can u please explain me a question of ts grewal - double entry book keeping

chapter - accounting for not for profit organisation

page no. - 19.65

question -41

answer soon!

Q.41


Income and Expenditure Account 

for the year ended March 31, 2012 

Dr.

 

Cr.

Expenditure

Amount

 (Rs)

Income

Amount

 (Rs)

Loss on Sale of Sports Material

(1,000 -600)

400

Subscription

18,100

 

Wages and Salaries

6,000

 

Add: Subscriptions Outstanding for 2011-12

550

 

Add: Outstanding in 2011-12

600

 

Less: Subscription Outstanding for 2010-11

(800)

 

Less: Outstanding in 2010-11

(1,100)

5,500

Add: Advance received for 2010-11

600

 

Stationery

1,500

Less: Advance Received for 2011-12

(400)

18,050

Audit Fee

200

Sale of Old Materials

150

Expenses on Teams

6,500

Entrance Fees

200

Depreciation on Billiards Tables

(6,000 × 10%)

 

600

Interest accrued on Investments  (4,000 × 5% × 6/12)

100

Consumption of Sports Equipments

(5,000 + 2000 – 1,000 – 4,500)

 

1,500

 

 

Upkeepof Grounds

1,000

 

 

Surplus (Balancing Figure)

1,300

 

 

 

18,500

 

18,500

 

 

 

 

        

 


Balance Sheet

as on March 31, 2012

Liabilities 

Amount

(Rs)

Assets

Amount

 (Rs)

Capital Fund

20,000

 

Subscriptions Outstanding

550

Add: Surplus

1,300

 

Sports Equipment

5,000

 

Add: Life Membership Fees

5,000

26,300

Add: Purchases

2,000

 

Tournament Fund 

6,000

 

Less: Book Value of Sold Equipments

(1,000)

 

Add: Donations

2,000

8,000

 

6,000

 

Salaries Unpaid

600

Less: Consumption

(1,500)

4,500

Subscriptions in Advance

400

Grounds

12,000

 

 

Billiards Tables 

6,000

 

 

 

Less: 10% Depreciation

(600)

5,400

 

 

Cash and Bank Balances

8,750

 

 

Investments

4,000

 

 

 

Add: Accrued interest

100

4,100

 

35,300

 

35,300

 

 

 

 

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