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Page No 22.60:

Answer:

 

Books of Evergreen Club

Receipts and Payments Account

for the year ended March 31, 2016

Dr.

 

Cr.

Receipts

Amount

(Rs)

Payments 

Amount

(Rs)

Balance b/d

 

Investments Purchased

5,000

Cash in Hand

500

 

Rent Paid

500

Cash at Bank

3,400

3,900

General Expenses

2,300

Subscription Received

15,700

Postage and Stationery

250

Donation Received

2,800

Newspapers and Magazines

870

Sale of Old Newspapers

120

Books Purchased

3,400

Interest on Investments Received

500

Sports Material Purchased

4,700

 

 

Honorarium to Coacher

1,500

 

 

Balance c/d

 

 

 

Cash in Hand

300

 

 

 

Cash at Bank (Balancing Figure)

4,200

4,500

 

23,020

 

23,020

 

 

 

 

 

Page No 22.60:

Answer:

Income and Expenditure Account

for the year ended March 31, 2016

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income 

Amount

(Rs)

 

 

Subscription

42,000

 

 

 

Less: Outstanding for 2015

(1,400)

 

 

 

Add: Outstanding for 2016

1,000

41,600

 

 

 

 

 

Page No 22.60:

Answer:

Income and Expenditure Account

for the year ended March 31, 2016

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income 

Amount

(Rs)

 

 

Subscription

 

 

 

(450 Members × Rs 20 each)

9,000

 

 

 

 

 



Page No 22.61:

Answer:

Statement of Subscription

for the year ended March 31, 2016

Particulars 

Amount

(Rs)

Subscription received during the year 2015-16

40,900

Add: Outstanding for 2015-16 (Current year)

1,500

Less: Received for 2014-15 (Previous year)

(500)

Add: Advance received in 2014-15 (Previous year)

1,800

Less: Advance received for 2016-17 (Next year)

(1,000)

Subscription to be credited to Income and Expenditure Account

42,700

 

 

 

Page No 22.61:

Answer:

Statement of Subscription

for the year ended 2015-16

Particulars

Amount

(Rs)

Subscription received during the year 2015-16

30,000

Less: Subscription-in-Arrears for 2014-15

(5,000) 

Add: Subscription-in-Arrears for 2015-16

2,500

Add: Subscription-in Advance for 2014-15

3,000

Less: Subscription-in Advance for 2015-16

(7,000)

Subscription to be Credited to Income and Expenditure Account

23,500

 

 

 

Page No 22.61:

Answer:

Statement of Subscription

for the year ended 2015-16

Particulars 

Amount

(Rs)

Subscriptions collected during the year 2015-16

2,50,000

Add: Subscriptions-in-arrears for the year 2015-16

6,000

Less: Subscriptions received in advance for the year 2016-17

(5,000)

Subscriptions Income for the year 2015-16

2,51,000

 

 

 

Case 2

Statement of Subscription

for the year ended 2015-16

Particulars 

Amount

(Rs)

Subscriptions collected during the year 2015-16

49,000

Add: Subscriptions collected for 2015-16 in 2014-15

3,000

Add: Subscriptions unpaid for the year 2015-16

2,000

Subscriptions Income for the year 2015-16

54,000

 

 

 

Case 3

Statement of Subscription

for the year ended 2015-16

Particulars 

Amount

(Rs)

Subscriptions received during the year 2015-16

25,000

Less: Subscriptions outstanding in the beginning of 2015-16

(3,000)

Add: Subscriptions yet not collected for 2015-16

5,000

Subscriptions Income for the year 2015-16

27,000

 

 

 

Case 4

Statement of Subscription

for the year ended 2015-16

Particulars 

Amount

(Rs)

Subscriptions received during the year 2015-16

80,000

Less: Subscriptions outstanding in the beginning of 2015-16

(5,000)

Add: Subscriptions yet not collected for 2015-16

8,000

Less: Subscriptions for 2016-17 received in advance

(2,000)

Subscriptions Income for the year 2015-16

81,000

 

 

 

Case 5

Statement of Subscription

for the year ended 2015-16

Particulars 

Amount

(Rs)

Subscriptions received during the year 2015-16

90,000

Less: Subscriptions outstanding at the end of 2014-15

(5,000)

Add: Subscriptions received in advance on March 31, 2015

3,000

Less: Subscriptions received in advance on March 31, 2016

(4,000)

Add: Subscriptions not yet collected for 2015-16

6,000

Subscriptions Income for the year 2015-16

90,000

 

 

 

Page No 22.61:

Answer:

Subscriptions Account

Dr.

