Following is the Receipt and Payment Account of Women’s Welfare Club for the year ended December 31, 2013:

Receipt and Payment Account 

for the year ending December 31, 2013

Receipts

Amount

Rs

Payments

Amount

Rs

Balance b/d

7,250

Salary

12,500

Subscriptions

81,750

Stationery

1,700

Donations

 3,000

Electricity charges

9,550

Grant from Government

15,000

Insurance

7,500

Sale of newspapers

300

Equipments

30,000

Proceeds of charity show

16,500

Petty expenses

500

Interest on investments @ 10% for full year

7,000

Expenses on charity show

12,900

Sundries income

400

Newspapers

1,000

 

 

Lectures fee

16,500

 

 

Honorarium to Secretary

12,000

 

 

Balance c/d

27,050

 

1,31,200

 

1,31,200

 

 

 

 

Additional Information:

 

01.01.2013

Rs

31.12.2013

Rs

Outstanding salaries

1,200

1,800

Insurance prepaid

700

300

Subscription outstanding

3,750

2,500

Subscription received in advanced

1,750

1,000

Electricity charges outstanding

1,250

Stock of stationery

2,250

 700

Equipments

25,600

50,200

Building

1,20,000

1,14,000

Prepare Income and Expenditure Account for the year ended December 31, 2013 and Balance Sheet as on that date.

Books of Women Welfare Club

 Income and Expenditure Account 

as on December 31, 2013

Dr.

 

 

Cr.

Expenditure

Amount

Rs

Income

Amount

 Rs

Salary

12,500

 

Subscriptions

81,750

 

Add: O/s on Dec. 31, 2013

1,800

 

Add: O/s on Dec. 31, 2013

2,500

 

14,300

 

84,250

 

Less: O/s on Dec. 31, 2012

(1,200)

13,100

Less: O/s on Dec. 31, 2012

(3,750)

 

 

 

80,500

 

Stationery

1,700

 

Add: Advance on Dec. 31, 2012

1,750

 

Add: Opening Stock

2,250

 

82,250

 

3,950

 

Less: Advance on Dec.31, 2013

(1,000)

81,250

Less: Closing Stock

(700)

3,250

 

 

 

 

Donations

3,000

Electric Charges

9,550

 

Grant from Government

15,000

Add: O/s on Dec. 31, 2013

1,250

10,800

Sale of Newspapers

300

 

 

Profit from Charity show (16,500–12,900)

3,600

Insurance

7,500

 

Interest on Investments

7,000

Add: Prepaid in 2012

700

 

Sundries Income

400

8,200

 

 

 

Less: Prepaid in 2013

(300)

7,900

 

 

Depreciation on Equipments

5,400

 

 

Petty Expenses

500

 

 

Newspapers

1,000

 

 

Lectures Fee

16,500

 

 

Honorarium to Secretary

12,000

 

 

Depreciation on Building

6,000

 

 

Surplus (Balancing Figure)

34,100

 

 

 

 

 

 

 

1,10,550

 

1,10,550

 

 

 

 

 

Balance Sheet 

as on December 31, 2012

Liabilities

Amount

Rs

Assets

Amount

Rs

Outstanding Salaries

1,200

Insurance Prepaid

700

Subscription in Advance

1,750

Subscription Outstanding

3,750

 

 

Stock of Stationery

2,250

Capital Fund (Balancing Figure)

2,26,600

Equipments

25,600

 

 

Building

1,20,000

 

 

Cash and Bank

7,250

 

 

Investments {7,000 × (100/10)}

70,000

 

 

 

 

 

2,29,550

 

2,29,550

 

 

 

 

 

Balance Sheet 

as on December 31, 2013

Liabilities

Amount

Rs

Assets

Amount

Rs

Outstanding Salaries

1,800

Equipments

25,600

 

Subscription in Advance

1,000

Add: Purchases

30,000

 

Electricity Charges Outstanding

1,250

55,600

 

Capital Fund

2,26,600

 

Less: Depreciation

(5,400)

50,200

Add: Surplus

34,100

2,60,700

 

 

 

 

Insurance Prepaid

300

 

 

Subscription Outstanding

2,500

 

 

Stock of Stationery

 

700

 

 

Building

1,20,000

 

 

 

Less: Depreciation

(6,000)

1,14,000

 

 

 

 

 

 

Cash and Bank

27,050

 

 

Investments

70,000

 

2,64,750

 

2,64,750

 

 

 

 

NOTE: As per the solution, the Surplus is Rs 34,100 and the Total of Balance Sheet is Rs 2,64,750; however, the answer given in the book are Rs 79,700 and Rs 1,23,800 respectively.

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