paid half amount due to gitika by received discount 259
Answers
Explanation:
Q.23 From the following information supplied by M.B.S. Club, prepare Receipts and Payments
account and Income and Expenditure Account for the year ended 31st March 2019.
01.04.2018
31.03.2019
Rs.
Rs.
Outstanding subscription
1,40,000
2,00,000
Advance subscription
25,000
30,000
Outstanding salaries
15,000
18,000
Cash in Hand and at Bank
1,10,000
?
10% Investment
1,40,000
70,000
Furniture
28,000
14,000
Machinery
10,000
20,000
Sports goods
15,000
25,000
Subscription for the year amount to Rs. 3,00,000/-. Salaries paid Rs. 60,000. Face value of
the Investment was Rs. 1,75,000, 50% of the Investment was sold at 80% of Face Value.
Interest on investments was received Rs. 14,000. Furniture was sold for Rs. 8000 at the
beginning of the year. Machinery and Sports Goods purchased and put to use at the last
date of the year. Charge depreciation @ 15% p.a. on Machinery and Sports goods and
@10% p.a. on Furniture.
Following Expenses were made during the year:
Sports Expenses: Rs. 50,000
Rent:
Rs. 24,000 out of which Rs. 2,000 outstanding
Misc. Expenses: Rs. 5,000