Q20. From the following Receipts and Payments Account of Krish Fitness and wellness Club for the year
ended 31st March 2020, prepare Income and Expenditure Account.
Receipts and Payments Account
Dr.
For the year ending 31st March, 2020
Cr.
Receipts
Amount Payments
Amount
To Balance b/d
85,000 By Doctors and Coaches Honorarium 25,000
To Subscription
68,500 By Medicines
15,500
To Entrance Fees
25,000 By Medical Equipment
30,000
To Life Membership Fees
30,000 By General Expenses
8,000
To Donations for tournament fund 20,000 By Furniture
20,000
To Sale of old Medical equipment 5,000 By Newspaper
8,000
(Book Value '15,000)
By Rent, Rates and Taxes
5,000
To Miscellaneous Receipts
15,000 By Tournament expenses
60,000
By Balance c/d
77,000
2,48,500
2,48,500
Additional Information:
Following opening balances appeared in the books on 1st April, 2019.
(a) Tournament fund 315,000.
(b) Medical Equipment 1,50,000.
(c) Outstanding Subscription was 8,000 and Advance Subscription 35,000 (for 2019-20).
During the year 2019-20 Depreciation on medical equipment was $25,000.
There were 600 members each paying an annual subscription of 100.
Answers
Answer:
Q20. From the following Receipts and Payments Account of Krish Fitness and wellness Club for the year
ended 31st March 2020, prepare Income and Expenditure Account.
Receipts and Payments Account
Dr.
For the year ending 31st March, 2020
Cr.
Receipts
Amount Payments
Amount
To Balance b/d
85,000 By Doctors and Coaches Honorarium 25,000
To Subscription
68,500 By Medicines
15,500
To Entrance Fees
25,000 By Medical Equipment
30,000
To Life Membership Fees
30,000 By General Expenses
8,000
To Donations for tournament fund 20,000 By Furniture
20,000
To Sale of old Medical equipment 5,000 By Newspaper
8,000
(Book Value '15,000)
By Rent, Rates and Taxes
5,000
To Miscellaneous Receipts
15,000 By Tournament expenses
60,000
By Balance c/d
77,000
2,48,500
2,48,500
Additional Information:
Following opening balances appeared in the books on 1st April, 2019.
(a) Tournament fund 315,000.
(b) Medical Equipment 1,50,000.
(c) Outstanding Subscription was 8,000 and Advance Subscription 35,000 (for 2019-20).
During the year 2019-20 Depreciation on medical equipment was $25,000.
There were 600 members each paying an annual subscription of 100.
Answer:
Q20. From the following Receipts and Payments Account of Krish Fitness and wellness Club for the year
ended 31st March 2020, prepare Income and Expenditure Account.
Receipts and Payments Account
Dr.
For the year ending 31st March, 2020
Cr.
Receipts
Amount Payments
Amount
To Balance b/d
85,000 By Doctors and Coaches Honorarium 25,000
To Subscription
68,500 By Medicines
15,500
To Entrance Fees
25,000 By Medical Equipment
30,000
To Life Membership Fees
30,000 By General Expenses
8,000
To Donations for tournament fund 20,000 By Furniture
20,000
To Sale of old Medical equipment 5,000 By Newspaper
8,000
(Book Value '15,000)
By Rent, Rates and Taxes
5,000
To Miscellaneous Receipts
15,000 By Tournament expenses
60,000
By Balance c/d
77,000
2,48,500
2,48,500
Additional Information:
Following opening balances appeared in the books on 1st April, 2019.
(a) Tournament fund 315,000.
(b) Medical Equipment 1,50,000.
(c) Outstanding Subscription was 8,000 and Advance Subscription 35,000 (for 2019-20).
During the year 2019-20 Depreciation on medical equipment was $25,000.
There were 600 members each paying an annual subscription of 100.
Answer:
Q20. From the following Receipts and Payments Account of Krish Fitness and wellness Club for the year
ended 31st March 2020, prepare Income and Expenditure Account.
Receipts and Payments Account
Dr.
For the year ending 31st March, 2020
Cr.
Receipts
Amount Payments
Amount
To Balance b/d
85,000 By Doctors and Coaches Honorarium 25,000
To Subscription
68,500 By Medicines
15,500
To Entrance Fees
25,000 By Medical Equipment
30,000
To Life Membership Fees
30,000 By General Expenses
8,000
To Donations for tournament fund 20,000 By Furniture
20,000
To Sale of old Medical equipment 5,000 By Newspaper
8,000
(Book Value '15,000)
By Rent, Rates and Taxes
5,000
To Miscellaneous Receipts
15,000 By Tournament expenses
60,000
By Balance c/d
77,000
2,48,500
2,48,500
Additional Information:
Following opening balances appeared in the books on 1st April, 2019.
(a) Tournament fund 315,000.
(b) Medical Equipment 1,50,000.
(c) Outstanding Subscription was 8,000 and Advance Subscription 35,000 (for 2019-20).
During the year 2019-20 Depreciation on medical equipment was $25,000.
There were 600 members each paying an annual subscription of 100.