Question

Show the following information given below in the financial statements of Railway
Club for the year ended 31st March, 2019.
Tournament fund 350,000
Tournament Expenses 315,000
Receipts from Tournament 320,000​

Answer 1

Answer:

Club for the year ended 31st March, 2019.

Tournament fund 350,000

Tournament Expenses 315,000

Answer 2

Explanation:

Suman capital account

particulars amt particular. amt

Balance b/d 10000

Drawings 5000 R F 5000

good will. 7920

suman p&L ( suspense) 3960

executor. 21880

26880 26880

working note

1 good will = 16000+16000+15520÷3

= 15840×2

= 31680

2 Suman's share = 31680×1÷4

= 7920

3 P&L suspense = 7920×3÷12

= 3960