From the following
Receipt and Payment Account of Jan Kalyan Club, prepare Income and
Expenditure Account and Balance Sheet for the year ending December
31, 2006.
Receipt
and Payment Account for the year ending December 31, 2006
Receipts
Amount Rs
Payments
Amount Rs
Cash in hand as on 1.1.06
6,800
Salaries
24,000
Subscription
60,200
Traveling Expenses
6,000
Donation
3,000
Stationery
2,300
Sale of furniture (Book value Rs 6000)
4,000
Rent
16,000
Entrance fee
800
Repair
700
Life membership fee
7,000
Books purchased
6,000
Interest on investment (@ 5% for full year)
5,000
Building purchased
30,000
Cash in Hand as 31.12.2006
1,800
86,800
86,800
Additional
Information:
As on 1.01.2006
As on 31.12.2006
(i)
Subscription received in advance
1,000
3,200
(ii)
Outstanding subscription
2,000
3,700
(iii)
Stock of stationery
1,200
800
(iv)
Books
13,500
16,500
(v)
Furniture
16,000
8,000
(vi)
Outstanding rent
1,000
2,000
From the following Receipt and Payment Account of Jan Kalyan Club, prepare Income and Expenditure Account and Balance Sheet for the year ending December 31, 2006.
|
Receipt and Payment Account for the year ending December 31, 2006 |
|||
|
Receipts |
Amount Rs |
Payments |
Amount Rs |
|
Cash in hand as on 1.1.06 |
6,800 |
Salaries |
24,000 |
|
Subscription |
60,200 |
Traveling Expenses |
6,000 |
|
Donation |
3,000 |
Stationery |
2,300 |
|
Sale of furniture (Book value Rs 6000) |
4,000 |
Rent |
16,000 |
|
Entrance fee |
800 |
Repair |
700 |
|
Life membership fee |
7,000 |
Books purchased |
6,000 |
|
Interest on investment (@ 5% for full year) |
5,000 |
Building purchased |
30,000 |
|
Cash in Hand as 31.12.2006 |
1,800 |
||
|
86,800 |
86,800 |
||
Additional Information:
|
As on 1.01.2006 |
As on 31.12.2006 |
||
|
(i) |
Subscription received in advance |
1,000 |
3,200 |
|
(ii) |
Outstanding subscription |
2,000 |
3,700 |
|
(iii) |
Stock of stationery |
1,200 |
800 |
|
(iv) |
Books |
13,500 |
16,500 |
|
(v) |
Furniture |
16,000 |
8,000 |
|
(vi) |
Outstanding rent |
1,000 |
2,000 |
Books
of Jan Kalyan Club
Income and Expenditure Account
as on 31 Dec. 2006
Dr.
Cr.
