Question

0.15. From the given Receipts and Payments Account and additional information of Prettiset
Club for the year ended 31st March, 2019, prepare Income and Expenditure Account for
the year ended 31st March, 2019 and Balance Sheet as on that date:
Dr.
RECEIPTS AND PAYMENTS ACCOUNT OF PREMIER CLUB
for the year ended 31st March, 2019
3 Payments
Receipts
20.900
39.000
To Balance bld
To Donations
To Subscriptions
2017-18
2018-19
2019-20
To Interest Received
By Furniture and Equipment
Purchased on 1st October, 2018)
By Salaries
By Balance dd
12000
70,000
9.000
91.000
19,700
2220600
Additional Information:
(i) On 1st April, 2018, the club had the following balances of assets and liabilities:
Furniture and Equipment ? 1,80,000, Subscriptions in arrears ? 15,000, and Outstanding
Salary? 13,000
(ii) Charge depreciation on Furniture and Equipment @ 10% pa.
(1) The club had 90 members, each paying an annual subscription of 1,000.
(CBSE 2020)
Surplus: 76,700; Capital Fund (1st April
, 2018): 2,62,900; Balance Sheet Total:+3,48,600,​

Answer 1

Explanation:

Depreciation

On 180000 for full year=18000

On 100000 for half year=5000

Subscription=1000*90=90000