CameraIcon
CameraIcon
SearchIcon
MyQuestionIcon


Question

The following is the Receipts and Payments Account of Calcutta Women's Sports Club for the year ended 31st December, 2012.

ReceiptsAmountPaymentsAmount(Rs)(Rs)To Donations12,000By Rent18,000To Subscriptions25,000By Salary25,000

To Bar Receipts60,000By Rates and Taxes7,200To Billard Fees5,200By Bar Purchases45,000To Table Tennis Fees4,000By Furniture5,000To Card Room Fees3,500By Stationery8,000To Grant10,000By Telephone2,500To Advertisement in Club's year-book5,700By PostagesBy Balance c/d:3,200Cash800Bank7,700¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,25,400––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,25,400––––––––––––––––

Additional Information :

(i) Donations are for instituting a prize fund.

(ii) Subscription in arrears Rs 3,000 and pre-received Rs 500.

(iii) Salary is paid @ Rs 2,500 per month.

(iv) Salary of Rs 1,000 is prepaid.

(v) Rent is paid for 3 years in advance.

(vi) Bar stock unused Rs 8,000 and stationery unused Rs 2,500.

(vii) Sundry persons owed Rs 1,500 for advertisement in Club's year-book. 

You are required to prepare Income and Expenditure Account for the year ended 31st Dec. 2012.


Solution

                                                                Calcutta
                                                      Income and Expenitures A/c
                                                    for the years ended 31.12.2012

ExpendituresAmountIncomesAmount(Rs)   (Rs)  Expenditures18,000By Subscription25,000Less: Prepaid Rent12,000––––––6,000Add: In arrears  3,000––––––To Salary28,00028,000Less: Prepaid  1,000––––––Less:In advance   500––––27,50027,000By Bar Receipts60,000Add: Outstanding  3,000––––––30,000By Billiards fees5,200To Rates and Taxes7,200By Table Tennis fees4,000To Bar Purchase45,000By Card room fees3,500Less: Closing Stock  8,000––––––37,000By Grant10,000To Stationery8,000By Advt. in Clubs yearLess: Unused  2,500––––––5,500    book5,700To Telephone2,500Add: O/s advt. 1,500–––––7,200To PostageTo Surplus (Excess of )     Income over exp.26,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,17,400––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,17,400––––––––––––––––

Note : 1. Grant is treated as a revenue nature.

2. As donations are for institnting a prize fund, donations will be shown in balance sheet.

flag
 Suggest corrections
thumbs-up
 
0 Upvotes


Similar questions
QuestionImage
Accountancy | Partnership Accounts Standard XII
Q3.

 

Following is the Receipt and Payment Account of Women’s Welfare Club for the year ended December 31, 2007:

 

Receipt and Payment Account for the year ending December 31, 2007

 

Receipts

Amount

Rs

Payments

Amount

Rs

Balance b/d

7,250

Salary

12,500

Subscriptions

81,750

Stationery

1,700

Donations

 3,000

Electricity charges

9,550

Grant from Government

15,000

Insurance

7,500

Sale of newspapers

300

Equipments

30,000

Proceeds of charity show

16,500

Petty expenses

500

Interest on investments @ 10% for full year

7,000

Expenses on charity show

12,900

Sundries income

400

Newspapers

1,000

 

 

Lectures fee

16,500

 

 

Honorarium to Secretary

12,000

 

 

Balance c/d

27,050

 

1,31,200

 

1,31,200

 

 

 

 

 

Additional Information:

 

01.01.2007

Rs

31.12.2007

Rs

Outstanding salaries

1,200

1,800

Insurance prepaid

700

300

Subscription outstanding

3,750

2,500

Subscription received in advanced

1,750

1,000

Electricity charges outstanding

1,250

Stock of stationery

2,250

 700

Equipments

25,600

50,200

Building

1,20,000

1,14,000

 

Prepare Income and Expenditure Account for the year ended December 31, 2007 and Balance Sheet as on that date.

 

 

QuestionImage
View More...



footer-image