Cr.

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

       

Subscriptions Outstanding

(as on Dec. 31, 2012)

500

Bank (Subscription received)

22,300

Advance Subscriptions (for 2014)

750

Subscriptions Outstanding (as on Dec. 31, 2013) (Bal. Fig.)

1,450

Income and Expenditure (450 Member × Rs 50)

22,500

 

 

 

23,750

 

23,750

 

 

 

 

         

 

Subscriptions-in-arrears in 2013

1,450

Less: Subscriptions still-in-arrears for 2012

(50)

Subscriptions-in-arrears for 2013

1,400

 



Page No 22.62:

Answer:

Statement of Subscriptions

for the year ended March 31, 2016

Particulars 

Amount

(Rs)

Subscriptions received during 2015-16

35,400

Less: Subscriptions-in-arrears received for 2014-15

(400)

Less: Subscriptions received-in-advance for 2016-17

(1,200)

Less: Subscriptions received-in-advance for 2017-18

(300)

Add: Subscriptions Outstanding for 2015-16

400

Add: Subscriptions received in 2014-15 for 2015-16

1,100

Subscriptions to be credited to Income and Expenditure Account

35,000

 

 

 

Page No 22.62:

Answer:

Income and Expenditure Account

for the year ended March 31, 2015

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income 

Amount

(Rs)

 

 

Subscriptions

35,850

 

 

 

Add: Outstanding at the end

3,750

 

 

 

Add: Advance in the beginning

2,250

 

 

 

Less: Outstanding in the beginning

(3,000)

 

 

 

Less: Advance at the end

(1,350)

37,500

 

 

 

 

             

 

Balance Sheet

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Subscription received in Advance

2,250

Subscriptions Outstanding

3,000

 

 

 

 

 

Balance Sheet

as on March 31, 2015

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Subscription received in Advance

1,350

Subscriptions Outstanding

3,750

 

 

 

 

 

Page No 22.62:

Answer:

Subscriptions Account

Particulars

Amount

(Rs)

Particulars

Amount

(Rs)

       

Income and Expenditure

(200 members × Rs 100 each)

2,00,000

Bank (Subscriptions Received)

2,05,000

Outstanding Subscriptions in the beginning

30,000

Advance Subscriptions in the beginning

14,000

Advance Subscriptions at the end

40,000

Outstanding Subscriptions at the end (Balancing Figure)

51,000

 

2,70,000

 

2,70,000

 

 

 

 

 

Page No 22.62:

Answer:

Statement of Medicine Consumed

during the year 2015-16

Particulars 

Amount

(Rs)

Medicine Purchased during the year 2015-16

60,80,700

Add: Stock in the beginning (as on April 01, 2015)

1,75,750

Less: Stock at the end (as on March 31, 2016)

(1,44,650)

Medicine to be debited to Income and Expenditure Account 

61,11,800

 

 

 

Page No 22.62:

Answer:

(i)

Statement of Stationery Consumed

at the end of March 31, 2015

Particulars 

Amount

(Rs)

Amount paid for Stationery during the year 2014-15

540

Less: Closing Stock (as on March 31, 2015)

(25)

Amount of Stationery to be posted to Income and Expenditure Account 

515

 

 

 

(ii)

Statement of Stationery Consumed

at the end of March 31, 2015

Particulars 

Amount

(Rs)

Payment made for Stationery during the year 2014-15

540

Add: Opening Stock (as on April 01, 2014)

