from the following receipts payment a/c of a old men sports club and the addittional information suplied prepare an income - Accountancy - Accounting for Not-for-Profit Organisation

Question

from the following receipts payment a/c of a old men sports club
and the addittional information suplied prepare an income
expenditure a/c at the balance sheet as on 31st march 2008
to balence b/d- 25000, to subsciptions (2006-07 -=10000/- ,
2007-08-=260000/-, 2008-09=20000/-) , to rent received for use of
hall=4500/-, to sale of old newspaper=500/- (in receipts side)
by salaries=45000, by general expense=10000,by electic
charges=15000, sports material=100000, by purchase of
newspaper=2000, 10% investments in government securities
(31-3-2008) =100000, by balance c/d=58000 (in payments)
total is 330000Adjustments :-
1) the club has 3000 members each paying an annual subsciption
of 100/-
2) on 31st march 2008, salaries amounting 5000/- were
outstanding Salaries paid also included 3000/- for the year
2006-07
3) On one for 2007 the club owned building valued at 100000/-,
furniture at 50000/- and books for 20000/-
4) depreciation on building furniture provided at the 10%

Manisha Arora · Accepted Answer

Dear Student, your question seems to be incomplete because
according to the information provided by you, the Receipts and
Payment Account does not match As the total of Payment side is Rs
3,30,000 and total of Receipts side is Rs 3,20,000 because of this
Balance Sheet will not match (Assets side and Liability side) We
advice you re-check the question and provide us with the complete
details of the question so that we can help you better