Following is the Receipts and Payments Account of Maharaja Aggarsain Club Bhiwani for the year ended 31st March, 2015
5.800 By Purchase of foodstuffs
Ty Postage Stamps
chang 2.000 for 2013-14) 120,000 By Purniture Purchased
Te sake of foodsalt
*.500 By Salaries
Totince Fees
15.000 By Books
To Hire af Guds
7,100 By Newspapers
Telecame from advertisements in
Hy Rent. Rates and Insurance
22,000 By Sundry Experes
By Travelling Expenses
By Printing of Souvenier
By Balance cld
1.79.400
300
24200
18.500
15200
1.79.400
Other Information:
Assets on 1-4-2014 were: Land and Building 1.50,000 Stock of foodstuffs
2,200 and unused postage stamps 2800.
in Subscription due on 31-3-2014 was 2.400 and on 31-3-2015 (for 2014-15
was 3,500
() On 31st March, 2015 stock of foodstuffs was 3.800 and unused postag
stamps were of the value of 600.
(iv) The By-laws of the club provide that 60% of the Entrance fees and 20% of
surplus of any year are to be transferred to Reserve Fund.
Prepare an Income and Expenditure Account of the club for the year ended 3
March, 2015 and a Balance Sheet as at that date.
fans. Opening Capital Fund 21,62.200: Surplus 68.800: Balance Sheet To
2.40.000.)
Hint:- Printing of souvenier will be shown on the Dr. side of Income and Expenditure account.
Answers
Answer:
Explanation:
Income and expenditure A/c
To food stuff 4400 By Subscription 121500
To postage 3800 By Sale 8500
To salaries 32000 By entrance fee 6000
To Newspaper 800 By Hire 7100
To Rent 24200 By income gross 22000
To Sundry expenses 4000
To travelling expense 18500
To printing 9200
To Surplus 68800
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165100 165100
BALANCE SHEET
Capital fund 162200 Cash 15200
Surplus 55040 Land & building 15000
reserve fund 22760 Food stuff 3800
postage 600
Subscription 3900
furniture 25000
Books 41500
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240000 240000