150

Less: Closing stock (as on March 31, 2015)

(25)

Amount of Stationery to be posted to Income and Expenditure Account 

665

 

 

 

(iii)

Statement of Stationery Consumed

at the end of March 31, 2015

Particulars 

Amount

(Rs)

Amount paid for Stationery during the year 2014-15

540

Add: Opening Stock (as on April 01, 2014)

150

Less: Closing stock (as on March 31, 2015)

(25)

Less: Creditors for Stationery in the beginning (April 01, 2014)

(100)

Amount of Stationery to be posted to Income and Expenditure Account 

565

 

 

 



Page No 22.63:

Answer:

Statement of Stationery Consumed

for the year ended March 31, 2015

Particulars 

Amount

(Rs)

Amount paid for Stationery during the year 2014-15

1,40,000

Add: Opening Stock (as on April 01, 2014)

12,000

Less: Closing Stock (as on March 31, 2015)

(23,200)

Add: Creditors at the end (as on March 31, 2015)

24,000

Less: Creditors in the beginning (as on April 01, 2014)

(25,600)

Amount of Stationery be shown in Income and Expenditure Account 

1,27,200

 

 

 

Page No 22.63:

Answer:

Statement of Stationery

for the year ended March 31, 2016

Particulars

Amount

(Rs)

Amount paid for Stationery during 2015-16

2,160

Add: Opening Stock (as on April 01, 2015)

600

Less: Closing stock (as on March 31, 2016)

(100)

Less: Creditors in the beginning (April 01, 2015)

(400)

Add: Creditors at the end (March 31, 2016)

260

Add: Advance in the beginning (April 01, 2015)

40

Less: Advance at the end (March 31, 2016)

(60)

Amount to be posted to Income and Expenditure Account 

2,500

 

 

 

Income and Expenditure Account

for the year ended March 31, 2016

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income 

Amount

(Rs)

Stationery Consumed

2,500

 

 

 

 

 

 

           

 

Balance Sheet

as on April 01, 2015

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Creditors for Stationery

400

Stock of Stationery

600

 

 

Advance paid for Stationery

40

 

 

 

 

 

Balance Sheet 

as on March 31, 2016

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Creditors for Stationery

260

Stock of Stationery

100

 

 

Advance paid for Stationery

60

 

 

 

 

 

Page No 22.63:

Answer:

Statement of Stationery

for the year ended March 31, 2016

Particulars 

Amount

(Rs)

Amount paid for Stationery during the year 2015-16

10,800

Add: Opening Stock (as on April 01, 2015)

3,000

Less: Closing stock (as on March 31, 2016)

(500)

Less: Creditors in the beginning (as on April 01, 2015)

(2,000)

Add: Creditors at the end (as on March 31, 2016)

4,300

Add: Advance in the beginning (as on April 01, 2015)

200

Less: Advance at the end (as on March 31, 2016)

(1,300)

Amount to be posted to Income and Expenditure Account 

14,500

 

 

 

Page No 22.63:

Answer:

Income and Expenditure Account

for the year ended March 31, 2015

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income

Amount

(Rs)

Sports Material

1,40,000

 

 

 

Add: Opening Stock

8,000

 

 

 

Less: Closing Stock

(22,000)

 

 

 

Less: Creditors in the beginning

(6,000)

1,20,000

 

 

 

 

 

 

             

 

Balance Sheet

as on March 31, 2015

Liabilities 

Amount

 (Rs)

Assets

Amount

(Rs)

 

 

Stock of Sport Materials

22,000

 

 

 

 

 

Page No 22.63:

Answer:

Income and Expenditure Account

for the year ended March 31, 2016

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income

Amount

(Rs)

Medicine

1,50,000

 

 

 

Add: Opening Stock

50,000

 

 

 

Less: Closing Stock

(75,000)

 

 

 

Less: Creditors in the beginning

(40,000)

 

 

 

Add: Creditors at the end

60,000

1,45,000

 

 

 

 

 

 

             

 

