From the following Receipt and Payment Account prepare final accounts of a Unity Club for the year ended March 31, 2017. Receipt and Payment Accounts for the year ending March 31, 2017 Receipts Amount Rs Payments Amount Rs Balance b/d 15,000 Furniture 18,000 Sale of Old furniture (costing Rs 6,000) 4,000 Library books 10,000 Subscriptions: Salaries 72,000 2015–16 18,000 General expenses 18,000 2016–17 60,000 Electric charges 12,000 2017–18 12,000 90,000 Newspapers 33,800 Sale of old newspapers 10,800 Postage 3,000 Profit from entertainment 44,000 Stationery 40,000 Rent 84,000 Audit fee 8,000 Balance c/d 33,000 2,47,800 2,47,800 Balance Sheet as on March 31, 2016 Liabilities Amount Rs Assets Amount Rs Outstanding Salary 6,000 Cash 15,000 Capital Fund 6,94,000 Outstanding subscription 18,000 Library Books 30,000 Furniture 37,000 Land and Building 6,00,000 7,00,000 7,00,000 Additional Information: 1. The Club had 500 members each paying an annual subscription of Rs 150. 2. On 31.3.2016 salaries outstanding amounted to Rs 1,200 and salaries paid included Rs 6,000 for the year 2015–16. 3. Provide 5% depreciation on Land and Building.
Answers
Given : From the following Receipt and Payment Account prepare final accounts of a Unity Club for the year ended March 31, 2017.
Receipt and Payment Accounts for the year ending March 31, 2017 Receipts Amount Rs Payments Amount Rs Balance b/d 15,000 Furniture 18,000 Sale of Old furniture (costing Rs 6,000) 4,000 Library books 10,000 Subscriptions: Salaries 72,000 2015–16 18,000 General expenses 18,000 2016–17 60,000 Electric charges 12,000 2017–18 12,000 90,000 Newspapers 33,800 Sale of old newspapers 10,800 Postage 3,000 Profit from entertainment 44,000 Stationery 40,000 Rent 84,000 Audit fee 8,000 Balance c/d 33,000 2,47,800 2,47,800 Balance Sheet as on March 31, 2016 Liabilities Amount Rs Assets Amount Rs Outstanding Salary 6,000 Cash 15,000 Capital Fund 6,94,000 Outstanding subscription 18,000 Library Books 30,000 Furniture 37,000 Land and Building 6,00,000 7,00,000 7,00,000
Solution :
The Income and Expenditure Account and Balance Sheet for the year ended March 31, 2017 is in the attachment below :
Extra information :
Income and Expenditure Account :
- It is like a profit and loss account.
- It is a Nominal account.
- It has income (credit) and expenditure (debit) side.
- It has no opening balance.
- Its balance is either Surplus or Deficiency. It records items of revenue nature only.
- Adjustments such as depreciation, outstanding expenses , prepaid expenses , accrued income , etc.are made in it.
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Prepare Income and Expenditure Account and Balance Sheet for the year ended December 31, 2016 from the following Receipt and Payment Account and Balance Sheet of culture club: Receipt and Payment Account for the year ending March 31, 2016 Receipts Amount Rs Payments Amount Rs Opening cash balance 12,000 Furniture 4,000 Subscription Telephone expenses 800 2014-2015 2,000 Salary 2015-2016 22,000 24,000 2014-2015 1,000 Entrance fees 2,800 2015-2016 4,000 Locker rent 1,000 Newspapers 700 Life membership fee 1,200 Sundry expenses 1,000 Government grant 11,000 Defence bonds 18,000 Land 20,000 Closing cash balance 2,500 52,000 52,000
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The following is the account of cash transactions of the Nari Kalayan Samittee for the year ended December 31, 2017: Receipts Amount Rs Payments Amount Rs Balance from last year 2,270 Rent 6,600 Subscriptions 32,500 Electric charges 3,200 Life membership fee 3,250 Lecturer’s fee 730 Donation 2,500 Office expenses 1,480 Profit from entertainment 7,250 Printing and Stationery 1,050 Sale of old Books (books value Rs 1,000) 750 Legal fee 1,870 Interest 350 Books 6,500 Furniture purchased 8,600 Expenses on nukar drama 1,300 Cash in hand 8,040 Cash at bank 9,500 48,870 48,870 You are required to prepare an Income and Expenditure Account after the following adjustments
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Additional Information:. 1. The Club had 500 members each paying an annual subscription of Rs. 150. 2. On 31.3.2015 salaries outstanding amounted to Rs. 1,200 and salaries paid included Rs. 6,000 for the year 2013-14. 3. Provide 5% depreciation on Land and Building.Read more on Sarthaks.com - https://www.sarthaks.com/643439/from-following-receipt-payment-account-prepare-final-accounts-unity-year-ended-march-2015
