From the following Receipt and Payment Account of Jan Kalyan Club, prepare Income and Expenditure Account and Balance Sheet for the year ending December 31, 2006.           

Receipt and Payment Account 

for the year ending December 31, 2006

Receipts

Amount

Rs

Payments

Amount

Rs

Cash in hand as on 1.1.06

6,800

Salaries

24,000

Subscription

60,200

Traveling Expenses

6,000

Donation

3,000

Stationery

2,300

Sale of furniture (Book value Rs 6000)

4,000

Rent

16,000

Entrance fee

800

Repair

700

Life membership fee

7,000

Books purchased

 6,000

Interest on investment (@ 5% for full year)

5,000

Building purchased

30,000

 

 

Cash in Hand as 31.12.2006

1,800

 

 

 

 

 

86,800

 

86,800

 

 

 

 

Additional Information:

 

As on

1.01.2006

As on

31.12.2006

(i)

Subscription received in advance

1,000

 3,200

(ii)

Outstanding subscription

2,000

3,700

(iii)

Stock of stationery

 1,200

 800

(iv)

Books

13,500

16,500

(v)

Furniture

16,000

8,000

(vi)

Outstanding rent

1,000

2,000

 

Books of Jan Kalyan Club

Income and Expenditure Account 

as on 31 Dec. 2006

Dr.

 

 

Cr.

Expenditure

Amount

Rs

Income

Amount

Rs

Loss on Sale of Furniture (Rs 6,000 – Rs 4,000)

2,000

Subscription

60,200

 

Salaries

 

24,000

Less: Outstanding for 2005

(2,000)

 

Traveling Expenses

6,000

 

58,200

 

Stationery

2,300

 

Add: Outstanding for 2006

3,700

 

Add: Opening Stock

1,200

 

 

61,900

 

 

3,500

 

Add: Advance in 2005

1,000

 

Less: Closing Stock

(800)

2,700

 

62,900

 

 

 

Less: Advance in 2006

(3,200)

59,700

Repairs

700

 

 

Rent

16,000

 

Donation

 3,000

Less: Outstanding for 2005

(1,000)

 

Entrance Fees

800

 

15,000

 

Interest on Investments  

5,000

Add: Outstanding for 2006

2,000

17,000

 

 

Depreciation on Books

3,000

 

 

Depreciation on Furniture

2,000

 

 

Surplus

11,100

 

 

 

 

 

 

 

68,500

 

68,500

 

 

 

 

 

Balance Sheet 

as on January 01, 2006

Liabilities

Amount

Rs

Assets

Amount

Rs

Advance Subscription

1,000

Cash in Hand

6,800

Outstanding Rent

1,000

Investment {5,000 × (100/5)}

1,00,000

Capital Fund (Balancing figure)

1,37,500

Subscription Outstanding

2,000

 

 

Stock of Stationery

1,200

 

 

Books

13,500

 

 

Furniture

16,000

 

1,39,500

 

1,39,500

 

 

 

 

 

Balance Sheet 

as on Dec. 31, 2006

Liabilities

Amount

Rs

Assets

Amount

Rs

Advance Subscription

3,200

Subscription Outstanding

3,700

Outstanding Rent

2,000

Stock of Stationery

800

Capital Fund

1,37,500

 

Investments

1,00,000

Add: Life Membership Fees

7,000

 

 

 

Add: Surplus

11,100

1,55,600

Books

13,500

 

 

 

 

Add: Purchases

6,000

 

 

 

 

19,500

 

 

 

Less: Depreciation

(3,000)

16,500

 

 

 

 

 

 

Building

30,000

 

 

Cash in Hand

1,800

 

 

Furniture

16,000

 

 

 

 Less: Sales

6,000

 

 

 

 

10,000

 

 

 

 Less: Depreciation

(2,000)

8,000

 

 

 

 

 

1,60,800

 

1,60,800

 

 

 

 

 

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