Question

3. From the following Receipts and Payments Nc of Mumbai Club, prepare Income and
Expenditure Alc for the year ended 31.3.2016 and its Balance Sheet as on that date:
Receipts
Payments
Cash in Hand
8.000
Salary
4.000
Cash at Bank
20,000
Repair Expenses
1.000
Donations
10,000 Purchase of Furniture
12.000
Subscriptions
24,000 Misc. Expenses
1.000
Entranco Fees
2.000 Purchase of Investments
12.000
Interest on Investments
200 Insurance Premium
Interes Received from
800 Biliard Table
16.000
Bank
Sale of Od Newspaper
300 Paper. Ink, etc.
300
Sole of Drama Tickets
2.100 Drama Expenses
1.000
Cash in Hand (Closing)
5.300
Cash at Bank (Closing)
14,400
67.400
67.400
Information:
lol Subscriptions in arrears for 2015-2016 T1.800 and Subscription in advance for 2016-2017
3700
(b) Insurance premium Outstanding 780. Misc. Expenses Prepaid ? 180.
lc 50% of donation is to be capitalized. Entrance Fees are to be treated as revenue
Income​

Answer 1

Answer:

Q13. Match the following: (3 marks)

Column

Column 11

A) Bank charges

1) Finance costs

B) Free lunch to employee

2) Other expenses

C) Interest on debentures

3) Depreciation and amortization

D) Writing of patents

4) Employee benefit expenses

E) Public deposits

5) Inventories

F)