Question

21. The following information's were obtained from the books of Delhi club as on 31.3.20X1 at the end of
the first year of the club. You are required to prepare receipts and payments Account, Income and
Expenditure Account for the year ended 31.3.20X1 and a Balance Sheet as at 31.3.20X1 on mercantile
basis:
(1) Donations received for Building and Library Room 52,00,000
(ii) Other revenue income and actual receipts:
Revenue Income/ Actual receipt
Entrance fees17000/17000
Subscriptions20000/19000
Locker rents600/600
Sundry Income1600/1060
Refreshment account- Nil

(iii) Other revenue expenditure and actual payments:
Revenue Expenditure/Actual Payments:-
Land (cost Rs 10,000) :-nil/10000
Furniture (cost Rs 1,46,000) :-nil/130000
Salaries:- 5000/4800
Maintenance of play grounds:-2000/1000
Rent:-8000/8000
Refreshment:- nil/8000
*Donations to the extent of 25,000 were utilized for the purchase of Library Books, balance was still
unutilized. In order to keep it safe, 9% Govt. Bonds of 1,60,000 were purchased on 31.3.20x1.
remaining amount was put in the Bank on 31.3.20X1 under the term deposit. Depreciation at 10% p.a. was
to be provided for the whole year on Furniture and Library Books.
*Answer: Surplus 15,100 B/S Total 3,40,440; Bank O/D 1,08,140​

Answer 1

Answer:

ask one que at a time it will will be easy