Question 19 Following is the summary of cash transactions of Indian Youth Club for the year ended 31st
March, 2018. Prepare Income and Expenditure Account for the year ended 31st March, 2018 and also
Balance Sheet as at that date:
Dr
Receipts and Payments Account
Cr
Receipts
Cash in hand
Entrance fees
Subscriptions
Donations
Interest
Profit from cultural event
Amount
1,41,300
55,200
2,20,000
1,06,100
4,100
8,200
Payments
Rent and Taxes
Salaries
Electric charges
General expenses
Books
Office expenses
Investments
Cash at bank
Cash in hand
Amount
86,100
1,09,000
6,200
12,500
31,200
45,000
1,40,000
61,900
43,000
5,34,900
5,34,900
Additional Information:
a) In the beginning of the year, the club had Books worth Rs. 3,00,000 and furniture Rs.58,000
b) Subscription in arrears on 1st April 2017 were Rs.6000 and Rs. 7000 on 31st March 2018
c) Write off Rs. 5,000 from furniture and Rs. 30,000 from books.
Rs.18,000 was due by way of Rent in the beginning as well as at the end of the year.
Answers
income and expenditure
surplus -100800
balance sheet
31-3-2018
Assets /Balance Sheet = 606100
Answer:
Surplus as per Income and Expenditure Acc- 1,00,800
Balance Sheet total - 6,06,100
Explanation:
Balance Sheet as of 31st March 2017
Liabilities Amt. Assets Amt.
Capital Fund 4,87,300 Cash in Hand 1,41,300
Rent 18,000 Books 3,00,000
Furniture 58,000
Outstanding Sub. 6,000
Total 5,05,300 Total 5,05,300
Expenditure Amt. Income Amt.
Rent And Taxes 86,100 Subscription 2,20,000
Salaries 1,09,000 (Add) o/s(Cy) 7,000
General Exp. 12,500 (Less) o/s(Py) (6,000)
Electric charges 6,200 2,21,000
General Exp. 12,500 Entrance Fees 55,200
Office Expenses 45,000 Donation 1,06,100
Written off books 80,000 Interest 4,100
Written off furniture 5,000 Profit 8,200
To Surplus 1,00,800
Balance Sheet as of 31st March 2018
Liabilities Amt. Assets Amt.
O/s Rent 18,000 o/s Subscription 7,000
Capital Fund 4,87,300 Cash At bank 61900
Surplus 1,00,800 Cash in hand 43,000
Books 3,01,200
Furniture 53,000
Investment 1,40,000
Total 6,06,100 Total 6,06,100
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