Accountancy, asked by anishabhagat7740, 9 months ago

From the following Receipts and Payments Account of Sonic club and from the given additional information, prepare Income & Expenditure for the year ended 31st March, 2015 and the Balance sheet as at that date : Dr. Receipts and Payments Account for the year ending 31st March, 2015 Cr.Receipts Amount (Rs.) Payments Amount (Rs.)To Balance B/D To SubscriptionsTo Interest on investment @ 8% p.a. for full year 1,90,000 6,60,000 40,000 8,90,000By Salaries By Sports materialsBy Balance C/D 3,30,000 4,00,000 1,60,000 8,90,000 Additional information :- i) The club had received Rs 2,000 for subscription in 2013-14 for 2014-15. ii) Salaries had been paid only for 11 months. iii) Stock of sports materials on 31st March, 2014 was Rs. 3,00,000 and on 31st March, 2015 Rs. 6,50,000​

Answers

Answered by lodhiyal16
0

Answer:

Explanation:

                                 Income and expenditure account                                              

To salaries                        330000                   By Subscription             660000

Add: outstanding salaries  30000                    Add: Received               20000

To  Sports material                                       By interest on investment  40000

Opening stock               300000

Add: purchases               400000

Less: closing stock         650000

To Surplus                        310000

                                                                                                                                     

                                   7,20,000                                                            7,20,000    

                                            BALANCE SHEET                                                      

Outstanding salaries      30000                  Cash                     160000

Capital Fund                  970000                  Stock of sports    650000

Add : Surplus                  310000                    Investment         500000

                                                                                                                                 

                                     1310000                                                  1310,000            

                                           

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