Balance Sheet

as on March 31, 2015

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Creditors for Medicines

40,000

Stock of Medicines

50,000

 

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Creditors for Medicines

60,000

Stock of Medicines

75,000

 

 

 

 

 



Page No 22.64:

Answer:

Income and Expenditure Account

for the year ended March 31, 2016

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income

Amount

(Rs)

Payment for Sports Material

71,000

 

Profit on Sale of Sports Material (26,000 – 20,000)

6,000

Add: Opening Stock

20,000

 

 

 

Less: Closing Stock

(25,000)

 

 

 

Less: Creditors in the beginning

(7,000)

 

 

 

Add: Creditors at the end

15,000

 

 

 

Less: Book Value of Material Sold

(20,000)

54,000

 

 

 

 

 

 

             

 

Balance Sheet

as on March 31, 2015

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Creditors for Sport Materials

7,000

Stock of Sport Materials

20,000

 

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Creditors for Sport Materials

15,000

Stock of Sport Materials

25,000

 

 

 

 

 

Page No 22.64:

Answer:

Extract of Income and Expenditure Account

for the year ended March 31, 2016

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income

Amount

(Rs)

Sports Material Consumed

92,800

 

 

 

 

 

 

           

 

Balance Sheet

as on March 31, 2015

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Creditors for Sports Materials

9,800

Stock of Sports Materials

6,200

 

 

Advance paid for Sports Materials

11,000

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Creditors for Sports Materials

7,200

Stock of Spors Materials

4,800

 

 

Advance paid for Sports Materials

19,000

 

 

 

 

 

Working Note:

Calculation of Sports Material Consumed

Particulars 

Amount

(Rs)

Sports Material

1,02,000

Add: Opening Stock

6,200

Less: Closing Stock

(4,800)

Less: Creditors in the beginning

(9,800)

Add: Creditors at the end

7,200

Less: Advance at the end

(19,000)

Add: Advance in the beginning

11,000

 

92,800

 

 

 

Alternatively, Sports Material consumed can also be calculated as.

Creditors for Sports Material Account

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income

Amount

(Rs)

Balance b/d (Advance in the beginning)

11,000

Balance b/d (Creditors in the beginning)

9,800

Bank A/c (Amount paid for stationery)

1,02,000

Purchases A/c (Balancing Figure)

91,400

Balance c/d (Creditors at the end)

7,200

Balance c/d (Advance at the end)

19,000

 

1,20,200

 

1,20,200

 

 

 

 

           

Sports Material Consumed= Opening Stock + Purchases – Closing Stock = 6,200 + 91,400 – 4,800 = Rs 92,800

Page No 22.64:

Answer:

Furniture Account

Dr.

 

Cr.

Date

Particulars

Amount

(Rs)

Date

Particulars

Amount

(Rs)

           

2015

 

 

2015

 

 

April 01

Balance b/d

 

Sept.30

Depreciation (i) (for 6 Months)

150

 

(i) 3,000

 

Sept.30

Bank (Sale) (i)

2,000

 

(ii) 3,000

6,000

Sept.30

Income and Expenditure (Loss on Sale)

850

      2016    

 

 

 

March 31

Depreciation (ii) (for whole year)

300

 

 

 

 

Balance c/d (ii) (3,000 – 300)

2,700

 

 

6,000

 

 

6,000

 

 

 

 

 

 

               

 

Income and Expenditure Account

for the year ended March 31, 2016

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income 

Amount

(Rs)

Depreciation on Furniture

 

 

 

(150 + 300)

450

 

 

Loss on Sale of Furniture

850

 

 

 

 

 

 

           

 

Working Note:

Calculation of Profit or Loss on Sale of Furniture

Particulars

Amount

(Rs)

Book Value of Furniture Sold as on April 01, 2015

3,000

Less: Depreciation (for 6 Months) (3,000 × 10% × 6/12)

(150)

Book Value of Furniture as on Sept.30, 2015

2,850

Less: Sale Value

(2,000)

Loss on Sale of Furniture

850

 

Page No 22.64:

Answer:

Furniture Account

Dr.

