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Published on: 13/05/2022
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1.
From the following Receipt and Payment Account for the year ending 31st March 2015 of crickets club. Prepare Income and Expenditure Account for the same period:
| Receipts | Rs | Payments | Rs |
|---|---|---|---|
| To Balance c/d | 25,000 | By Purchase of furniture (1.7.14) | 5,000 |
| Bank | 25,000 | By Salaries | 2,000 |
| To Subscriptions | By Electricity charges | 600 | |
| 2014 1,500 | By Postage and stationery | 150 | |
| 2015 10,000 | By Purchase of books | 2,500 | |
| 2016 500 | 12,000 | By Entertainment expenses | 900 |
| To Donation | 2,000 | papers (1.7.14 | 8000 |
| To Hall rent | 300 | By Miscellaneous expenses | 600 |
| To Interest on bank deposits | 450 | By Balance c/d | |
| To Entrance fees | 1,000 | Cash | 300 |
| Bank | 20,400 | ||
| 40,750 | 40,750 |
The following additional information is available:
(i) Salaries outstanding Rs. 1,500
(ii) Entertainment expenses outstanding Rs. 500
(Hi) Bank interest receivable Rs. 150
(iv) Subscription accrued Rs. 400
(v) 50 percent of entrance fees is to capitalised
(vi) Furniture is to be depreciated at 10percent per annum
2.
From the following balances prepare a balance sheet as on 31st1March 2016.
| Cash in hand | 12,000 |
|---|---|
| Cash at bank | 8,000 |
| Books | 16,000 |
| Billiard Table | 24,000 |
| Furniture | 30,000 |
| Investment | 30,000 |
| Prepaid expenses | 20,000 |
| Building | 1,00,000 |
| Outstanding expenses | 40,000 |
| Subscription received in advance | 24,000 |
| Subscription accrued | 20,000 |
| Surplus (Income over | |
| expenditure) | 20,000 |
3.
Following is the receipts and payments accounts of Literacy club for the year ended 31st March 2016
| Receipts | Rs. | Rs. | Payments | Rs. |
|---|---|---|---|---|
| To Balance c/d | 19,550 | By Salary | 3,000 | |
| By News papers | 2,050 | |||
| To Subscribtions | By Electricity bill | 1,000 | ||
| 2014·2015 | 1,200 | By Fixed deposit | 20,000 | |
| 2015·2016 | 26,500 | (on 1st July, 2015 @ | ||
| 500 | 9% per annum | |||
| 28,200 | By Books | 10,600 | ||
| By Rent | 6,800 | |||
| To slae old news paper | 1,250 | By Furniture | 10,500 | |
| To Government grants | 10,000 | By Balance dd | 11,200 | |
| To sale of old furniture | 5,700 | |||
| (book value Rs.7,000) | ||||
| To interest on fixed deposits | 450 | |||
| 65,150 | 65,150 |
Additional information:
(i) Subscription outstanding as on 31st March, 2015 were Rs. 2000 and on 31st March, 2016 Rs. 2,500.
(ii) On 31st March, 2016 Salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200.
(iii) The club owned furniture Rs. 15,000 and books Rs. 7,000 on 1st April, 2015. Prepare income and expenditure account of the dub for the year ended 31st March 2016 and as certain capital fund on 31st March, 2015. Also prepare a balance sheet as on 31st March, 2016.
4.
From the following particulars of Chennai educational society, prepare Receipts and Payments Z account for the year ended 31st December, 2018
| Particulars | Rs | Particulars | Rs |
|---|---|---|---|
| Opening balance as on 1.1.2018 | 20,000 | Lockers rent received | 12,000 |
| Investments made | 80,000 | Sale of furniture | 5,000 |
| Honorarium paid | 3,000 | General expenses | 7,000 |
| Donation received | 80,000 | Postage | 1,000 |
| Audit fees paid | 2,000 | Subscription receive | 10,000 |
5.
