Question

Question 4. Following is the Receipts and Payments Account of Modern
Club New Delhi for the year ending 31st December, 2012:
₹
₹
Payments
Receipts
To Balance b/d
By Match Expenses
6,800
9,600
on 1.1.2012
2,300 By Rent
24,000
56,400 By Salaries
300 By Sundry Ex, cnses
3,600
To Donation
30.000
6,000 By Investments Purchased
To Donations for
By Newspapers
750
Building Fund
50,000 By Sports Equipments
32,000
To Match Fund
10,000 By Balance c/d
18,780
430
To Sale of Grass
1,25,530
1,25,530
Subscriptions outstanding at the end of 2011 were 4,000 and at the end of
2012 were 36,000. Salariés outstanding on 31st December, 2012 were * 2,000 and
32,500 respectively.
On 31st December 2011 the club had Investments worth 12,000; Furniture
$10,000 and Sports equipments valued at 20,000.
Prepare Income and Expenditure A/c for the year ended 31st December, 2012
and a Balance Sheet as on that date after depreciating furniture by 20% and sports
equipments by 25%.
[KU 09]
Solution
Balance Sheet
To Misc. Receipts
100​

Answer 1

Explanation:

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