Question

. Following is the Receipts and Payments Accounts of Chennai Sports Club for the year ended
31st March, 2019:

Dr. Cr.

Receipts ` Payments `

Balance b/d 5,000 Salary 12,000

Subscriptions 26,000 Furniture 10,000

Tournament Fund 15,000 Office Expenses 8,000

Sale of Old Newspapers 2,000 Tournament Expenses 21,000

Legacy 35,000 Sports Equipments 20,000

Entrance Fees 4,000 Balance c/d 16,000

87,000 87,000

Additional Information: On 31st March, 2019, subscription outstanding was ` 4,000 and on 31st March, 2018

subscription outstanding was ` 3,000. Salary outstanding on 31st March, 2019 was ` 2,000.

On 1st April, 2018, the club had building ` 80,000, furniture ` 20,000, 10% Investment ` 45,000 and Sports

Equipment ` 25,000. Depreciation charged on these items including purchases was 10%.

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

Capital Fund on 31st March, 2018. (CBSE 2008, Modified)

[Surplus—` 29,000; Capital Fund (31.3.2018)—` 1,78,000; Balance Sheet Total (31.3.2019)—

` 2,09,000; Accrued Interest on Investment is ` 4,500, i.e., 10% of ` 45,000.]​

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rajkhan99612
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Answer:

of 2,760 was posted from Sales

Book to the Debit of of m/s Sobhag

Traders at 2670

i) 35,000 paid for purchases of firconditos

for the personal use of properitos debited

to machinery Alc

ix) Goods retain con coustomer for 5000

The same hauth been taken into stock but

entry passed in the bootes of acc



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