In this question sports materials purchased on 1-10-2017 is not given if i tally with payments side it comes 18000 they given adjustment on this which is 20% depreciation per anum if i calculate it comes 1800 and here it is given 1400 please answer me
In this question sports materials purchased on 1-10-2017 is not given if i tally with payments side it comes 18000 they given adjustment on this which is 20% depreciation per anum if i calculate it comes 1800 and here it is given 1400 please answer me Receipt and PaymentA/c for the year ending 31-03-2018
Receipts
To Balance b/d
To Subscriptions
To Entrance Fees •
To Sale of old newspaper
To Sports Fees
Adjustments :
Its.
15,500
52,000
6,000
3,000
9,500
86,000
Payments
By Salary
By Sports materials
By Vivestments
By Postage
By Electricity chrges
By Up-keep of grounds
By Balance c/d
Its.
25,000
1,600
6,500
jn,h00
(a) Outstanding subscri/tionsfor 2018. 1,000.
(b) Outstanding salary as on
(c) Halfofthe entrance fees to be capitalised..
(d) Depreciate sports materials@ 20% per annum
Prepare (i) InCome and Expenditure account for year ending 31-03-2018 and (ii) Balance
Sheet as on that date.
Ans :
Golden sports club, Bijapura
Incöme aiid Expenditure Né for-theyear ending 31-03-2014
Expenditure
To Salary
Add : 01s salary for
2012'13
Less : o/s salary
for 2011-12
" Postage
" Electricity charges
" Up-keep of ground
" Dep. On Sports mate
- On opening
- On additions
over expenditure
25,000
5,000
30,000
7 ooo
400'
1,600
6,500
•als
7,000
1,400
Income
By Subscriptions
Add : (Ys Subscription
f" 201*1$
Add': pre-received
Subscriptions in 201'1-W
" Entrance Fees
"Sale of old newspapers
" sports fees
52,000
1,000
53,000
4,000
23,000
8,400
32,600
72,500
57,000
3,000
3,000
9,500
72,500
