From the following Receipt and Payment Account prepare final accounts of a Unity Club for the year ended March 31, 2017.
Receipt and Payment Accounts for the year ending March 31, 2017 |
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Receipts |
Amount Rs |
Payments |
Amount Rs |
|
Balance b/d |
|
15,000 |
Furniture |
18,000 |
Sale of Old furniture (costing Rs 6,000) |
4,000 |
Library books |
10,000 |
|
Subscriptions: |
|
|
Salaries |
72,000 |
2015–16 |
18,000 |
|
General expenses |
18,000 |
2016–17 |
60,000 |
|
Electric charges |
12,000 |
2017–18 |
12,000 |
90,000 |
Newspapers |
33,800 |
Sale of old newspapers |
|
10,800 |
Postage |
3,000 |
Profit from entertainment |
|
44,000 |
Stationery |
40,000 |
Rent |
|
84,000 |
Audit fee |
8,000 |
|
|
|
Balance c/d |
33,000 |
|
|
2,47,800 |
|
2,47,800 |
|
|
|
|
|
Balance Sheet as on March 31, 2016 |
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Liabilities |
Amount Rs |
Assets |
Amount Rs |
Outstanding Salary |
6,000 |
Cash |
15,000 |
Capital Fund |
6,94,000 |
Outstanding subscription |
18,000 |
|
|
Library Books |
30,000 |
|
|
Furniture |
37,000 |
|
|
Land and Building |
6,00,000 |
|
7,00,000 |
|
7,00,000 |
|
|
|
|
Additional Information:
1. |
The Club had 500 members each paying an annual subscription of Rs 150. |
2. |
On 31.3.2016 salaries outstanding amounted to Rs 1,200 and salaries paid included Rs 6,000 for the year 2015–16. |
3. |
Provide 5% depreciation on Land and Building. |
Books of Unity Club Income and Expenditure Account as on March 31, 2017 |
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Dr. |
|
Cr. |
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Expenditure |
Amount Rs |
Income |
Amount Rs |
|||
Loss on Sale of Old Furniture (4,000 – 6,000) |
2,000 |
Subscription |
|
|||
|
|
500 members at Rs 150 each |
75,000 |
|||
Salaries |
72,000 |
|
Sale of Old Newspapers |
10,800 |
||
Add: Outstanding for 2015–16 |
1,200 |
|
Profit from Entertainment |
44,000 |
||
|
73,200 |
|
Rent |
84,000 |
||
Less: Outstanding for 2016–17 |
(6,000) |
67,200 |
|
|
||
General Expenses |
18,000 |
Deficit (Balancing figure) |
200 |
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Electric Charges |
12,000 |
|
|
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Newspapers |
33,800 |
|
|
|||
Postage |
3,000 |
|
|
|||
Stationery |
40,000 |
|
|
|||
Audit Fees |
8,000 |
|
|
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Depreciation on Land and Building |
30,000 |
|
|
|||
|
2,14,000 |
|
2,14,000 |
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|
|
|
|
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Balance Sheet as on 31 March 2017 |
|||||
Liabilities |
Amount Rs |
Assets |
Amount Rs |
||
Advance Subscription (for 2017–18) |
12,000 |
Subscription Outstanding |
15,000 |
||
Salaries Outstanding |
1,200 |
Furniture |
37,000 |
|
|
Capital Fund |
6,94,000 |
|
Add: Purchases |
18,000 |
|
Less: Deficit |
(200) |
6,93,800 |
|
55,000 |
|
|
|
|
Less: Sales |
(6,000) |
49,000 |
|
|
|
|
|
|
|
|
Library Books |
30,000 |
|
|
|
|
Add: Purchases |
10,000 |
40,000 |
|
|
|
|
|
|
|
|
|
Land and Building |
6,00,000 |
|
|
|
|
Less: 5% Depreciation |
(30,000) |
5,70,000 |
|
|
|
|
|
||
|
|
Cash and Bank |
33,000 |
||
|
7,07,000 |
|
7,07,000 |
||
|
|
|
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