Accountancy, asked by yugmayuri341, 10 months ago

Expenditure
TO
Salaries
To
TO Audit Fee
housand)

2,550
50
7,500/
250
1,000
The Income and Expenditure Account of the Youth Club for the Year 2016 is as follows:
₹ Income
4,750 By Subscription
General Expenses
500 By Entrance Fees
250 By Contribution for
To Secretary's Honorarium
1,000 annual dinner
To Stationery & Printing
450 By Annual Sport meet
To Annual Dinner Expenses
1,500 receipts
To Interest & Bank Charges
150
To Depreciation
300
600
9,500
This account had been prepared after the following adjustments:
750
780
50
TO Surplus
9,500
Subscription outstanding at the end of 2015
600
Subscription received in Advance on 31st December, 2015
450
Subscription received in advance on 31st December, 2016
270
Subscription outstanding on 31st December, 2016
750
Salaries Outstanding at the beginning and the end of 2016 were respectively 400 and 3450. General
Expenses include insurance prepaid to the extent of 60. Audit fee for 2016 is as yet unpaid. During 2016
audit fee for 2015 was paid amounting to 200.
The Club owned a freehold lease of ground valued at 710,000. The club had sports equipment on 1st January,
2016valued at 12,600. At the end of the year, after depreciation, this equipment amounted to 12,700. In 2015, the
Club has raised a bank loan of 2,000. This was outstanding throughout 2016. On 31st December, 2016 cash in
hand amounted to 1,600.
Required
the end of the year​

Answers

Answered by raja06gupta
3

ANSWER

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