Maharashtra State BoardHSC Arts 12th Board Exam
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You Are Required to Prepare Income and Expenditure Account as on 31.03.2010 and Balance Sheet as on that Date. - Book Keeping and Accountancy

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
(Rs.)

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
  Is there an error in this question or solution?
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 7 Accounts of 'Not For Profit' Concerns
Exercise | Q 10 | Page 234
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