975
SET-A.[10] Given
below is the Receipts and Payments Account of
Citizen Club for the year ending 31st December, 2010:
Receipts and Payments Account
Receipts
Amount Payments
Amount
Rs.
Rs.
Cash in Hand (Opening) 2,250 Salaries
24,750
Cash at Bank (Opening) 63,000 Stationery
Subscription
76,200 Repair expenses
3,510
Donation
36,000 Billiard table
29,025
Interest on Investment 900 Investments
30,990
Entrance fee
9,000 Misc.expenses
3,300
Bank Interest
3,150 Furniture
61,500)
Sale of old news papers 450 Insurance premium
1,350,
Cash in Hand (closing)
2,100
Cash at bank (closing) 33,450
1,90,950
1,90,950
Prepare the club's Income and Expenditure account for the
year ended 31st December, 2010 and the Balance Sheet after
taking the following information into account:
(1) Subscription is in arrear for 2010 Rs. 6,750 and subscrip-
tion received in advance for 2011 Rs. 1,950.
(ii) Insurance premium prepaid Rs. 150.
(iii) Misc. expenses outstanding Rs. 450.
(iv) 50% of donation is to be capitalized.
(v) Entrance fee is to be treated as revenue item.(Marks 4,2)
Ans. ( Surplus Rs. 78,315; B/S Total Rs. 1,63,965 ]
Hint. [Opening Balance of Funds Rs. 65,250 ]
Answers
Answer:
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Answer:
975
SET-A.[10] Given
below is the Receipts and Payments Account of
Citizen Club for the year ending 31st December, 2010:
Receipts and Payments Account
Receipts
Amount Payments
Amount
Rs.
Rs.
Cash in Hand (Opening) 2,250 Salaries
24,750
Cash at Bank (Opening) 63,000 Stationery
Subscription
76,200 Repair expenses
3,510
Donation
36,000 Billiard table
29,025
Interest on Investment 900 Investments
30,990
Entrance fee
9,000 Misc.expenses
3,300
Bank Interest
3,150 Furniture
61,500)
Sale of old news papers 450 Insurance premium
1,350,
Cash in Hand (closing)
2,100
Cash at bank (closing) 33,450
1,90,950
1,90,950
Prepare the club's Income and Expenditure account for the
year ended 31st December, 2010 and the Balance Sheet after
taking the following information into account:
(1) Subscription is in arrear for 2010 Rs. 6,750 and subscrip-
tion received in advance for 2011 Rs. 1,950.
(ii) Insurance premium prepaid Rs. 150.
(iii) Misc. expenses outstanding Rs. 450.
(iv) 50% of donation is to be capitalized.
(v) Entrance fee is to be treated as revenue item.(Marks 4,2)
Ans. ( Surplus Rs. 78,315; B/S Total Rs. 1,63,965 ]
Hint. [Opening Balance of Funds Rs. 65,250 ]
answer
Explanation:
975
SET-A.[10] Given
below is the Receipts and Payments Account of
Citizen Club for the year ending 31st December, 2010:
Receipts and Payments Account
Receipts
Amount Payments
Amount
Rs.
Rs.
Cash in Hand (Opening) 2,250 Salaries
24,750
Cash at Bank (Opening) 63,000 Stationery
Subscription
76,200 Repair expenses
3,510
Donation
36,000 Billiard table
29,025
Interest on Investment 900 Investments
30,990
Entrance fee
9,000 Misc.expenses
3,300
Bank Interest
3,150 Furniture
61,500)
Sale of old news papers 450 Insurance premium
1,350,
Cash in Hand (closing)
2,100
Cash at bank (closing) 33,450
1,90,950
1,90,950
Prepare the club's Income and Expenditure account for the
year ended 31st December, 2010 and the Balance Sheet after
taking the following information into account:
(1) Subscription is in arrear for 2010 Rs. 6,750 and subscrip-
tion received in advance for 2011 Rs. 1,950.
(ii) Insurance premium prepaid Rs. 150.
(iii) Misc. expenses outstanding Rs. 450.
(iv) 50% of donation is to be capitalized.
(v) Entrance fee is to be treated as revenue item.(Marks 4,2)
Ans. ( Surplus Rs. 78,315; B/S Total Rs. 1,63,965 ]
Hint. [Opening Balance of Funds Rs. 65,250 ]