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Page No 22.60:

Question 1:

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:

Question 2:

 

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

 

 

 

 

 

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:

Question 3:

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

 

 

 

 

 

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:

Question 4:

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

 

 

 

 

 

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:

Question 5:

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

 

 

 

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:

Question 6:

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

 

 

 

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:

Question 7:

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

 

 

 

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:

Question 8:

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

 

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:

Question 9:

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

 

 

 

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:

Question 10:

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

 

 

 

 

 

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:

Question 11:

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

 

 

 

 

 

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:

Question 12:

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

 

 

 

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:

Question 13:

(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

 

 

 

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:

Question 14:

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

 

 

 

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:

Question 15:

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

 

 

 

 

 

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:

Question 16:

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

 

 

 

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:

Question 17:

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

 

 

 

 

 

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:

Question 18:

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

 

 

 

 

 

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:

Question 19:

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

 

 

 

 

 

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:

Question 20:

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

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:

Question 21:

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

 

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:

Question 22:

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

 

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:

Question 23:

Balance Sheet

Liabilities 

Amount

(Rs)

Assets 

Amount

(Rs)

Tournament Found

50,000

 

 

 

Add: Tournament Receipts

20,000

 

 

 

Less: Tournament Expenses

(15,000)

55,000

 

 

 

 

 

 

 

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:

Question 24:

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.

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:

Question 25:

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

 

 

 

 

 

 

 

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:

Question 26:

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

 

 

 

 

 

 

 

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:

Question 27:

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

 

 

 

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:

Question 28:

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

 

 

 

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:

Question 29:

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

 

 

 

 

 

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:

Question 30:

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

 

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:

Question 31:

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

 

 

 

 

 

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:

Question 32:

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

 

 

 

 

 

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:

Question 33:

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

 

 

 

 

 

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:

Question 34:

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

 

 

 

 

 

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:

Question 35:

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

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:

Question 36:

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

 

 

 

 

 

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:

Question 37:

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

 

 

 

 

 

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:

Question 38:

 

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

 

 

 

 

 

Answer:

Books of Madura Club 

Income and Expenditure Account 

for the year ended March 31, 2016

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income 

Amount

(Rs)

Salaries

12,450

Subscriptions  (450 members × Rs 30)

13,500

Stationery

2,400

 

Profit from Canteen

9,000

Add: Opening Stock

300

 

Miscellaneous Receipts 

450

Less: Closing Stock

(540)

2,160

Sale of Old Newspapers

1,120

Rates and Taxes

3,600

Dividends

4,850

Telephone

600

 

 

Advertisements

1,050

 

 

Postage

1,000

 

 

Sundries

3,500

 

 

Depreciation on Building 

3,000

 

 

Surplus (Balancing Figure)

1,560

 

 

 

28,920

 

28,920

 

 

 

 

             

 

Balance Sheet

as on April 01, 2015

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Capital Fund (Balancing Figure)

66,570

Subscriptions Outstanding

270

 

 

Stationery

300

 

 

Building

60,000

 

 

Cash and Bank

6,000

 

66,570

 

66,570

 

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Advance Subscriptions

480

Subscriptions Outstanding

 

Capital Fund

66,570

 

For 2015-16 (13,500 –12,660)

840

 

Add: Surplus

1,560

68,130

For 2014-15 (270 – 240)

30

870

 

 

Building

60,000

 

 

 

Less: 5% Depreciation

(3,000)

57,000

 

 

Stock of Stationery

540

 

 

Investments

7,500

 

 

Cash and Bank

2,700

 

68,610

 

68,610

 

 

 

 

 



Page No 22.71:

Question 39:

Books of Madura Club 

Income and Expenditure Account 

for the year ended March 31, 2016

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income 

Amount

(Rs)

Salaries

12,450

Subscriptions  (450 members × Rs 30)

13,500

Stationery

2,400

 

Profit from Canteen

9,000

Add: Opening Stock

300

 

Miscellaneous Receipts 

450

Less: Closing Stock

(540)

2,160

Sale of Old Newspapers

1,120

Rates and Taxes

3,600

Dividends

4,850

Telephone

600

 

 

Advertisements

1,050

 

 

Postage

1,000

 

 

Sundries

3,500

 

 

Depreciation on Building 

3,000

 

 

Surplus (Balancing Figure)

1,560

 

 

 

28,920

 

28,920

 

 

 

 

             

 

Balance Sheet

as on April 01, 2015

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Capital Fund (Balancing Figure)

66,570

Subscriptions Outstanding

270

 

 

Stationery

300

 

 

Building

60,000

 

 

Cash and Bank

6,000

 

66,570

 

66,570

 

