rom the following information prepare Income and Expenditure Account of Swastika Club for the
year ending on March31, 2018 6
Receipts Rs. Payments Rs.
Cash in hand
Subscription:
2016-17 3,000
2017-18 28,000
Legacy
Donation
Sale of Investment (Book
value Rs.1,500)
12,000
31,000
8,000
5,000
1,200
57,200
Salary
Office expenses
Sports Material
Furniture
Newspapers
Computer
Cash in hand
13,000
5,000
2,200
4,000
800
24,000
8,200
57,200
Additional information:
(i) There are 600 members in the club each paying annual subscription of Rs.50.
(ii) Subscription outstanding as on March 31, 2017 amounted Rs.4, 000
(iii) Salary paid for 13 month.
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Explanation:
Receipt and Payment Account
for the year ending March 31, 2013
Receipts
Amount
Rs
Payments
Amount
Rs
Opening cash balance
12,000
Furniture
4,000
Subscription
Telephone expenses
800
2011-2012
2,000
Salary
2012-2013
22,000
24,000
2011-2012
1,000
Entrance fees
2,800
2012-2013
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
Balance Sheet
for the year ending March 31, 2012
Liabilities
Amount
Rs
Assets
Amount
Rs
Advance locker rent
200
Cash in hand
12,000
Subscription Received in Advance
1,000
Outstanding Expenses
3,000
Outstanding salary
2,000
Building
35,000
Loan
10,000
Capital fund
36,800
50,000
50,000
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