Receipt and Payment Account of Shankar Sports club is given below, for the year ended March 31, 2017 Receipt and Payment Account for the year ending March 31, 2017 Receipts Amount Rs Payments Amount Rs Opening Cash in hand 2,600 Rent 18,000 Entrance fees 3,200 Wages 7,000 Donation for building 23,000 Billiard table 14,000 Locker rent 1,200 Furniture 10,000 Life membership fee 7,000 Interest 2,000 Profit from entertainment 3,000 Postage 1,000 Subscription 40,000 Salary 24,000 Cash in hand 4,000 80,000 80,000 Prepare Income and Expenditure Account and Balance Sheet with help of following Information: Subscription outstanding on March 31, 2016 is Rs 1, 200 and Rs 2,300 on March 31, 2017, opening stock of postage stamps is Rs 300 and closing stock is Rs 200, Rent Rs 1,500 related to 2015 and Rs 1,500 is still unpaid. On April 01, 2016 the club owned furniture Rs 15,000, Furniture valued at Rs 22,500 On March 31, 2017. The club took a loan of Rs 20,000 (@ 10% p.a.) in 2017.
Answers
Given :Receipt and Payment Account of Shankar Sports club is given below, for the year ended March 31, 2017
Receipt and Payment Account for the year ending March 31, 2017 Receipts Amount Rs Payments Amount Rs Opening Cash in hand 2,600 Rent 18,000 Entrance fees 3,200 Wages 7,000 Donation for building 23,000 Billiard table 14,000 Locker rent 1,200 Furniture 10,000 Life membership fee 7,000 Interest 2,000 Profit from entertainment 3,000 Postage 1,000 Subscription 40,000 Salary 24,000 Cash in hand 4,000 80,000 80,000
Solution :
The Income and Expenditure Account and Balance Sheet is in the attachment below :
**Student can change date and year according to question.
Extra information :
Income and Expenditure Account :
- It is like a profit and loss account.
- It is a Nominal account.
- It has income (credit) and expenditure (debit) side.
- It has no opening balance.
- Its balance is either Surplus or Deficiency. It records items of revenue nature only.
- Adjustments such as depreciation, outstanding expenses , prepaid expenses , accrued income , etc.are made in it.
Hope this answer will help you….
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Prepare Income and Expenditure Account and Balance Sheet for the year ended December 31, 2016 from the following Receipt and Payment Account and Balance Sheet of culture club: Receipt and Payment Account for the year ending March 31, 2016 Receipts Amount Rs Payments Amount Rs Opening cash balance 12,000 Furniture 4,000 Subscription Telephone expenses 800 2014-2015 2,000 Salary 2015-2016 22,000 24,000 2014-2015 1,000 Entrance fees 2,800 2015-2016 4,000 Locker rent 1,000 Newspapers 700 Life membership fee 1,200 Sundry expenses 1,000 Government grant 11,000 Defence bonds 18,000 Land 20,000 Closing cash balance 2,500 52,000 52,000
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From the following Receipt and Payment Account prepare final accounts of a Unity Club for the year ended March 31, 2017. Receipt and Payment Accounts for the year ending March 31, 2017 Receipts Amount Rs Payments Amount Rs Balance b/d 15,000 Furniture 18,000 Sale of Old furniture (costing Rs 6,000) 4,000 Library books 10,000 Subscriptions: Salaries 72,000 2015–16 18,000 General expenses 18,000 2016–17 60,000 Electric charges 12,000 2017–18 12,000 90,000 Newspapers 33,800 Sale of old newspapers 10,800 Postage 3,000 Profit from entertainment 44,000 Stationery 40,000 Rent 84,000 Audit fee 8,000 Balance c/d 33,000 2,47,800 2,47,800 Balance Sheet as on March 31, 2016 Liabilities Amount Rs Assets Amount Rs Outstanding Salary 6,000 Cash 15,000 Capital Fund 6,94,0
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