 

Cr.

Date

Particulars

Amount

(Rs)

Date

Particulars

Amount

(Rs)

           

2015

 

 

2015

 

 

Apr. 01

Balance b/d

 

Dec. 31

Depreciation (ii) (for 9 Months)

1,500

 

(i) 2,00,000

 

Dec. 31

Bank (Sale (ii))

14,800

 

(ii) 20,000

2,20,000

Dec. 31

Income and Expenditure (Loss on Sale)

3,700

Oct. 01

Bank (iii)

1,50,000

2016

 

 

 

 

 

Mar. 31

Depreciation

 

 

 

 

 

(i) 20,000

 

 

 

 

 

(iii) 7,500 (for 6 Months)

27,500

 

 

 

Mar. 31

Balance c/d

 

 

 

 

 

(i) 1,80,000

 

 

 

 

 

(iii) 1,42,500

3,22,500

 

 

3,70,000

 

 

3,70,000

 

 

 

 

 

 

               

 

Working Note:

Calculation of Profit or Loss on Sale of Furniture

Particulars

Amount

(Rs)

Book Value of Furniture (i) as on April 01, 2015

20,000

Less: Depreciation (for 9 Months) [20,000 × 10% × 9/12]

(1,500)

Book Value on December 31, 2015

18,500

Less: Loss on Sale of Furniture (18,500 × 20%)

(3,700)

Sale Value of Furniture

14,800

 

Page No 22.64:

Answer:

Balance Sheet

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Tournament Found

50,000

 

 

 

Add: Tournament Receipts

20,000

 

 

 

Less: Tournament Expenses

(15,000)

55,000

 

 

 

 

 

 

 



Page No 22.65:

Answer:

Case 1

Balance Sheet  

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Prize Fund

5,000

 

 

 

Less: Prize Paid

(1,200)

3,800

 

 

 

 

 

 

 

Note: Match Expenses of Rs 1,500 are not deductible from the Prize Fund. This is because the Prize Fund is maintained only to meet the expenses relating to the Prize. However, the match expenses (i.e. Rs 1,500) will be debited to the Income and Expenditure Account as there is no specific fund is maintained to meet such expenses.

 

Case 2

Balance Sheet  

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Match Fund

10,000

 

Match Fund Investments

6,000

Less: Match Expenses

(3,500)

 

 

 

Add: Interest on Match Fund Investments

 

300

 

6,800

 

 

 

 

 

 

Note:Prizes paid worth Rs 1,900 are not deductible from the Match fund because the Match Fund. This is because Match Fund is maintained only to meet the expenses relating to the Match. However, the prizes paid (i.e. Rs 1,900) will be debited to the Income and Expenditure Account as there is no specific fund is maintained for distributing the prizes. Also, the interest on Match Fund Investments is added to the Match Fund because it is an income related to this particular fund.

Page No 22.65:

Answer:

Balance Sheet

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Match Fund

80,000

 

Match Fund Investment

72,000

Add: Interest on Match Fund Investment

 

2,880

 

Match Fund Bank Balance

3,500

Less: Match Expenses

(5,500)

77,380

 

 

 

 

 

 

 

Page No 22.65:

Answer:

Case 1

Balance Sheet

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Capital Fund

20,00,000

Pavilion Work-in-Progress

6,00,000

 

 

 

 

 

Case 2

Balance Sheet

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Pavilion Fund

10,00,000

 

Pavilion Work-in-Progress

6,00,000

Less: Expenditure on Construction of Pavilion

(6,00,000)

4,00,000

 

 

Capital Fund

20,00,000

 

 

 

Add: Pavilion Work-in-Progress

6,00,000

26,00,000

 

 

 

 

 

 

 

 

Case 3

Balance Sheet

as on March 31, 2014

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Pavilion Fund

10,00,000

 

 

 

Add: Donation

5,00,000

 

Pavilion Work-in-Progress

6,00,000

Less: Expenditure on Construction of Pavilion

(6,00,000)