How will the following items appear in the final accounts of sports club.
| Particulars | Rs |
|---|---|
| Stock of sports materials (1.4.2019) | 3,000 |
| Sports materials purchased during | |
| current year | 9,000 |
| Sale of old sports materials during | |
| current year | 500 |
| Stock of sports materials (31.3 .20 19) | 4,000 |
1.
| Expenditure | Rs. | Rs. | Income | Rs. | Rs |
|---|---|---|---|---|---|
| To Salaries | 2,000 | By Subscriptions | 10,400 | ||
| By Donation | 2,000 | ||||
| Add: Outstanding | 1,500 | 3,500 | By Entrance fees | 500 | |
| To Telephone charges | 300 | (50% of 1000) | |||
| To Electricity charges | 600 | By Bank interest | 450 | ||
| To Entertainment expenses | 900 | Add: Outstanding interest | 150 | 600 | |
| By Interest on investment | 200 | ||||
| Add: Outstanding expense | 500 | 1,400 | By Hall rent | 300 | |
| To Miscellaneous expenses | 600 | ||||
| To Depreciation on furniture | 375 | ||||
| To Surplus (Excess of income | 7,075 | ||||
| over expenditure) | |||||
| 14,000 | 14,000 |
2.
| Liabilities | Rs. | Rs | Assets | Rs. |
|---|---|---|---|---|
| subscription in advance | 24,000 | Cash in hand | 12,000 | |
| Out standing expenses | 40,000 | Cash at bank | 8,000 | |
| Capital fund | 1,76,000 | Books | 16,000 | |
| (balanceing figure) | Billiard Table | 24,000 | ||
| Add:Surplus | 20,000 | 1,96,000 | Furniture | 30,000 |
| Investment | 30,000 | |||
| Prepaid expenses | 20,000 | |||
| Building | 1,00,000 | |||
| Subscription accrued | 20,000 | |||
| 2,60,000 | 2,60,000 |
3.
| Liabilities | Rs | Assets | Rs |
|---|---|---|---|
| (balancing figure) | 43,550 | Cash in hand | 19,550 |
| (balancing figure) | Subscription outstanding | 2,000 | |
| Furniture | 15,000 | ||
| Books | 7,000 | ||
| 43,550 | 43,550 |
| Expenditure | Rs. | Rs. | Income | Rs. | Rs. |
|---|---|---|---|---|---|
| To Salary | 3,000 | By Subscriptions | 26,500 | ||
| Add: Outstanding | 600 | 3,600 | Add: Outstanding for 2015-16 | 1,700 | 28,200 |
| To Newspapers | 2,050 | By Sale of old newspaper | 1,250 | ||
| To Rent | 6,800 | By Interest on fixed deposit | 450 | ||
| Add: Outstanding | 1,200 | 8,000 | Add: Accrued interest | 900 | 1,350 |
| To Loss on sale of | |||||
| furniture (7000 - 5700) | 1,300 | ||||
| To Surplus | 24,850 | ||||
| (Excess of income over | |||||
| expenditure) | |||||
| 40,800 | 40,800 |
| Liabilities | Rs. | Rs. | Assets | Rs. | Rs. |
|---|---|---|---|---|---|
| Salary outstanding | 600 | Cash in hand | 11,200 | ||
| Rent outstanding | 1,200 | Subscription outstanding | |||
| Subscription | for 2014 - 15 | 800 | |||
| received in advance | 500 | (2000 - 1200) | |||
| Capital fund | 43,550 | for 2015 - 16 | 1,700 | 2,500 | |
| Add: Surplus | 24850 | 68,400 | Fixed depo | 20,000 | |
| Accrued interest on fixed | |||||
| deposit | 900 | ||||
| Furniture (15000-7000 + 10,500 | 18,500 | ||||
| Books (7,000 + 10,600 | 17,600 | ||||
| 70,700 | 70,700 |
4.
| Receipts | Rs | Payments | Rs |
|---|---|---|---|
| To Balance b/d | By Investments made | 80,000 | |
| Cash in hand | 20 000 | By Honorarium paid | 3,000 |
| To Locker rent received | 12,000 | By General expenses | 7,000 |
| To Sale of furniture | 5,000 | By Postage | 1,000 |
| To Subscription | 10,000 | By Balance c/d | |
| Cash in hand | |||
| 1,27,000 | 1,27,000 |
5.
| Expenditure | Rs | Rs | Income | Rs |
|---|---|---|---|---|
| To Sports materials | By Sale of old sports | |||
| Consumed: | materials | 500 | ||
| Opening stock | 3,000 | |||
| Add: Purchased in the | ||||
| current year | 9,000 | |||
| 12,000 | ||||
| Less; Closing stock | 4,000 | 8,000 | ||
| Liabilities | Rs. | Assets | Rs. |
|---|---|---|---|
| Stock of sports materials | 4,000 |
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