Q.29. Show the following information in the Balance Sheet of the Cosmos Club as on 31s March,
2009.
Particulars
Debit (Rs.) Credit (Rs.)
Tournament Fund
1,50,000
Tournament Fund Investment
1,50,000
Income from Tournament Fund Investment
18,000
Tournament Expenses
12,000
Additional Information: - Interest accrued on Tournament Fund Investment Rs.6,000.
Answers
Answer:
Explanation:
Balance Sheet of Cosmos Club as at 31st March 2009
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Non Current Assets:=
fixed Assets
Cost Accrued Dep Net Value
Investments (tournament Fund) 1,50,000.00
Current Assets
Bank
Debtors
Cash
Intt. on investment Accrual 6000.00
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Total 1,56,000.00
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Less
Creditors
Subscription Prepaid
Net Current Assets
Financed by
Creditors due for more than one year
Life membership
Accumulated fund
Opening Balance of Tournament Fund 1,50,000.0
Add excess of income over expenditure 6,000.00
Other funds
Grants
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Total 1,56,000.00
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Income and Expenses a/c
Tournament expenses 12,000 Income from Investment 18,000.00
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Note:-
Presumed that Interest Accrued on investment Rs. 6,000.00 has already been included in Rs.18,000.00
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