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Following is the Receipt and Payment Account of Indian Sports Club, Prepared Income and Expenditure Account, Balance Sheet as on December 31, 2017: - Accountancy

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Following is the Receipt and Payment Account of Indian Sports Club, prepared Income and Expenditure Account, Balance Sheet as on December 31, 2017:

Receipt and Payment Account  
for the year ending December 31, 2017

Receipts Amount (Rs) Payments Amount (Rs)
Balance b/d 7,890 Salary 11,000
Subscriptions 52,000 Electric charges 5,500
Life member ship fee 2,200 Billiard Table 17,500
Entrance fee

3,200

Office expenses 4,100
Tournament fund 26,000 Printing and Stationery 2,300
Locker Rent  1,250 Tournament expenses 18,500
Sale of old sports goods (Costing Rs 2,200) 2,500 Repair of ground  2,000
Sale of Old Newspaper

750

Furniture purchased 7,700
Legacy

37,500

Sports equipments 12,000
    Cash in Hand 12,690
    Cash at Bank 10,000
    Fixed Deposit (on 1.10.17 for 10% p.a) 30,000
  133290   133290

Other Information: 

Subscription outstanding was on December 31, 2016 Rs 1,200 and Rs 3,200 on December 31, 2017. Locker rent outstanding on December 31, 2017 Rs 250. Salary outstanding on December 31, 2017 Rs 1,000.
On January 1, 2017, club has Building Rs 36,000, furniture Rs 12,000, Sports equipments Rs 17,500. Depreciation charged on these items @ 10% (including Purchase).

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Solution

Indian Sports Club 
Income and Expenditure Account 
as on Dec. 31, 2017

Dr.                                                                            Cr.

Expenditure Amount (Rs) Income Amount (Rs)
Salary 11,000 12,000 Subscriptions

52,000

54,000
Add: Outstanding for 2017  1,000 Add: Outstanding for 2017  3,200
Electric Charges 5,500   55,200
Office Expenses 4,100 Less: Outstanding for 2016  (1,200)
Printing and Stationery

2,300

Locker Rent 1,250  1,500
Repair of Ground  2,000 Add: Outstanding for 2017  250
Depreciation on:   Entrance Fees 3,200
Furniture 1,970  8,300 Profit on Sale of Sports Equipments (Rs 2,500 – Rs 2,200) 300
Building

3,600

Sale of Old Newspapers 750
Sports Equipments 2,730 Accrued Interest 750
Surplus 26,300    
  60500   60500

Balance Sheet 
as on January 01, 2016

Liabilities Amount (Rs) Assets Amount (Rs)
Capital Fund (Balancing Figure)  74,590 Subscription Outstanding 1,200
    Building 36,000
  Furniture 12,000
  Sports Equipments 17,500
  Cash and Bank 7,890
  74590   74590

Balance Sheet 
as on Dec. 31, 2017

Liabilities Amount (Rs) Assets Amount (Rs)
Salary Outstanding  1,000 Subscripting Outstanding 3,200
Tournament Fund 26,000 7,500 Locker Rent Outstanding 250
Less: Tournament Expenses 18,500 Building 36,000  32,400
Capital fund

74,590

1,40,590  Less: 10% Depreciation

 (3,600)

Add: Life Membership Fee 2,200 Furniture 12,000 17,730
Add: Legacy 37,500 Add: Purchases  7,700
Add: Surplus 26,300   19,700
    Less: 10% Depreciation  (1,970)
  Sports Equipments 17,500 24,570
  Add: Purchases 12,000
    29,500
  Less: Sales  (2,200)
    27,300
  Less: 10% Depreciation (2,730)
  Billiard Table  17,500
  Cash in hand 12,690
  Cash at Bank 10,000
  Fixed Deposit 30,000 30,750
  Add: Accrued Interest 750
  149090   149090
Concept: Preparation of Balance Sheet
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APPEARS IN

NCERT Class 12 Accountancy - Not-for-profit Organisation and Partnership Accounts
Chapter 1 Accounting for Not-for-Profit Organisation
Numerical Questions | Q 8 | Page 55
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