9,00,000

 

 

Capital Fund

20,00,000

 

 

 

Add: Pavilion Work-in-Progress

6,00,000

26,00,000

 

 

 

 

 

 

 

Page No 22.65:

Answer:

Statement of Salaries

for the year ended March 31, 2016

Particulars 

Amount

(Rs)

Amount paid for Salaries

20,400

Add: Prepaid Salaries as on March 31, 2015

2,400

Less: Prepaid Salaries as on March 31, 2016

(1,200)

Less: Outstanding Salaries as on March 31, 2015

(1,800)

Add: Outstanding Salaries as on March 31, 2016

1,500

Salaries chargeable to Income and Expenditure Account

21,300

 

 

 

Page No 22.65:

Answer:

Statement of Miscellaneous Expenses

for the year ended March 31, 2016

Particulars 

Amount

(Rs)

Amount Paid for Miscellaneous Expenses during the year 2015-16

6,500

Add: Prepaid Expenses as on March 31, 2015

600

Less: Prepaid Expenses as on March 31, 2016

(800)

Add: Outstanding Expenses as on March 31, 2015

(1,000)

Less: Outstanding Expenses as on March 31, 2016

1,200

Miscellaneous Expenses chargeable to Income and Expenditure Account

6,500

 

 

 



Page No 22.66:

Answer:

Income and Expenditure Account 

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income 

Amount

(Rs)

 

 

Locker Rent Received

5,200

 

 

 

Add: Outstanding at the end

630

 

 

 

Add: Advance in the beginning

300

 

 

 

Less: Outstanding in the beginning

(460)

 

 

 

Less: Advance at the end

(400)

5,270

 

 

 

 

 

Page No 22.66:

Answer:

Income and Expenditure Account (Extract)

for the year ending March 31,2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Salaries (WN2)

1,00,000

Subscriptions (WN1)

2,88,000

Sports Material Consumed (WN3)

1,36,000

 

 

 

 

 

 

 

Balance Sheet (Extract)

as on March 31,2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Advance Subscription

10,400

Accrued Subscription

14,000

Creditors for Sports Material

18,000

 

 

 

 

 

 

Working Notes:

WN1: Subscription Account

Subscription Account 

Dr.

 

Cr.

Particulars

Amount

(Rs)

Particulars

Amount (Rs)

Outstanding Subscription (Beg.)

19,000

Advance Subscription (Beg.)

5,600

Income & Expenditure A/c

 

2,88,000

Receipts and Payments A/c (total amount received during the year)

2,97,800

Advance Subscription (End)

10,400

Outstanding Subscription (End)

14,000

 

3,17,400

 

3,17,400

 

 

 

 

 

WN2: Calculation of Salaries

Particulars

Amount (Rs)

Amount paid

1,08,000

Less: Outstanding in the beginning

30,000

Add: Outstanding at the end

18,000

Add: Advance in the beginning

10,000

Less: Advance at the end

6,000

Amount to be shown in I&E A/c

1,00,000

 

WN3:

Creditors for Sports Material Account

Dr.

 

Cr.

Particulars

Amount

(Rs)

Particulars

Amount (Rs)

Balance b/d (Advance in beg.)

10,000

Balance b/d (Opening Creditors)

30,000

Bank A/c (Amount paid)

1,08,000

Credit Purchases (Bal. Fig.)

1,00,000

Balance c/d (Closing Creditors)

18,000

Balance c/d (Advance at end)

6,000

 

1,36,000

 

1,36,000

 

 

 

 

 

Cash Purchases of Sports Material = Rs 20,000 (20% of Credit Purchases)

WN4: Calculation of Sports Material Consumed

 

Page No 22.66:

Answer:

Income and Expenditure Account 

for the year ending March 31, 2015

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income 

Amount

(Rs)

Salaries

3,500

Subscriptions

3,900

 

Rent

1,200

Less: Outstanding in 2013-14

(200)

 

Printing and Stationery

190

Less: Advance for 2015-16

(150)

