Question

8. Following is the Receipts and Payments Accounts of Chennai Sports Club for the year ended

31st March, 2019:

Dr. Cr.

Receipts ` Payments `

Balance b/d 5,000 Salary 12,000

Subscriptions 26,000 Furniture 10,000

Tournament Fund 15,000 Office Expenses 8,000

Sale of Old Newspapers 2,000 Tournament Expenses 21,000

Legacy 35,000 Sports Equipments 20,000

Entrance Fees 4,000 Balance c/d 16,000

87,000 87,000

Additional Information: On 31st March, 2019, subscription outstanding was ` 4,000 and on 31st March, 2018

subscription outstanding was ` 3,000. Salary outstanding on 31st March, 2019 was ` 2,000.

On 1st April, 2018, the club had building ` 80,000, furniture ` 20,000, 10% Investment ` 45,000 and Sports

Equipment ` 25,000. Depreciation charged on these items including purchases was 10%.

Prepare Income and Expenditure Account of the club for the year ended 31st March, 2019 and ascertain the

Capital Fund on 31st March, 2018. (CBSE 2008, Modified)

[Surplus—` 29,000; Capital Fund (31.3.2018)—` 1,78,000; Balance Sheet Total (31.3.2019)—

` 2,09,000; Accrued Interest on Investment is ` 4,500, i.e., 10% of ` 45,000.]​

Answer 1

Explanation:

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Answer 2

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