R0.8.

Following is the Receipts and Payments Account of Indian Sports Club, prepare Income and Expenditure
AcCOunt and Balance Sheet as on December 31, 2013 :
Receipt and Payment Account
for the year ending December 31, 2013
Payments Amount )
To Balance b/d Receipts Amount )
7,890 By Salary 11,000
To Subscriptions 52,000 By Electriccharges 5,500
To Life
membership fee
To Entrance fee
2,200 By Billiard Table 17500
so 3,200 By Office expenses 4100
To Tournament fund
26,000 By Printing and Stationery 2,300
To Locker Rent
1,250 By Tournament expenses 18,500
To Sale of old sports goods By Repairs of Ground 2,000
(Costing 2,200) 2,500 By Furniture purchased 7,700
To Sale of old
To Legacy
newspapers 750 By Sports equipment 12,000
37,500 By Cash-in-hand 12,690
By Cash at bank 10,000
By Fixed deposit (on 1-10-13 for 10% p.a.) 30,000
1,33,290 133,290
 Other Information:
3,200 on December 31, 2013. Locker rent
(E Subscription outstanding as on December 31, 2012 1,200 and December 31, 2013 1.000.
outstanding on December 31, 2013 250. Salary outstanding on
Sports equipment 17,500, Depreciation
G) On January 1, 2013, club has Building 36,000, Purniture R12,000,
(including purchase).
charged on Building, Furniture and Sports equipment @10%
Indian Sports Club
Ans.
Income and Expenditure Account
C
for the year ending Dec. 31, 2013
Dr.
Amount () Income Amount )
Expenditure
11,000 By Subscriptions :
To Salary
Add : Salary outstanding 1,000 12,000 Total subscription
Received 52,000
To Electric charges 5,500

To Office Expenses 4,100 Add :Outstanding as

2,300 on Dec. 31, 2013 3.200
To Printing and Stationery
55,200
To Repair of Ground 2,000
To Depreciation : Less : Outstanding as
on Dec. 31, 2012 (1200) 54,000
Building 3,600|
By Locker Rent 1,250
Furniture
Add :Outstanding Rent 250 1500
10% on (12,000 + 7,700) 1,970
By Profit on sale of old
Sports Equipment
sports goods 300
10% on (17,500 2,200 + 12,000) 2,730 8,300
26,300 By Sale of Old Newspapers 750
To Surplus (balancing figure)
By Entrance Fee 3,200
By Accrued Interest on investmernt 750

60,500 60,500

Indian Sports Club

Opening Balance Sheet
as on Jan. 1, 2013

Liabilities Amount () Assets Amount)

36,000
Capital Fund Building
74,590 Furniture 12,000
(Balancing figure)
Sports Bquipment 17,500
Subscription Outstanding 1,200
Cash-in Hand 7,90

74,590 74,990
 Indian Sports Club
Closing Balance Sheet
as 0n Dec. 31st, 2013
Liabilities Assets
Amount () Amount
Capital Fund 74,590 Building 36,000
Add : Surplus 26.300 Less : Depreciation 3.600 32,A00
1,00,890 Furniture 12,000

Add :Life Membership Fee_ 2,200 Add : Purchases Z700

1,03,090 19,700
Add : Legacy 37500 1,40,590 Less : Depreciation 1970 17,730
Tournament Fund 26.000 Sports Equipment 17,500
Less: Tournament Less : Sale (2,200)

Expenses (18,500) 7.500 15,300

Salary outstanding 1,000 Add : Purchases 12,000

27,300
Less : Depreciation (2,730) 24,570

Fixed Deposits 30,000

Add: Accrued Interest 750 30,750
Billiards table 17500

Outstanding Subscription 3,200

Outstanding Locker Rent 250
Cash at Bank 10,000
Cash-in-hand 12,690
1,49,090 149,090
 Long Answer Type I
n Eollowing is the receipts and
31st March, 2020
Questions
(6 Marks)
payments account of Green Club for the year
ended
Receipts
for the
and Payments
Account
year ended 31st March, 2020
Receipts Cr
Amt
To Balance b/d Payments Amt 0
ToSubscriptions 15,640 By Salary 2,400
2018-19 960
By Newspaper 1,640
2019-20
21,200 By Electricity Bill 800
2020-21 By 9% Investments (1st July, 2019) 16,000
400 22,560 By Books
To Sale of Old Newspapers 8,480
1,000 By Rent
To Government Grants 5,440
8,000 By Furniture 8,400
To Sale of Old Furniture
4,560 By Balance c/d 8,960
(Book value 5,600)
To Interest on Investments 360
52,120 52,120
Additional Information
(i) The club owned furniture 12,000 and Books 5,600 on 1st April, 2019.
(ü) Salary and rent were outstanding 480 and 960 on 31st March, 2020.
(ii) Subscription outstanding on 31st March, 2019 was 1,600 and on 31st March, 2020
was 2,000.
Prepare income and expenditure account and balance sheet for the year ending
31st March, 2020.
Ans. Income and Expenditure Account
Dr for the year ending 31st March, 2020 Cr
Amt ) Income Amt )
Expenditure
To Loss on Sale of Furniture 1,040 By Subscription 21,200
2,400 (+)Subscription Outstanding for
To Salary 22,560
2,880 Current Year (2,000-640) 1,360
(+) Outstanding for Current Year 480
1,000
1,640 By Sale of Old Newspaper
To Newspaper By Government Grant 8,000
800
To Electricity By Interest on lnvestment 360
To Rent 5,440
6,400 (+) Accrued Interest 720 1,080
960
(+) Outstanding for Current Year
To Surplus, i.e. Excess of Income 19,880
over Expenditure 32,640
32,640

Balance Sheet
as at 31st March, 2020
Assets Amt )
Amt )
Liabilities 8.960
480 Cash
Salary Outstanding 960 Subscription Outstanding
Rent Outstanding Previous Year (1,600 - 960) 640
400 2,000
Advance Subscription Current Year (2,000- 640) 1,360
34,840 16,000
Capital Fund 19,880 54,720 9% Investments
720
(+) Surplus Accrued Interest on Investment
5,600
Books 14,080
(+)Purchase 8,480
 Liabilities Amt ) Assets Amt )
Furniture 12,000
(+) Purchase 8,400
20,400
(-) Sale 5,600) 14,800
56,560 56,560

Balance Sheet
as at 31st March, 2019
Liabilities Amt) Assets Amt )
34,840 Cash 15.640
Capital Fund
Furniture 12,000
Books 5,600
Subscription Outstanding 1,600
34,840 34.840

Working Note 9
Accrued interest on investments= 16000x X -360 = 1080 -360 =720
100 12