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Receipt and Payment Account of Shankar Sports Club is Given Below, for the Year Ended March 31, 2017 - Accountancy

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Receipt and Payment Account of Shankar Sports club is given below, for the year ended March 31, 2017

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

Receipts Amount (Rs) Payments Amount (Rs)
Opening Cash in hand 2,600 Rent 18,000
Entrance fees

3,200

Wages 7,000
Donation for building 23,000 Billiard table  14,000
Locker rent

 1,200

Furniture 10,000
Life membership fee

7,000

Interest 2,000
Profit from entertainment

3,000

Postage 1,000
Subscription 40,000 Salary 24,000
    Cash in hand 4,000
  80,000   80,000

Prepare Income and Expenditure Account and Balance Sheet with help of following Information:

Subscription outstanding on March 31, 2016 is Rs 1, 200 and Rs 2,300 on March 31, 2017, opening stock of postage stamps is Rs 300 and closing stock is Rs 200, Rent Rs 1,500 related to 2015 and Rs 1,500 is still unpaid.

On April 01, 2016 the club owned furniture Rs 15,000, Furniture valued at Rs 22,500

On March, 31, 2017, The club took a loan of Rs 20,000 (@ 10% p.a.) in 2017.

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Solution

Books of Shankar Sports Club 
Income and Expenditure Account 
as on 31 Dec. 2017

Expenditure Amount (Rs) Income Amount (Rs)
Rent

18,000

18,000 Entrance Fees 3,200
Add: Outstanding for 2017 

1,500

Locker Rent 1,200
  19,500 Profit from Entertainment 3,000
Less: Outstanding for 2016  (1,500) Subscription

40,000

41,100
Wages 7,000 Less: Outstanding for 2016 

(1,200)

Depreciation on Furniture 2,500   38,800
Interest 2,000 Add: Outstanding for 2017  2,300
Postage 1000 1,100 Deficit (Balancing Figure)  6,100
Add: Opening Stock 300    
  1,300  
Less: Closing Stock  (200)  
Salaries 24000  
  54600   54600

Balance Sheet  
as on  December 31, 2016 

Liabilities Amount (Rs) Assets Amount (Rs)
Rent Outstanding 1,500 Cash in Hand 2,600
10%  Loan 20,000 Subscription Outstanding 1,200
    Furniture 15,000
    Stock of Postage Stamps 300
    Capital fund Deficit (Balancing figure)  2,400
  21,500   21,500

Balance Sheet  
as on December 31, 2017 

Liabilities Amount (Rs) Assets Amount (Rs)
Rent Outstanding 1,500 Subscription Outstanding 2,300
10%  Loan 20,000 Stock of Postage Stamps 200
Donation for Building 23,000 Billiard Table 14,000
Capital Fund (2,400)   Furniture 15,000 22,500
Add: Life Membership Fee 7,000   Add: Purchases 10,000
Less: Deficit (6,100)     25,000
    Less : Depreciation (2500)
  Cash in Hand 4,000
  Capital Fund (Deficit) 1500
  44,500   44,500

* NOTE 1:

Capital Fund

(2,400)

Add:

Life Membership Fees

7,000

Less:

Deficit

(6,100)

 

Net Deficit

(1,500)

Concept: Preparation of Receipts and Payments Account
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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 10 | Page 56
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