Question

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).

Answer 1

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