Question

From the following information relating to the Ganesh Cricket Club, prepare Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheet as at that date. The summary of cash transactions is:

RECEIPTS AND PAYMENTS ACCOUNT
Dr.					Cr.
Receipts		₹	Payments	₹
To Opening Balance(cash)		10,000	​By Upkeep of Fields	20,000
To Opening Balance (Cash at Bank)		20,000	By Tournament Expenses	7,000
To Member's Subscriptions		50,000	By Rates and Insurance	2,000
To Admission Fee		3,000	By Telephone	500
To Sale of Old Bats, etc		500	By Printing and Stationery	1,000
To Hire of Ground		3,000	By General Charges	500
To Subscriptions for Tournament		10,000	BySecretary's Honorarium	2,000
To Donations		1,00,000	By Bats, Balls, etc	7,000
			By Closing Balance (Cash)	1,00,000
			By Closing Balance (Cash at Bank)	56,500
		1,96,500		1,96,500

Assets on 1st April, 2017:

	₹
Stock of Bats and Balls	15,000
Printing and Stationery	2,000
Subscription Due	5,000

Subscriptions due on 31st March, 2018 amounted to ₹ 7,500 . Write off 50% of Bats, Balls (not considering sale ) and 25% of Printing and Stationery.

Answer 1

Books of Ganesh Cricket Club
Income and Expenditure account for the year ended March 31, 2018
Dr.				Cr.
Expenditure	Amount (Rs)	Income		Amount (Rs)
Upkeep of Fields	20,000	Members’ Subscriptions	50,000
Rates and Insurance	2,000	Add: Outstanding for 2017-18	7,500
Telephone	500	Less: Outstanding for 2016-17	5,000	52,500
Printing and stationery Consumed	750	Admission Fee		3,000
General Charges	500	Sale of Old Bats, etc.		500
Secretary’s Honorarium	2,000	Hire of Ground		3,000
Depreciation on Bats, Balls, etc. (2,200 × 50%)	11,000	Donations		1,00,000
Surplus (Balancing Figure)	1,22,250
	1,59,000			1,59,000

Balance Sheet as on April 01, 2017
Liabilities	Amount (Rs)	Assets	Amount (Rs)
Capital Fund (Balancing Figure)	52,000	Stock of Bats and Balls	15,000
		Printing and Stationery	2,000
		Subscriptions Outstanding	5,000
		Cash at Bank	30,000
	52,000		52,000

Balance Sheet as on March 31,2018
Liabilities		Amount (Rs)	Assets		Amount (Rs)
Subscription for Tournament	10,000		Subscriptions Outstanding		7,500
Less: Tournament Expenses	7,000	3,000	Bats and Balls	15,000
Capital Fund	52000		Add: Purchases	7,000
				22,000
Add: Surplus	1,22,250	1,74,250	Less: 50% Written-off	11,000	11,000
			Printing and Stationery	2,000
			Add: Purchases	1,000
				3,000
			Less: 25% Written-off	750	2,250
			Bank		1,56,500
		1,77,250			1,77,250