I have been asking this question several times but no answers have been posted to clarify my doubt. Please help me solve the question.
Q. From the following Receipts and Payments Account of a club and from the information supplied, prepare Income and Expenditure Account for the year ended 31st March 2013 and the opening Balance sheet
Receipt and Payment A/c
| Receipts | Rs. | Payment | Rs. |
| Balance b/d subscription: 2011-12 2012-13 2013-14 Realisation from charity show Donation for Building Sale of Newspaper |
35,000 500 700 600 2,500 4,000 1,300 |
Expenses on Charity shows Investments Insurance Sundry Expenses Office expenses Fax Machines (Purchased on 1.10.2012) Salaries Balance c/d |
1,100 10,000 2,000 400 700 2,600 12,500 15,300 |
| 44,600 | 44,600 |
Additional info- 1. On 31mar 2013 subscription of 2500(including 200 for 2011-12) were in arrears and insurance charge of 300 were prepaid.
2. On 1 April the club had the following- a. Fax machine - 4000 b. Investments- 2500 c. Salary o/s- 1500 and insurance prepaid 500
3. Dep to be charged on fax machine @10% p.a. 3
Dear Student
Regards
| Income and Expenditure A/c for the Year ended 31-03-2013 | |||||||
| Date | Particulars | Amount | Date | Particulars | Amount | ||
| (Rs) | (Rs) | ||||||
| Insurance | 2,000 | Subscription for 12-13: | |||||
| Less : Prepaid at the end | (300) | Received in Cash | 700 | ||||
| Add : Prepaid in the Beginning | 500 | 2,200 | Add : Outstanding at the end | 2,300 | |||
| Less : Outstanding in the beginning | - | 3,000 | |||||
| Salaries | 12,500 | ||||||
| Add : Outstanding at the end | - | ||||||
| Less : Outstanding in the beginning | (1,500) | 11,000 | Realisation from charity show | 2,500 | |||
| Sale of Newspaper | 1,300 | ||||||
| Depreciation : | |||||||
| Fax Machines (4,000 x 10% + 2,600 x 10% x 6/12) | 530 | ||||||
| Expenses on Charity Shows | 1,100 | ||||||
| Sundry Expenses | 400 | ||||||
| Office Expenses | 700 | ||||||
| Surplus / (Deficit) Transferred to balancesheet | (9,130) | ||||||
| 6,800 | 6,800 | ||||||
| Opening Balancesheet | |||||||
| Date | Liabilities | Amount | Date | Assets | Amount | ||
| (Rs) | (Rs) | ||||||
| Salary Outstanding | 1,500 | Cash A/c | 35,000 | ||||
| Subscriptions Receivable : | |||||||
| 2011-12 | 700 | ||||||
| Capital Fund (B.Fig) | 41,200 | Fax Machine | 4,000 | ||||
| Investments | 2,500 | ||||||
| Insurance Prepaid | 500 | ||||||
| 42,700 | 42,700 | ||||||
Regards