Question

Financial Accounting
[Bharathiar, B.B.M. April 2000; April 1999)
(Ans: Opening capital fund : Rs. 78,000;
10.71
III. Preparation of Income and Expenditure Account and Balance Sheer
12. The following particulars relate to the Non such sports club :
Income and Expenditure Account for the year ended Dec. 31, 1991,
Rs.
To Salaries
1,500 By Entrance fees
To Printing & Stationery
2,200 By Subscriptions
To Advertising
1,600 By Rent
To Audit fees
500
To Fire Insurance
1,000
To Depreciation on sports
equipment
9,000
To Excess of Income over
Expenditure
14,300
Re
10,50
15,600
4,00
30,100
30,100
Rs
.
Receipts and Payments for the year ended Dec. 31, 1991
Rs.
To Balance bld
4,200 By Salaries
To Entrance fees
10,500 By Printing and Stationery
To Subscriptions :
By Advertising
1990
600 By Fire Insurance
1991
15,000 By Investments
1992
400 By Balance c/d
To Rents Received X
3,500
1,000
2,600
1,600
1,200
20,000
7,800
34,200
34,200
The assets on 1st Jan. 1991 included club grounds and Pavilion Rs. 44,000; Sports
equipment Rs. 25,000 and Furniture and Fixtures Rs. 4,000. Subscriptions in arrears
on that date were Rs. 800.
Prepare the Balance sheet as at December 31, 1991.
B/S Total: Rs. 93,700)​

Answer 1

Answer:

please check the attachment

here audit fee is not given in receipts and payment account but is is given in income and expenditure account it means still audit fee is outstanding

Answer 2

(Ans: Opening capital fund : Rs. 78,000;

B/S Total: Rs. 93,700]