Question

Basic expression and evaluate ​

Answer 1

Answer:

Taxes

2,00,000 Charity

75,000 Rent

1,50.000 Fixed Deposit with Bank

1,00,000 (on 1.07.2018 @ 10% p.a.)

50,000 Meeting expenses

40,000 T.V. Set

6,000 Tournament Expenses

15,000 Furniture

Balance cld

6,70,000

3,00,000

25.000

60,000

15,000

1,35,000

6,70,000

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

and a Balance Sheet as at that date after the following adjustments

O Subscriptions received during the year included 10,000 from a life member

and a Donation of 50,000 received for Building Fund.

(i) Book value of Defence Bonds sold was 330,000; 260,000 of the Defence

Bonds were still in hand

(ii) Municipal Taxes amounted to 20,000 per year is paid upto 30th June

(iv) Rent 75,000 is related to the year ended 31st March 2018 and 2.500 is still

owing

(w) It was decided to treat 40% of the amount received on account of Legacies and

Donations as income.

(vi) On 1st April 2018, the club owned furniture 21,10,000; Furniture is valued at

1,05,000 on 31st March, 2019,

(Ans. Opening Capital Fund 22,34,000; Surplus 2,06,000; Balance Sheet Total