Question

17. From the following Receipts and Payments account of a Club, prepare
Income & Expenditure Account for the year ended 31st March, 2019 and a Balance
Sheet as at that date :
Receipts
To Balance b/d
To Subscriptions (Including
*600 received in advance)
To Interest on Investments
(Cost of Investments 50,000)
To Bank Interest
To Sale of furniture
(Book value 5,000)
To Life Membership fees
₹
Payments
6,000 By Salaries
By Rent
40,000 By Stationery
By Postages
6,000 By Bicycle
200 By Govt. Bonds
By Balance c/d
2,400
8,100
62,700
15,400
12,300
700
400
1,800
12,500
19,600
62,700
Subscriptions include 33,200 for the last year, rent include 900 paid for the last
year. Subscriptions outstanding of the current year are 34,500. Rent outstanding for
the month of March, 2019 is 1,000 and a payment for stationery is also due for 250.
On 1-4-2018, Club had land valued 50,000 and furniture valued at $15,000.
[Ans. Opening Capital Fund 31,23,300; Surplus *15,150; Balance Sheet Total
*1,48,400.]​

Answer 1

Answer:

last

year. Subscriptions outstanding of the current year are 34,500. Rent outstanding for

the month of March, 2019 is 1,000 and a payment for stationery is also due for 250.

On 1-4-2018, Club had land valued 50,000 and furniture valued at $15,000.

[Ans. Opening Capital Fund 31,23,300; Surplus *15,150; Balance Sheet Total

*1,48,400.]