Question

Dr. Cr. Receipts and Payments A/c for the year ended on 31/03/2020 Receipts Amount () Payments To Balance b/d (Opening Bal.) 8,600 By Sports Materials Purchased To Donations 13,800 By Insurance To Entrance Fees 1,300 By Furniture To Subscriptions 15,600 By Investments To Lockers Rent 1,650 By Play Ground Expenses By Salaries By Postage By Printing - By Repairs of Sports Materials By Expenses on Materials By Sundry Expenses By Balance c/d (Closing Bal.) 40,850 Amount (3) 16,000 500 2,900 5,000 1,700 3,200 450 1,650 830 850 1,470 6,300 40,850 Additional information: (1) The assets on 1/4/2019 were: Land and Building ? 3,00,000, Play Ground 25,000, Furniture 10,000, Sports Materials 22,000, Investment 8,000. (2) Subscription received includes ? 300 for 2018-19 and 800 for 2020-21. (3) Subscription outstanding for the year 2019-20 were ? 2,500 (4) Half donations and full amount of entrance fees are to be capitalised. (6) Outstanding expenses: Salaries 400, Printing * 250, Prepaid Insurance 200. (6) Depreciate Land and Building by 27%, Furniture by 7% % and Sports Materials by 12% (Depreciation to be calculated on Opening Balances) Ans. Surplus = 3,350/-; Balance Sheet = 3 3,86,900/-; Capital = * 3.73.900/-​

Answer 1

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Explanation:Sun Club Dharwad was started from 1-4-2015. Its Receipts and Payments Account for the year ending 31-3-2016 was as follows:

               Receipts and Payments A/c for the year ending 31-3-2016

Dr.                                                                                                                            Cr.

Receipts Rs. Payments Rs.

To Subscription    70,000 By Salary    26,000

To Interest      11,000 By Tournament expenses    20,000

To Tournament fund    30,000 By Telephone charges      6,500

To Games fees    25,000 By Games expenses     10,000  

To Life membership fees    40,000 By Sport materials    20,000  

To Donation 2,00,000 By Buildings 2,00,000  

To Entrance fees  1,00,000 By Furniture    30,000  

By Office expenses     10,000  

By Investments  1,00,000

By Balance C/d    53,000

4,76,000  

4,76,000

Adjustments:

a) O/S salaries Rs. 2,000

b) Donations and Entrance fees are capitalised.

c) Sports materials on 31-3-2016 were valued at Rs. 8,500.

d) Depreciate Buildings and Furniture by 10%

e) O/S subscription Rs. 5,000 and subscription received in advance Rs. 3,000.