Question

Following is the accounting information for the year 2009-2010 of Cricket Club, Pune, You are required to prepare Income and Expenditure Account as on 31.03.2010 and Balance Sheet as on that date.
                                 Balance Sheet as on 01.04.2009 

Liabilities	Amount (Rs.)	Assets	Amount (Rs.)	Amount (Rs.)
Capital Fund	67,100	Land		120,000
Building Fund	54,000	Sports Material		32,000
Bank Overdraft	37,400	Cash in Hand		2,200
		Outstanding Subscriptions
		2007-2008	Rs.1800
		2008 - 2009	Rs.2500	4,300
	158,500			158,500

Receipts and Payments Account for year ending on 31-03-2010
Dr.                                                                                                         Cr.

Receipts	Amount (Rs.)	Amount (Rs.)	Payments	Amount (Rs.)	Amount (Rs.)
To Balance b/d (cash in Hand)		2200	Bank Overdraft (repaid)		37,400
To subscription		69,800	By Salaries		25,600
2007-2008	1800		By Electricity Charges		2,250
2008-2009	2500		By Rent and Taxes		1,750
2009-2010	65500		By Printing and Stationery		5,100
			By Entertainment Expenses 31/03/2010		8,700
To Donations		11,000	By Balance c/d
To Entertainment Receipts		8,800	Cash in Hand Cash at Bank		3,000 10,000
To Entrance Fees		2,000
		93,800			93,800

Adjustments:
1) Donation are received for Building Fund.
2) Entrance Fees are to be Capitalized.
3) Outstanding Subscription Rs 1,500.
4) Depreciate sport Material @ 12 1/2% p.a.

Answer 1

Cricket Club, Pune

Income and Expenditure Account

for the year ending March 31,2010

Dr.                                                                                                   Cr.

Expenditure	Amount (Rs)	Income		Amount (Rs)
Printing and Stationery	5,100	Subscription	65,500 1,500	67,000
Salaries paid	25,600	Add: Outstanding at the end
Electricity Charges	2,250	Entertainment Receipts		8,800
Rent and Taxes	1,750	General Donation		-
Entertainment Expenses	8,700
Depreciation on Sports Material	4,000
Surplus (Excess of Income over Expenditure)	28,400
	75800			75,800

Balance Sheet

as on March 31,2010

Answer 2

Cricket Club, Pune

Income and Expenditure Account

for the year ending March 31,2010

Dr.                                                                                                   Cr.

Expenditure	Amount (Rs)	Income		Amount (Rs)
Printing and Stationery	5,100	Subscription	65,500 1,500	67,000
Salaries paid	25,600	Add: Outstanding at the end
Electricity Charges	2,250	Entertainment Receipts		8,800
Rent and Taxes	1,750	General Donation		-
Entertainment Expenses	8,700
Depreciation on Sports Material	4,000
Surplus (Excess of Income over Expenditure)	28,400
	75800			75,800

Balance Sheet

as on March 31,2010

Liabilities	Amount (Rs)	Amount (Rs)	Assets	Amount (Rs)	Amount (Rs)
Capital Fund			Sports Material	32000 4000	28,000
Opening Balance	67,100 28,400	95,500	Less: Depreciation
Add: Surplus			Land		120,000
Building Fund	54,000 11,000	65,000	Subscription Outstanding		1,500
Add: Donations			Cash in Hand		3,000
Entrance Fees		2,000	Cash at Bank		10,000
		162,500			162,500