Expenditure
Amount
Rs
Income
Amount
Rs
Loss
on Sale of Furniture (Rs 6,000 − Rs 4,000)
2,000
Subscription
60,200
Salaries
24,000
Less:
Outstanding for 2005
(2,000)
Traveling Expenses
6,000
58,200
Stationery
2,300
Add:
Outstanding for 2006
3,700
Add:
Opening Stock
1,200
61,900
3,500
Add:
Advance in 2005
1,000
Less:
Closing Stock
(800)
2,700
62,900
Less:
Advance in 2006
(3,200)
59,700
Repairs
700
Rent
16,000
Donation
3,000
Less:
Outstanding for 2005
(1,000)
Entrance
Fees
800
15,000
Interest
on Investments
5,000
Add:
Outstanding for 2006
2,000
17,000
Depreciation on
Books
3,000
Depreciation on
Furniture
2,000
Surplus
11,100
68,500
68,500
Balance
Sheet as on January 01, 2006
Liabilities
Amount
Rs
Assets
Amount
Rs
Advance Subscription
1,000
Cash in Hand
6,800
Outstanding Rent
1,000
Investment {5,000 × (100/5)}
1,00,000
Capital Fund (Balancing figure)
1,37,500
Subscription Outstanding
2,000
Stock of Stationery
1,200
Books
13,500
Furniture
16,000
1,39,500
1,39,500
Balance
Sheet as on Dec. 31, 2006
Liabilities
Amount
Rs
Assets
Amount
Rs
Advance
Subscription
3,200
Subscription
Outstanding
3,700
Outstanding Rent
2,000
Stock of Stationery
800
Capital Fund
1,37,500
Investments
1,00,000
Add:
Life Membership Fees
7,000
Add:
Surplus
11,100
1,55,600
Books
13,500
Add:
Purchases
6,000
19,500
Less:
Depreciation
(3,000)
16,500
Building
30,000
Cash in Hand
1,800
Furniture
16,000
Less:
Sales
6,000
10,000
Less:
Depreciation
(2,000)
8,000
1,60,800
1,60,800
|
Books of Jan Kalyan Club Income and Expenditure Account as on 31 Dec. 2006 |
|||||
|
Dr. |
Cr. |
||||
|
Expenditure |
Amount Rs |
Income |
Amount Rs |
||
|
Loss on Sale of Furniture (Rs 6,000 − Rs 4,000) |
2,000 |
Subscription |
60,200 |
||
|
Salaries |
24,000 |
Less: Outstanding for 2005 |
(2,000) |
||
|
Traveling Expenses |
6,000 |
58,200 |
|||
|
Stationery |
2,300 |
Add: Outstanding for 2006 |
3,700 |
||
|
Add: Opening Stock |
1,200 |
61,900 |
|||
|
3,500 |
Add: Advance in 2005 |
1,000 |
|||
|
Less: Closing Stock |
(800) |
2,700 |
62,900 |
||
|
Less: Advance in 2006 |
(3,200) |
59,700 |
|||
|
Repairs |
700 |
||||
|
Rent |
16,000 |
Donation |
3,000 |
||
|
Less: Outstanding for 2005 |
(1,000) |
Entrance Fees |
800 |
||
|
15,000 |
Interest on Investments |
5,000 |
|||
|
Add: Outstanding for 2006 |
2,000 |
17,000 |
|||
|
Depreciation on Books |
3,000 |
||||
|
Depreciation on Furniture |
2,000 |
||||
|
Surplus |
11,100 |
||||
|
68,500 |
68,500 |
||||
|
Balance Sheet as on January 01, 2006 |
|||
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Advance Subscription |
1,000 |
Cash in Hand |
6,800 |
|
Outstanding Rent |
1,000 |
Investment {5,000 × (100/5)} |
1,00,000 |
|
Capital Fund (Balancing figure) |
1,37,500 |
Subscription Outstanding |
2,000 |
|
Stock of Stationery |
1,200 |
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|
Books |
13,500 |
||
|
Furniture |
16,000 |
||
|
1,39,500 |
1,39,500 |
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|
Balance Sheet as on Dec. 31, 2006 |
|||||
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
||
|
Advance Subscription |
3,200 |
Subscription Outstanding |
3,700 |
||
|
Outstanding Rent |
2,000 |
Stock of Stationery |
800 |
||
|
Capital Fund |
1,37,500 |
Investments |
1,00,000 |
||
|
Add: Life Membership Fees |
7,000 |
||||
|
Add: Surplus |
11,100 |
1,55,600 |
Books |
13,500 |
|
|
Add: Purchases |
6,000 |
||||
|
19,500 |
|||||
|
Less: Depreciation |
(3,000) |
16,500 |
|||
|
Building |
30,000 |
||||
|
Cash in Hand |
1,800 |
||||
|
Furniture |
16,000 |
||||
|
Less: Sales |
6,000 |
||||
|
10,000 |
|||||
|
Less: Depreciation |
(2,000) |
8,000 |
|||
|
1,60,800 |
1,60,800 |
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