3,550

Postage

130

Sale of Old Newspapers

40

 

 

Deficit (Balancing Figure)

1,430

 

5,020

 

5,020

 

 

 

 

 



Page No 22.67:

Answer:

Book of Delhi Nursing Society

Income and Expenditure Account

for the year ended March 31, 2015

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income 

Amount

(Rs)

Salaries of Nurses

656

Subscriptions

1,115

 

Board, Laundry and Domestic Help

380

Less: Donation for Building

(100)

1,015

Rent Rates and Taxes

200

Fees from Non-members

270

Expenses of Car

840

Municipal Grant

1,000

Drugs and Incidental Expenses

670

 

Interest

38

Add: Outstanding Expenses

128

798

Deficit (Balancing Figure)

551

 

2,874

 

2,874

 

 

 

 

 

Page No 22.67:

Answer:

Income and Expenditure Account 

for the year ending March 31, 2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Sundry Expenses

970

 

Subscriptions

5,200

 

Add: Outstanding Bill

600

1,570

Add: Outstanding at the end

300

 

 

 

Less: Outstanding in the beginning

200

5,300

Salaries

5,000

 

Donations

10,000

Add: Outstanding at the end

800

5,800

Interest on Investments

240

 

Match Expenses

450

Add: Accrued Interest

2,160

2,400

Insurance

350

Receipt from Matches

8,000

Surplus (Excess of Income over Expenditure)

18,130

Lockers Rent

400

 

 

Profit on Sale of Furniture

200

 

26,300

 

26,300

 

 

 

 

 



Page No 22.68:

Answer:

Books of You Bee Forty Club 

Income and Expenditure Account

for the year ended March 31, 2015

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income 

Amount

(Rs)

Salaries and Wages

16,000

 

Subscriptions

35,000

 

Add: Outstanding

4,000

20,000

Add: Outstanding for 2014-15

5,500

40,500

Office Expenses

3,500

Donations

5,000

Telephone Charges

2,400

 

 

Electricity Charges

3,200

 

 

Travelling Expenses

6,500

 

 

Depreciation on Sports Equipments (34,000 × 25%)

8,500

 

 

Surplus (Balancing Figure)

1,400

 

 

 

45,500

 

45,500

 

 

 

 

 

Page No 22.68:

Answer:

Delhi Football Club

Income and Expenditure Account 

for the year ending March 31, 2014

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Match Expenses (9,000 – 8,000)

1,000

Subscription (550 ×10)

5,500

Sundry Expenses

470

Profit on Sale of Furniture

2,000

Salaries paid

7,000

 

Interest on Investment

1,000

 

Add: Salaries Outstanding at the end

500

 

 Add: Accrued Interest

200

1,200

Less: Salaries Outstanding in the beginning

1,000

6,500

Locker Rent

400

Insurance

350

General Donation

5,000

Surplus (Excess of Income over Expenditure)

5,780

 

 

 

14,100

 

14,100

 

 

 

 

 

Working Notes:

Calculation of Accrued Interest on Investment



Page No 22.69:

Answer:

Books of Royal Club 

Income and Expenditure Account 

for the year ended March 31, 2016

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income 

Amount

(Rs)

Rent and Rates

168

 

 

 

Less: Outstanding Rent in the beginning 

(60)

 

Subscriptions

1,600

 

Add: Outstanding Rent at the end  

60

168

Less: Outstanding in the beginning

(35)

 

Wages

245

Add: Outstanding at the end

45

1,610

Lighting Charge

72

Donations

165

Lecturer’s Fee

435

Profit on Entertainment

56

Office Expenses

450

Interest Accrued on Fixed Deposits

12

Depreciation on:

 

(800 × 3% × 6/12)

 

Books

113

 

 

 

Furniture

50

163

 

 

Surplus (Balancing Figure)

310

 

 

 

1,843

 

1,843

 

 

 

 

               

 

Balance Sheet

as on April 01, 2015

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Outstanding Rent

60

Books

2,000

Capital Fund (Balancing Figure)

