Advertisement Remove all ads

Receipt and Payment Account of Maitrey Sports Club Showed that Rs 68,500 Were Received by Way of Subscriptions for the Year Ended on March 31, 2017. - Accountancy

Ledger

Receipt and Payment Account of Maitrey Sports Club showed that Rs 68,500 were received by way of subscriptions for the year ended on March 31, 2017.

The additional information was as under:

1. Subscription Outstanding as on March 31, 2016 were Rs 6,500,

2. Subscription received in advance as on March 31, 2016 were Rs 4,100,

3. Subscription Outstanding as on March 31, 2017 were Rs 5,400,

4. Subscription received in advance as on March 31, 2017 were Rs 2,500.

Show how that above information would appear in the final accounts for the year ended on March 31, 2017 of Maitrey Sports Club.

Advertisement Remove all ads

Solution

Books of Maitrey Sports Club 
Income and Expenditure Account 
as on March 31, 2017 

Expenditure Amount (Rs) Income Amount (Rs)
    Subscription 68500 69000

 

 

 

 

 

Less: O/s on Mar. 31, 2016 (6500)
    62000
  Add: Advance on Mar. 31, 2016 4100
  Add: O/s on Mar. 31, 2017 5400
    71500
  Less: Advance on Mar. 31, 2017 (2500)

Balance Sheet 
as on  March 31, 2016

Liabilities Amount (Rs) Assets Amount (Rs)
Subscription in Advance 4100 Subscription Outstanding 6500

Balance Sheet 
as on March 31, 2017 

Liabilities Amount (Rs) Assets Amount (Rs)
Subscription in Advance 2,500 Subscription Outstanding 5400
Concept: Preparation of Receipts and Payments Account
  Is there an error in this question or solution?
Advertisement Remove all ads

APPEARS IN

NCERT Class 12 Accountancy - Not-for-profit Organisation and Partnership Accounts
Chapter 1 Accounting for Not-for-Profit Organisation
Numerical Questions | Q 14 | Page 56
Advertisement Remove all ads
Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×