From the followingReceipt and Payment Account prepare final accounts of a Unity Clubfor the year ended March 31- 2007 - Receipt and Payment Accounts for the year ending March 31- 2007Additional Information-Balance Sheetas on March 31- 20061-c- Liabilities Amount - 1-c- Assets Amount - Outstanding Salary 6-000 Cash 15-000 Capital Fund 6-94-000 Outstanding subscription T ihrarv Rnnks 18-000 2n nnn

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Standard XII

Accountancy

Changes in Trade Receivables

From the foll...

Question

From the followingReceipt and Payment Account prepare final accounts of a Unity Clubfor the year ended March 31, 2007.
Additional Information:
(a) The Club had 500 members each paying an annual subscription of Rs 150.
(b) On 31.3.2007 salaries outstanding amounted to Rs 1,200 and salaries paid included Rs 6,000 for the year 2005−06.
(c) Provide 5% depreciation on Land and Building.

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Solution

Note: As per the solution, Deficit is Rs 200 and the total of the Balance Sheet on March 31, 2007 is Rs 7,07,000. However, the Surplus given in the book is Rs 14,000 and the total of the Balance Sheet as onMarch 31, 2007 is Rs7,27,000.

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From the following Receipt and Payment Account prepare final accounts of a Unity Club for the year ended March 31, 2007.

Receipt and Payment Accounts for the year ending March 31, 2007
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
2005–06	18,000		General expenses	18,000
2006–07	60,000		Electric charges	12,000
2007–08	2,000	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, 2006
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 31.3.2007 salaries outstanding amounted to Rs 1,200 and salaries paid included Rs 6,000 for the year 2005–06.
3.	Provide 5% depreciation on Land and Building.

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
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
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.

Prepare Income and Expenditure Account and Balance Sheet for the year ended December 31, 2016 from the following Receipt and Payment Account and Balance Sheet of culture club:

Receipt and Payment Account for the year ending March 31, 2016
Receipts		Amount Rs	Payments	Amount Rs
Opening cash balance		12,000	Furniture	4,000
Subscription			Telephone expenses	800
2014-2015	2,000		Salary
2015-2016	22,000	24,000	2014-2015	1,000
Entrance fees		2,800	2015-2016	4,000
Locker rent		1,000	Newspapers	700
Life membership fee		1,200	Sundry expenses	1,000
Government grant		11,000	Defence bonds	18,000
			Land	20,000
			Closing cash balance	2,500
		52,000		52,000

Balance Sheet for the year ending March 31, 2015
Liabilities	Amount Rs	Assets	Amount Rs
Advance locker rent	200	Cash in hand	12,000
Subscription Received in Advance	1,000	Outstanding Expenses	3,000
Outstanding salary	2,000	Building	35,000
Loan	10,000
Capital fund	36,800
	50,000		50,000

Q. Prepare Income and Expenditure Account and Balance Sheet for the year ended March 31, 2016 from the following Receipt and Payment Account and Balance Sheet of culture club:

Receipt and Payment Account for the year ending March 31, 2016
Receipts		Amount (Rs)	Payments	Amount (Rs)
Opening cash balance		12,000	Furniture	4,000
Subscription			Telephone expenses	800
2014-15	2,000		Salary
2015-16	22,000	24,000	2014-15	1,000
Entrance fees		2,800	2015-16	4,000
Locker rent		1,000	Newspapers	700
Life membership fee		1,200	Sundry expenses	1,000
Government grant		11,000	Defence bonds	18,000
			Land	20,000
			Closing cash balance	2,500
		52,000		52,000

Balance Sheet for the year ending March 31, 2016
Liabilities	Amount (Rs)	Assets	Amount (Rs)
Advance locker rent	200	Cash in hand	12,000
Subscription received in Advance	1,000	Outstanding subscription	3,000
Outstanding salary	2,000	Building	35,000
Loan	10,000
Capital fund	36,800
	50,000		50,000

Prepare Income and Expenditure Account and Balance Sheet for the year ended December 31, 2006 from the following Receipt and Payment Account and Balance Sheet of culture club:

Receipt and Payment Account for the year ending December 31, 2006
Receipts		Amount Rs	Payments	Amount Rs
Opening cash balance		12,000	Furniture	4,000
Subscription			Telephone expenses	800
2005	2,000		Salary
2006	22,000	24,000	2005	1,000
Entrance fees		2,800	2006	4,000
Locker rent		1,000	Newspapers	700
Life membership fee		1,200	Sundry expenses	1,000
Government grant		11,000	Defence bonds	18,000
			Land	20,000
			Closing cash balance	2,500
		52,000		52,000

Balance Sheet for the year ending December 31, 2005
Liabilities	Amount Rs	Assets	Amount Rs
Advance locker rent	200	Cash in hand	12,000
Subscription Received in Advance	1,000	Outstanding Expenses	3,000
Outstanding salary	2,000	Building	35,000
Loan	10,000
Capital fund	36,800
	50,000		50,000

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