0.4. Show how will you deal with the following items in the final accounts of Chetak
Club, Jaipur
Prize Fund
Interest on Prize Fund Investments
Prizes given
Prize fund Investments
Donations for Prize fund
80,000
6,000
10.000
60,000
25.000
Answers
Explanation:
The following is the summary of cash transactions of an Institute for the year ending
on 31st March, 2018 :
Receipts
Amount
Payments
Amount
₹
Balance b/d
200
172
160
Entry Fee
Subscription
General Donation
Interest on F.D. [for 3 months)
Life Membership Fee
208
180
70
915 Rent
412 Stationery
4,500 Books
748 General Expenses
100 Wages
240 Electricity Expenses
Refreshment
Office Expenses
Furniture
Fixed Deposit
(At 10% on 1 April, 2017)
Cash Balance
207
38
180
4,000
600
Bank Balance
900
6,915
6,915
In the beginning of the year, Institute has Furniture worth 2,000 and Books
worth * 1,500. At the end of the year subscription from members was due for
* 250 and 78 were received in advance. At the end of the year rent was
outstanding * 70. Write off depreciation on furniture # 109 and on books * 166.
Adjust earned interest on fixed deposit in the Bank.
Prepare Income & Expenditure Account and Balance Sheet as on 31st March, 2018
and calculate the opening capital.
Ans: Capital 4.415
Answer:
orher explanation with image