Question

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​Q8. Following is the Receipt and Payment Account of Literacy Club for the year ended 31-3. 2006.




Receipt

Amount (Rs.)

Payment

Amount (Rs.)



Balance b/d
Subscription :
2004-05 1,200
2005-06 26,500
2006-07 500
Sale of old newspaper
Government Grants
Sale of old furniture
(Book value Rs. 7,000)
Interest on fixed deposits

19,550



28,200
1,250
10,000

5,700
450

Salary
Newspaper
Electricity Bill

Fixed Deposit
(on 1.7.05 @ 9% p.a)
Books
Rent
Furniture
Balance c/d

3,000
2,000
1,000


20,000
10,000
6,800
10,500
11,200





65,150



65,150




Additional information :

1. Subscription outstanding as on 31-3-2005 were Rs. 2,000 and on 31-3-2006 Rs. 2,500

2. On 31-3-2006 salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200

3. The club owned furniture Rs. 15,000 and books Rs. 7,000 on 1-4-2005.

prepare Income and Expenditure Account of the club for the year ended 31-3-2006 and ascertain 'Capital Fund' on 31-3-2005. Also prepare a Balance sheet as at 31st March, 2006.
Solve this:

Answer 1

Explanation:

i think this is the answer.... my current year balance sheet tallied