Question

alance Sheet6,11,500.} 49. Confident Club's Balance Sheet as at 1st April, 2020 was as under: Assets ₹ Liabilities Capital Fund Tournament Fund Subscriptions in Advance Salaries Unpaid 2,00,000 60,000 6,000 11,000 Sports Equipments Grounds Billiards Tables Subscriptions Outstanding Cash and Bank Balances 50,000 1,20,000 60,000 8,000 39,000 2,77,000 2,77,000 Cr. ₹ Receipts and Payments Account for the year ended 31st March, 2021 was: Dr. RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2021 Receipts ₹. Payments To Balance b/d: By Wages and Salaries Cash and Bank 39,000 By Upkeep of Grounds To Subscriptions 1,81,000 By Stationery To Sale of Old Materials 1,500 By Audit Fee To Sale of Sports Equipment 6,000 By Expenses on Tournament (Book value * 10,000) By Sports Equipments To Entrance Fees 2,000 By 5% Investments (On 1st October, 2020) To Life Membership Fees 50,000 By Balance cld: To Donations for Tournament 20,000 Cash and Bank 2,99,500 60,000 10,000 15,000 2,000 65,000 20,000 40,000 87,500 2,99,500 Subscriptions still to be received are *5,500 but subscriptions already received include 4,000 for next year. Salaries still unpaid are * 6,000. Sports Equipments are now valued at 45,000. Prepare Income and Expenditure Account and the Balance Sheet, after charging 10% depreciation on Billiards Tables. [Ans.: Surplus—*78,000; Balance Sheet Total—*3,53,000.]​

Answer 1

Explanation:

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Answer 2

Answer:

                           Income and Expenditure A/c

Dr.                          For the year ended 31st March 2020                   Cr.

Expenditure                     Amount        Income                               Amount

To loss on sale of           4,000          By subscription                   1,81,000

sports equipment

To sports equipment     15,000         Add: advance subscription   6,000

To wages and salaries   55,000       Less: advance subscription   (4,000)

To upkeep of ground      10,000       subscription received             2,500

To stationary                   15,000        By sale of old materials          1,500

To audit fees                    2,000        By entrance fees                     2,000

To depreciation on           6,000       By interest accrued                 1,000

Billiards table

To surplus                       78,000                                                                    

                                       1,85,000                                                      1,85,000

                                 Balance sheet of Confident Club's

                                       As at 31st March, 2020

Liabilities                        Amount                Assets                        Amount

Capital fund               2,00,000                 Sports equipment          45,000

Add: Life membership  50,000                Grounds                         1,20,000

fee

Add: surplus                 78,000                  Billiard table                    54,000

Tournament fund          15,000                  Investment                      40,000

Advance subscription    4,000                 Investment int.                  1,000

received

Unpaid salaries              6,000                Outstanding subscription   5,500

                                                                Cash and Bank balance    87,500

                                      3,53,000                                                     3,53,000

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