Question

y Costum
Selection
15. Following is the Receipts and Payments Account of the Young
4.000
IGATORI
Mangalore for the year ended 31-12-2016
Receipts and Payments Account
Receipts
Payments
Opening Balance
5,000 Furniture
Donations
10,000 T.V. Set
Subscriptions
Salarios
Q000
2015
1.200 Telephone charges
2016
19,000 Electric charges
1.100
2017
500 Printing & Stationery 1,700
Rent of the Hall
2200 Meeting Expenses
2,400
Interest on Securities 1.000 Travelling Expenses
1.600
Receipts from cultural show 2,000 Books
1,000
Sale of old fumiture
600 Newspapers
800
(Book value 1,000)
Municipal taxes
900
Sale of old newspaper
100 Charity
Expenses on cultural shows 1,400
Closing Balance
11,800
41,600
41,600
Adjustments :
a) The club has 200 members, each paying an annual subscription of 100.
b) Subscription outstanding on 31-12-2015 were 1,500.
c) Outstanding liabilities on 31-12-2016 wera salaries 1,200 and Printing 100
d) Municipal taxes were paid for the year ending 31-3-2017.
e) On 1-1-2016 the club owned land and building *25,000, Fumiture 12,000,
Books 6,000 and 10% Govt. Promissory Notes 15,000.
f) Donations are to be capitalised.
Prepare :
1,300​

Answer 1

Answer:

Sale of old newspaper

100 Charity

Expenses on cultural shows 1,400

Closing Balance

11,800

41,600

41,600

Adjustments :

a) The club has 200 members, each paying an annual subscription of 100.

b) Subscription outstanding on 31-12-2015 were 1,500.