. 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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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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