Question

07. Following are the Balance Sheet and Receipts and Payments Account of Hassan
Sports Club, llassan.
Balance Sheet as on 31-03-2017
Liabilities
Assets
Capital Pund
61.000 Buildings
04.000
Subscription for 2017-18 1.000 0/S Subscriptions
1.600
O/Somce expenses
4,000 0/S Rent
Bank loan
20.000 Furniture
12.000
Cash in Hand
8,000
86,000
86,000
400
Receipts and Payments A/C for the year ending 31-03-2018
Dr.
Cr.
4.000
6,000
Receipts
To Balance b/d
To Subscriptions
2016-17
2017-18
2018-19
To Entrance Fees
To Rent
To Income from Dreuna
To Sale of newspapers
Payments
8,000 By Office Expenses
2016-17
1.600
2017-18
17,600 By Subscription to
2,800 Newspapers and
4,000 Journals
4,000 By Refreshment Expenses
6.000 By Investments
400 By Bank Loan
By Salary
By Balance c/d
44,400
2,000
4.000
10.000
8,000
4,400
6,000
44.400
Adjustments
a) Subscriptions outstanding 1,000.
b) Salary outstanding 400,
c) Interest payable 82,400,
d) Depreciation on buildings 25,000
ej Entrance fees are to be capitalised.
Prepare (0) Income and Expenditure Account and
fu) Balance Sheet as on 31-03-2018​

Answer 1

Explanation:

Adjustments

a) Subscriptions outstanding 1,000.

b) Salary outstanding 400,

c) Interest payable 82,400,

d) Depreciation on buildings 25,000

ej Entrance fees are to be capitalised.

Prepare (0) Income and Expenditure Account and