Following is the Receipt and Payment Account of Indian Sports Club, prepared Income and Expenditure Account, Balance Sheet as on December 31, 2006:

Receipt and Payment Account 

for the year ending December 31, 2006

Receipts

Amount

Rs

Payments

Amount

Rs

Balance b/d

7,890

Salary

11,000

Subscriptions

52,000

Electric charges

5,500

Life member ship fee

2,200

Billiard Table

17,500

Entrance fee

3,200

Office expenses

4,100

Tournament fund

26,000

Printing and Stationery

 2,300

Locker Rent

 1,250

Tournament expenses

18,500

Sale of old sports goods (Costing Rs 2,200)

2,500

Repair of ground

 2,000

Sale of Old Newspaper

 750

Furniture purchased

 7,700

Legacy

37,500

Sports equipments

12,000

 

 

Cash in Hand

12,690

 

 

Cash at Bank

 10,000

 

 

Fixed Deposit (on 1.10.06 for 10% p.a)

30,000

 

 

 

 

 

1,33,290

 

1,33,290

 

 

 

 

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).

Indian Sports Club

Income and Expenditure Account 

as on Dec. 31, 2006

Dr.

 

 

Cr.

Expenditure

Amount

Rs

Income

Amount

Rs

Salary

11,000

 

Subscriptions

52,000

 

Add: Outstanding for 2006

1,000

12,000

Add: Outstanding for 2006

3,200

 

Electric Charges

5,500

 

55,200

 

Office Expenses

4,100

Less: Outstanding for 2005

(1,200)

54,000

Printing and Stationery

 2,300

 

 

 

Repair of Ground

 2,000

Locker Rent

1,250

 

Depreciation on:

 

Add: Outstanding for 2006

250

 1,500

Furniture

1,970

 

 

 

Building

3,600

 

Entrance Fees

 3,200

Sports Equipments

2,730

 8,300

Profit on Sale of Sports

 

Surplus

26,300

Equipments (Rs 2,500 – Rs 2,200)

300

 

 

Sale of Old Newspapers

750

 

 

Accrued Interest

750

 

60,500

 

60,500

 

 

 

 

 

Balance Sheet 

as on January 01, 2006

Liabilities

Amount

Rs

Assets

Amount

Rs

Capital Fund (Balancing Figure)

74,590

Subscription Outstanding

1,200

 

 

 

Building

36,000

 

 

Furniture

12,000

 

 

Sports Equipments

17,500

 

 

Cash and Bank

7,890

 

74,590

 

74,590

 

 

 

 

         

Balance Sheet 

as on Dec. 31, 2006

Liabilities

Amount

Rs

Assets

Amount

Rs

Salary Outstanding 

1,000

Subscripting Outstanding

3,200

Tournament Fund

26,000

 

Locker Rent Outstanding

250

Less: Tournament Expenses

18,500

7,500

Building

36,000

 

 

 

Less: 10% Depreciation

(3,600)

32,400

Capital fund

74,590

 

 

 

Add: Life Membership Fee

2,200

 

Furniture

12,000

 

Add: Legacy

37,500

 

Add: Purchases

7,700

 

Add: Surplus

26,300

1,40,590

 

19,700

 

 

 

Less: 10% Depreciation

(1,970)

17,730

 

 

 

 

 

 

Sports Equipments

17,500

 

 

 

Add: Purchases

12,000

 

 

 

 

29,500

 

 

 

Less: Sales

(2,200)

 

 

 

 

27,300

 

 

 

Less: 10% Depreciation

(2,730)

24,570

 

 

 

 

 

 

Billiard Table 

17,500

 

 

Cash in hand

12,690

 

 

Cash at Bank

10,000

 

 

Fixed Deposit

30,000

 

 

 

Add: Accrued Interest

750

30,750

 

 

 

 

 

1,49,090

 

1,49,090

 

 

 

 

 

  • 16
What are you looking for?