Question

2. From the following Receipts and Payments Account of Vista Club, prepare an Income
and Expenditure Account for the year ended 31st March, 2019: (6 marks)
Receipts and Payments Account of Vista Club for the year ended 31st March, 2019
Receipts Amount
Rs.
Payments Amount
Rs.
To Balance b/d
To Subscriptions:
2017-18
5000 By Salaries
By electricity Expenses
By Machinery
31000
14500
11600
2018-19
73000
2019-20
8000
To Sale of old furniture
(Book value of Rs.2000)
To Entrance Fees
To Interest on Investment
92600
800
22000
200
(01.07.2018)
By 8% Investments
By Balance c/d
40000
30000
5100
Additional Information:
(a) The club had 50 members each paying an annual subscription of Rs.1500.
Subscriptions in arrears on 31st March, 2018, were Rs. 15000
(b) On 31st March, 2019, outstanding salaries were Rs.4000.
(c) 8% Investments were made on 31st December, 2018.
(d) The club owned machinery of Rs. 100000 on 1st April, 2018. Depreciate machinery @
6% p. a.
Note:- Surplus= Rs.39100
Accounting for Partnership Firm- Fundamentals (Chapter-2)

Answer 1

Answer:

Surplus -Rs 5,000 ; capital Fund as at 1st April , 2018 -RS 2,47,000 ; Balance Sheet Total -Rs 2,58,000.