3,144

Furniture

850

 

 

Subscriptions Outstanding

35

 

 

Cash and Bank

319

 

3,204

 

3,204

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Rent Outstanding 

60

Subscriptions Outstanding

45

Capital Fund

3,144

 

Books

2,000

 

Add: Life Membership Fees

250

 

Add: Purchases

213

 

Add: Surplus

565

3,959

Less: Deprecation

(113)

2,100

 

 

Furniture

850

 

 

 

Less: Depreciation

(50)

800

 

 

Fixed Deposits

800

 

 

 

Add: Accrued interest 

12

812

 

 

Cash at Bank

242

 

 

Cash in Hand

20

 

4,019

 

4,019

 

 

 

 

 

Page No 22.69:

Answer:

Income and Expenditure Account 

for the year ending March 31, 2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Salaries

45,000

 

Subscription (3,000 × 100)

3,00,000

Add: Outstanding at the end

5,000

 

Rent for Hall

4,500

Less: Outstanding in the beginning

3,000

47,000

Sale of Old Newspapers

500

General Expenses

10,000

 

 

Electricity Charges

15,000

 

 

Newspapers

2,000

 

 

Depreciation:

 

 

 

Building

10,000

 

 

 

Furniture

5,000

15,000

 

 

Sports Material

1,00,000

 

 

Surplus (Excess of Income over Expenditure)

1,16,000

 

 

 

3,05,000

 

3,05,000

 

 

 

 

             

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital

 

Cash in Hand

58,000

Opening Capital

2,12,000

 

Accrued Subscription

40,000

Add: Surplus

1,16,000

3,28,000

Building

1,00,000

 

Outstanding Salary

5,000

Less: Depreciation

10,000

90,000

Subscription received in advance

20,000

Furniture

50,000

 

 

 

Less: Depreciation

5,000

45,000

 

 

Books

20,000

 

 

10% Investments

1,00,000

 

3,53,000

 

3,53,000

 

 

 

 

 

Balance Sheet

as on March 31, 2015

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Outstanding Salary

3,000

Cash in Hand

35,000

Capital Fund (Bal. Fig.)

2,12,000

Accrued Subscription

10,000

 

 

Building

1,00,000

 

 

Furniture

50,000

 

 

Books

20,000

 

2,15,000

 

2,15,000

 

 

 

 

 



Page No 22.70:

Answer:

 

Income and Expenditure Account

for the year ended March 31, 2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Salaries

2,800

 

Subscription (50 members × Rs 50 each)

2,500

Add: Outstanding for 2015-16

200

 

Rent Received from the use of hall 

1,400

Less: Outstanding for 2016-17

(600)

2,400

Profit from Entertainment

800

General Expenses

600

Sale of Old Newspapers

200

Electricity Charges

400

 

 

Newspapers

800

 

 

Depreciation on Furniture (2,000 × 10%)

200

 

 

Surplus (Balancing Figure)

500

 

 

 

4,900

 

4,900

 

 

 

 

             

 

Balance Sheet

as on April 01, 2015

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Salaries Outstanding

600

Subscriptions Outstanding

600

Capital Fund (Balancing Figure)

24,700

Building

20,000

 

 

Furniture

2,000

 

 

Books

2,000

 

 

Cash and Bank

700

 

25,300

 

25,300

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Advance Subscription

400

Subscription Outstanding

 

Salaries Outstanding

200

For 2015-16 (2,500 - 2,000)

500

 

Capital Fund

24,700

 

For 2014-15 (600 - 500)

100

600

Add: Surplus

500

25,200

Building

20,000

 

 

Furniture

2,000

 

 

 

Less: 10% Depreciation

(200)

1,800

 

 

Books

2,000

 

 

 

Add: Purchases

1,000

3,000

 

 

Cash and Bank

400

 

25,800

 

25,800

 

 

 

 

 

Page No 22.70:

Answer:

Books of Madura Club 

Income and Expenditure Account 

for the year ended March 31, 2016

Dr.

 

Cr.

Expenditure