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Question

From the following information, prepare Receipts and Payments Account of Long-town Sports Club for the year ending 31st March, 2019:
 
Particulars

(₹)

Particulars

(₹)

Opening Balance:   Charity Given 10,000
Cash in Hand 50,000 Match Expenses 30,000
Cash at bank 60,000 Salaries 63,600
Subscription Received:   Honorarium 4,000
2017-18 4,000 12% Investment Purchased 60,000
2018-19 1,40,000 Entrance Fees 4,000
2019-20 8,000 Interest on 12% Investments 6,000
Furniture Purchased 70,000 Closing Balance:  
General Donations 20,000 Cash in Hand 24,000
Donations for Tournament 40,000 Cash at Bank ?


Solution

In the books of Longtown Sports Club

Dr.

Receipts and Payments A/c for the year ended 31st March, 2019

Cr.

Receipts

Amount

(₹)

Payments

Amount

(₹)

To Opening Balance:

 

By Charity Given

10,000

Cash in Hand

50,000

By Match Expenses

30,000

Cash at Bank

60,000

By Salaries

63,600

To Subscriptions Received:

 

By Honorarium

4,000

2017-18

4,000

By 12% Investment Purchased

60,000

2018-19

1,40,000

By Furniture Purchased

70,000

2019-20

8,000

By Closing Balance

 

To Entrance Fees

4,000

Cash in Hand

24,000

To General Donations

20,000

Cash at Bank (WN1) (Bal. Fig.)

70,400

To Donations for Tournament

40,000

 

 

To Interest on 12% Investments

6,000

 

 

 

 

 

 

 

3,32,000

 

3,32,000

 

 

 

 

Working Notes:

Calculation of closing balance of Cash:

Total Receipts = ₹ 3,32,000
Total Payments = ₹ 2,37,600
Cash in Hand = ₹ 24,000

Cash at Bank = Total Receipts – (Total Payments + Closing Balance of Cash)
  = ₹ [3,32,000 – 2,61,600] = ₹ 70,400

Accountancy
TS Grewal Vol. I (2019)
All

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