Following is the Receipt and Payment Account of Indian Sports Club, prepared Income and Expenditure Account, Balance Sheet as on December 31, 2006:
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Receipt and Payment Account for the year ending December 31, 2006 |
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Receipts |
Amount Rs |
Payments |
Amount Rs |
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Balance b/d |
7,890 |
Salary |
11,000 |
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Subscriptions |
52,000 |
Electric charges |
5,500 |
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Life member ship fee |
2,200 |
Billiard Table |
17,500 |
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Entrance fee |
3,200 |
Office expenses |
4,100 |
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Tournament fund |
26,000 |
Printing and Stationery |
2,300 |
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Locker Rent |
1,250 |
Tournament expenses |
18,500 |
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Sale of old sports goods (Costing Rs 2,200) |
2,500 |
Repair of ground |
2,000 |
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Sale of Old Newspaper |
750 |
Furniture purchased |
7,700 |
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Legacy |
37,500 |
Sports equipments |
12,000 |
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Cash in Hand |
12,690 |
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Cash at Bank |
10,000 |
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Fixed Deposit (on 1.10.06 for 10% p.a) |
30,000 |
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1,33,290 |
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1,33,290 |
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Other Information:
Subscription outstanding was on December 31, 2005 Rs 1,200 and Rs 3,200 on December 31, 2006. Locker rent outstanding on December 31, 2006 Rs 250. Salary outstanding on December 31, 2006 Rs 1,000.
On January 1, 2006, club has Building Rs 36,000, furniture Rs 12,000, Sports equipments Rs 17,500. Depreciation charged on these items @ 10% (including Purchase).
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Indian Sports Club Income and Expenditure Account as on Dec. 31, 2006 |
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Dr. |
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Cr. |
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Expenditure |
Amount Rs |
Income |
Amount Rs |
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Salary |
11,000 |
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Subscriptions |
52,000 |
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Add: Outstanding for 2006 |
1,000 |
12,000 |
Add: Outstanding for 2006 |
3,200 |
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Electric Charges |
5,500 |
|
55,200 |
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Office Expenses |
4,100 |
Less: Outstanding for 2005 |
(1,200) |
54,000 |
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Printing and Stationery |
2,300 |
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Repair of Ground |
2,000 |
Locker Rent |
1,250 |
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Depreciation on: |
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Add: Outstanding for 2006 |
250 |
1,500 |
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Furniture |
1,970 |
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Building |
3,600 |
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Entrance Fees |
3,200 |
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Sports Equipments |
2,730 |
8,300 |
Profit on Sale of Sports |
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Surplus |
26,300 |
Equipments (Rs 2,500 – Rs 2,200) |
300 |
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Sale of Old Newspapers |
750 |
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Accrued Interest |
750 |
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|
60,500 |
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60,500 |
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Balance Sheet as on January 01, 2006 |
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Liabilities |
Amount Rs |
Assets |
Amount Rs |
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Capital Fund (Balancing Figure) |
74,590 |
Subscription Outstanding |
1,200 |
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Building |
36,000 |
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Furniture |
12,000 |
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Sports Equipments |
17,500 |
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Cash and Bank |
7,890 |
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|
74,590 |
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74,590 |
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Balance Sheet as on Dec. 31, 2006 |
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Liabilities |
Amount Rs |
Assets |
Amount Rs |
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Salary Outstanding |
1,000 |
Subscripting Outstanding |
3,200 |
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Tournament Fund |
26,000 |
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Locker Rent Outstanding |
250 |
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Less: Tournament Expenses |
18,500 |
7,500 |
Building |
36,000 |
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Less: 10% Depreciation |
(3,600) |
32,400 |
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Capital fund |
74,590 |
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Add: Life Membership Fee |
2,200 |
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Furniture |
12,000 |
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Add: Legacy |
37,500 |
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Add: Purchases |
7,700 |
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Add: Surplus |
26,300 |
1,40,590 |
|
19,700 |
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Less: 10% Depreciation |
(1,970) |
17,730 |
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Sports Equipments |
17,500 |
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Add: Purchases |
12,000 |
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29,500 |
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Less: Sales |
(2,200) |
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27,300 |
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Less: 10% Depreciation |
(2,730) |
24,570 |
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Billiard Table |
17,500 |
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Cash in hand |
12,690 |
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Cash at Bank |
10,000 |
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Fixed Deposit |
30,000 |
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Add: Accrued Interest |
750 |
30,750 |
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1,49,090 |
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1,49,090 |
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