a. No 1. From the following Receipts and Payments A/c of a club for the year ended 31"
March, 2015 and from the information's supplied, prepare Income and Expenditure Account for
the year ended 31 March, 2015 and the Balance Sheet as that date: (12Narks)
RECEIPTS AND PAYMENTS ACCOUNT
Receipts
Amount Rs.
Payments
Amount Rs.
To Balance B/D
150000 By Salaries
150000
To Subscriptions
By Entertainment Expenses
60000
2013-14
10000 By Electric Charges
20000
2014-15
200000 By General Expenses
30000
2015-16
20000 By Investments
100000
To Entertainment Receipts
100000 By Printing and Stationery
20000
Ta Sale of Old Furniture
By Newspapers
30000
(Cosung Rs 10000)
6000 By Furniture
30000
To Sale of Newspapers
4000 By Miscellaneous Expenses
20000
By Balance c/d
30000
490000
490000
Other Information:
1. The club has 250 members, each paying an annual subscription of Rs.1000.Rs. 5000 are still
in arrears for subscriptions of 2013-14.
2. In 2013-14, ten members had paid their subscriptions for 2014-15 as well.
3. Salarles paid include Rs 10000 for 2013-14 and Rs. 15000 for 2015-16.
4. Outstanding salaries for 2014-15 amounted to Rs. 20000
5. On 01-04-2014 the club owned land and building valued at Rs 1000000 and furniture valued
at Rs. 110000.
6. Interest for 3 months at 6% p.a. has accrued on investments
Q.No 2. Answer the following. (1Marks)
What is the meaning of sacrifice ratio?
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