Question

From the following Receipts and Payments Account of City Club and from the information supplied, prepare Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheet as at that date:
(a) The club has 50 members each paying an annual subscription of ₹ 500. Subscriptions Outstanding on 31st March, 2017 were ₹ 6,000.
(b) On 31st March, 2018, Salries Outstanding amounted to ₹ 2,000. Salaries paid in the year ended 31st March, 2018 included ₹ 6,000 for the year ended 31st March, 2017.
(c) On 1st April, 2017, the club owned Building valued at ₹ 2,00,000; Furniture ₹ 20,000 and Books ₹ 20,000.
(d) Provide depreciation on Furniture at 10%.

Answer 1

HEYA MATE YOUR ANSWER IS

@) Prepare Income and Expenditure Account and Balance Sheet with the help of following information:

Subscription outstanding on 31st March, 2017 is

b)amounted to ₹ 2,000. Salaries paid in the year ended 31st March, 2018 included ₹ 6,000 for the year ended 31st March, 2017.

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Answer 2

Calculation of Depreciation

Depreciation on Furniture = value of asset x Percentage of depreciation

                                            = (20,000 X 10%)

                                            = 2,000