Q. Receipt and Payment Account of Shankar Sports Club given below, for the year ended December 31, 2006.
Receipt and Payment Account
For the year ending December 31,2006
Receipt | Amount | Payments | Amount |
Opening cash in hand Entrance Fees Donation for building Locker Rent Life Membership Fee Profit from Entertainment Subscription |
2,600 3,200 23,000 1,200 7,000 3,000 40,000 |
Rent Wages Billiard Table Furniture Interest Postage Salary Cash in hand |
18,000 7,000 14,000 10,000 2,000 1,000 24,000 4,000 |
80,000 | 80,000 |
Prepare income and expenditure account with the help of the following information:
Subscription outstanding on 31st Dec 2005 is Rs. 1,200 and Rs. 2,300 on
31.12.2006, Opening stock of postage stamps is Rs 200. rent Rs. 1,500 related to 2005 and Rs. 1,500 is still unpaid. On Jan 1, 2006, the club owned furniture
Rs 15000. Furniture valued at Rs. 22,500 on 31.12. 06. The club took a loan of Rs. 20,000@10% p.a. in 2005.
Dear Student
Note: It has been assumed that building fund exists and donation for the building is credited in that fund.
Regards
Income and Expenditure A/c | |||||||
Date | Particulars | Amount | Date | Particulars | Amount | ||
(Rs) | (Rs) | ||||||
Postage | 1,000 | Subscription : | |||||
Add: Utilized from left over of previous year | 200 | 1,200 | Received in Cash | 40,000 | |||
Add : Outstanding at the end | 2,300 | ||||||
Rent | 18,000 | Less : Outstanding in the beginning | (1,200) | 41,100 | |||
Add : Outstanding at the end | 1,500 | ||||||
Less : Outstanding in the beginning | (1,500) | 18,000 | Entrance Fees | 3,200 | |||
Locker Rent | 1,200 | ||||||
Depreciation : | |||||||
Furniture | 2,500 | Profit from entertainment | 3,000 | ||||
(15,000 + 10,000 - 22,500) | |||||||
Interest on Loan (20,000 x 10%) | 2,000 | ||||||
Wages | 7,000 | ||||||
Salary | 24,000 | ||||||
Deficit Transferred to Balance sheet | 6,200 | ||||||
54,700 | 54,700 |
Note: It has been assumed that building fund exists and donation for the building is credited in that fund.
Regards