Q. Following is the Receipt and Payment Account of Indian Sports Club, prepared Income and Expenditure Account, Balance Sheet as on December 31, 2017:
Receipt and Payment Account
for the year ending December 31, 2017
|
Receipts
|
Amount
Rs
|
Payments
|
Amount
Rs
|
Balance b/d
|
7,890
|
Salary
|
11,000
|
Subscriptions
|
52,000
|
Electric charges
|
5,500
|
Life member ship fee
|
2,200
|
Billiard Table
|
17,500
|
Entrance fee
|
3,200
|
Office expenses
|
4,100
|
Tournament fund
|
26,000
|
Printing and Stationery
|
2,300
|
Locker Rent
|
1,250
|
Tournament expenses
|
18,500
|
Sale of old sports goods (Costing Rs 2,200)
|
2,500
|
Repair of ground
|
2,000
|
Sale of Old Newspaper
|
750
|
Furniture purchased
|
7,700
|
Legacy
|
37,500
|
Sports equipments
|
12,000
|
|
|
Cash in Hand
|
12,690
|
|
|
Cash at Bank
|
10,000
|
|
|
Fixed Deposit (on 1.10.17 for 10% p.a)
|
30,000
|
|
|
|
|
|
1,33,290
|
|
1,33,290
|
|
|
|
|
Other Information:
Subscription outstanding was on December 31, 2016 Rs 1,200 and Rs 3,200 on December 31, 2017. Locker rent outstanding on December 31, 2017 Rs 250. Salary outstanding on December 31, 2017 Rs 1,000.
On January 1, 2017, club has Building Rs 36,000, furniture Rs 12,000, Sports equipments Rs 17,500. Depreciation charged on these items @ 10% (including Purchase).