Subject: Accountancy, asked on 2/2/20

19. The following is the receipts and payments account of Queen’s Club for the year ended 31 st March, 2012. Receipt and Payment Account for the year ended 31st March 2012 Receipts Amt (Rs.) Payments Amt (Rs.) To Balance b/d 1,82,000 By Salaries 1,66,000 Material downloaded from myCBSEguide.com. 6 / 40 To Subscriptions 1,80,000 By Stationery 32,000 To Tournament fund 1,64,000 By Rent 48,000 To Interest (investment) 65,000 By Telephone expenses 8,000 To Donations 1,12,000 By Sports material and expenses 78,000 To Sale-concert tickets 2,47,000 By Investments 6% 5,00,000 By Miscellaneous expenses 24,000 By Concert expenses 58,000 By Balance c/d 36,000 9,50,000 9,50,000 Additional Information i. Subscriptions include Rs. 12,000 for 2010-11 and Rs. 18,000 for 2012-13. ii. Stock of stationery on 31st March, 2011 and 2012 was Rs. 7,200 and Rs. 5,400 respectively. iii. Stock of sports material at the beginning and end of the year was Rs. 12,000 and Rs. 21,000 respectively. iv. Rent includes Rs. 4,000 paid for March, 2011. Rent for March, 2012 is outstanding. v. Telephone expenses include Rs. 3,000 as quarterly rent up to 31st May, 2012. vi. The value of building as on 31st March 2011, was Rs. 8,00,000 and you are required to write-off depreciation at 10%. vii. The value of investments on 31st March, 2011 was Rs. 10,00,000 and the club made similar additional investments during the year on 1st October, 2011. You are required to prepare the income and expenditure account of the club for the year ended 31st March, 2012.

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