Q3. From the following receipts & payments A/c of a Club, prepare an income & expenditure A/c for the year ended on 31st December 2015
Adjustments :-
a) Rs. 19,250 was due as subscription for the year 2015
b) Outstanding salaries amounted to Rs. 14,000
c) Equipment were to be depreciated @ 25%
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Q4. From the following receipts and payment account of Rose Club, prepare Income and Expenditure account of the year ended 31 December 2015, and Balance sheet as on that date.
Adjustments :-
a) subscription due for 2015 Rs. 450 and subscription received in advance for 2016 Rs 175.
b) Insurance Premium due Rs. 25
c) 50% of donation is to be capitalized
d) Entrance Fee are to be treated as revenue income.
e) 8% interest has accrued on investment for five months
f) billiard table was purchased last year costing Rs. 15,000 and Rs. 11,000 were paid for it.
Adjustments :-
a) subscription due for 2015 Rs. 450 and subscription received in advance for 2016 Rs 175.
b) Insurance Premium due Rs. 25
c) 50% of donation is to be capitalized
d) Entrance Fee are to be treated as revenue income.
e) 8% interest has accrued on investment for five months
f) billiard table was purchased last year costing Rs. 15,000 and Rs. 11,000 were paid for it.
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