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Question

Receipt and Payment Account of Maitrey Sports Club showed that Rs 68,500 were received by way of subscriptions for the year ended on March 31, 2006.

The additional information was as under:

1. Subscription Outstanding as on March 31, 2005 were Rs 6,500,

2. Subscription received in advance as on March 31, 2005 were Rs 4,100,

3. Subscription Outstanding as on March 31, 2006 were Rs 5,400,

4. Subscription received in advance as on March 31, 2006 were Rs 2,500.

Show how that above information would appear in the final accounts for the year ended on March 31, 2006 of Maitrey Sports Club.

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Solution

Books of Maitrey Sports Club

Income and Expenditure Account as on March 31, 2006

Dr.

Cr.

Expenditure

Amount

Rs

Income

Amount

Rs

Subscription

68,500

Less: O/s on Mar. 31, 2005

(6,500)

62,000

Add: Advance on Mar. 31, 2005

4,100

Add: O/s on Mar. 31, 2006

5,400

71,500

Less: Advance on Mar. 31, 2006

(2,500)

69,000

Balance Sheet as on March 31, 2005

Liabilities

Amount

Rs

Assets

Amount

Rs

Subscription in Advance

4,100

Subscription Outstanding

6,500

Balance Sheet as on March 31, 2006

Liabilities

Amount

Rs

Assets

Amount

Rs

Subscription in Advance

2,500

Subscription Outstanding

5,400


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