Question

0.16. Following is the Receipt and Payment Account of Chennai Sports Club for
the year ended 31-3-2014:
Receipts
3.
Payments
Balance bld
5,000 Salary
12,000
Subscriptions
26,000 Furniture
10,000
Entrance Fee
4,000 Office Expenses
8.000
Tournament Fund
15,000 Tournament Expenses
21,000
Sale of old newspapers
2,000 Sports Equipment
20.000
egacy
35,000 Balance c/d
16,000
87,000
87,000
ther Information :
On 31-3-2014 subscription outstanding was 4,000 and on 31-3-2013 subscriptia
tstanding was 3,000. Salary outstanding on 31-3-2014 was 12,000.
On 1-4-2013 the club had building *80,000, furniture 20,000, 10% investme
-5,000 and sports equipment 25,000. Depreciation charged on these iter
cluding purchases was 10%.
Prepare Income and Expenditure Account of the Club for the year end
-3-2014 and ascertain the Capital Fund on 31-3-2013. Also prepare a Balance She
at 31st March, 2014.
(Ans. Opening Capital Fund 1,78,000; Deficit 6,000; Balance Sheet To
09,000.)
Hint: Excess of Tournament Expenses over Tournament Fuhd 36,000
000) will be shown on the debit side of Income & Expenditure Accoun
*21,00​

Answer 1

Answer:

-3-2014 and ascertain the Capital Fund on 31-3-2013. Also prepare a Balance She

at 31st March, 2014.

(Ans. Opening Capital Fund 1,78,000; Deficit 6,000; Balance Sheet To

09,000.)

Hint: Excess of Tournament Expenses over Tournament Fuhd 36,000

000) will be shown on the debit side of Income & Expenditure Accoun

*21,00