Ledger
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 |
| 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.
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Solution 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
Solution 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 |
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