 2010 and 2011. The required task is to prepare an income and expenditure account and balance sheet for Shaheen Sports Club as of December 31, 2011 using the information provided.

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    The document provides information about the receipts and payments account of Shaheen Sports Club for the year ending December 31, 2011. It states that there were 450 members each paying an annual subscription of Rs. 1,000. It also provides additional details such as an outstanding subscription amount from 2010, accrued rent, and the value of stationery and buildings at the end of 2010 and 2011. The required task is to prepare an income and expenditure account and balance sheet for Shaheen Sports Club as of December 31, 2011 using the information provided.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    6 views2 pages

    Subscription (450 1000) 450000 Profit On Sale of Events Ticket 310000 Profit On Investments 200000 Total Income 960000

    Uploaded by

    Alina Rahim
    The document provides information about the receipts and payments account of Shaheen Sports Club for the year ending December 31, 2011. It states that there were 450 members each paying an annual subscription of Rs. 1,000. It also provides additional details such as an outstanding subscription amount from 2010, accrued rent, and the value of stationery and buildings at the end of 2010 and 2011. The required task is to prepare an income and expenditure account and balance sheet for Shaheen Sports Club as of December 31, 2011 using the information provided.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    Advanced Financial Accounting (FIN611) Assignment No.

    1 Bc090402936 Sidra Nasir Following is the Receipts and Payments Account of Shaheen Sports Club for the year ended on 31st December 2011. Additional information: 1. There are 450 members, each paying an annual subscription of Rs. 1,000. 2. An amount of Rs. 9,000 was due from the subscriptions for the year 2010. 3. Accrued rent of Rs. 10,000 at the end of the year. 4. Stationery in hand at the end of the year is Rs. 18,000. 5. On 31st December 2010 the building stood in the books at Rs. 2,000,000 and is subject to depreciation at 5% per annum. 6. Investments at 31st December 2010 were Rs. 900,000.

    Required: Prepare Income and Expenditure Account for the year ended on 31st December 2011 and Balance Sheet as on that date.
    Solution:

    INCOME: Subscription (450*1000) =450000

    Profit on sale of events ticket =310000 Profit on investments Total Income =200000 = 960000

    Less : Expenditure: Salary Stationary Rent Electricity Repairs General Expenses Bad Debts Depreciation on Building = 416000 = (80000-18000) = 62000 = (120000+10000) = 130000 = 20000 = 80000 =100000 = (9000-8000) = 1000 = 100000 (431000) = 431000 52900

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