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Advance Subscriptions

480

Subscriptions Outstanding

 

Capital Fund

66,570

 

For 2015-16 (13,500 –12,660)

840

 

Add: Surplus

1,560

68,130

For 2014-15 (270 – 240)

30

870

 

 

Building

60,000

 

 

 

Less: 5% Depreciation

(3,000)

57,000

 

 

Stock of Stationery

540

 

 

Investments

7,500

 

 

Cash and Bank

2,700

 

68,610

 

68,610

 

 

 

 

 

Answer:

Delhi Sports Club

Income and Expenditure Account 

for the year ending March 31,2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Loss on Sale of Furniture

480

Subscription

27,360

 

Balls Consumed

9,120

Add: Outstanding at the end

1,920

29,280

Rent for Playground

600

 

Interest

240

 

Add: Rent Outstanding (2015-16)

720

 

 Add: Accrued Interest

60

300

Less: Rent Outstanding (2014-15)

600

720

         

 

Affiliation Fees

240

 

 

Tournament Fees

1,200

 

 

Refreshment

480

 

 

Travelling Expenses

3,600

 

 

Misc. Expenses                                                 

960

 

 

Salaries

1,440

 

 

 

Add: Salaries Outstanding

600

2,040

 

 

Surplus (Excess of Income over Expenditure)

10,740

 

 

 

29,580

 

29,580

 

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund:

 

Investment

12,000

Opening Balance

8,040

 

Stock of Balls

480

Add: Surplus

10,740

18,780

Cash

13,800

Donation for Club Building

7,200

Accrued Interest

60

Subscription Received in Advance

960

Subscription Outstanding

1,920

Rent Outstanding

720

 

 

Salaries Outstanding

600

 

 

 

28,260

 

28,260

 

 

 

 

 

Working Notes:

WN1: Calculation of Capital Fund

Balance Sheet

as on March 31, 2015

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Rent Outstanding

600

Furniture

1,680

Capital Fund (Balancing Figure)

8,040

Subscription Outstanding

1,200

 

 

Cash

5,760

 

8,640

 

8,640

 

 

 

 

 

WN2: Calculation of Stock of Balls Consumed

Particulars

Amount

(Rs)

Purchases

9,600

Less: Closing Stock

480

Stock of Balls consumed during the year

9,120

 

 

 

Page No 22.71:

Question 40:

Delhi Sports Club

Income and Expenditure Account 

for the year ending March 31,2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Loss on Sale of Furniture

480

Subscription

27,360

 

Balls Consumed

9,120

Add: Outstanding at the end

1,920

29,280

Rent for Playground

600

 

Interest

240

 

Add: Rent Outstanding (2015-16)

720

 

 Add: Accrued Interest

60

300

Less: Rent Outstanding (2014-15)

600

720

         

 

Affiliation Fees

240

 

 

Tournament Fees

1,200

 

 

Refreshment

480

 

 

Travelling Expenses

3,600

 

 

Misc. Expenses                                                 

960

 

 

Salaries

1,440

 

 

 

Add: Salaries Outstanding

600

2,040

 

 

Surplus (Excess of Income over Expenditure)

10,740

 

 

 

29,580

 

29,580

 

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund:

 

Investment

12,000

Opening Balance

8,040

 

Stock of Balls

480

Add: Surplus

10,740

18,780

Cash

13,800

Donation for Club Building

7,200

Accrued Interest

60

Subscription Received in Advance

960

Subscription Outstanding

1,920

Rent Outstanding

720

 

 

Salaries Outstanding

600

 

 

 

28,260

 

28,260

 

 

 

 

 

Working Notes:

WN1: Calculation of Capital Fund

Balance Sheet

as on March 31, 2015

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Rent Outstanding

600

Furniture

1,680

Capital Fund (Balancing Figure)

8,040

Subscription Outstanding

1,200

 

 

Cash

5,760

 

8,640

 

8,640

 

 

 

 

 

WN2: Calculation of Stock of Balls Consumed

Particulars

Amount

(Rs)

Purchases

9,600

Less: Closing Stock

480

Stock of Balls consumed during the year

9,120

 

 

 

Answer:

Income and Expenditure Account 

for the year ending March 31,2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Wages

1,50,000

Subscription

2,20,000

 

Lighting & Fuel

19,000

Add: Outstanding at the end

21,000

2,41,000

Printing and Postage

36,000

 

Locker Rent

12,000

 

Add: Outstanding Bill

2,000

38,000

Add: Accrued Rent

2,000

14,000

Stationery

3,000

 

 

 

 Add: Outstanding Stationery

3,000

6,000

Profit on Refreshments

53,000

Taxes and Insurance

54,000

Interest on Deposits

2,000

Misc. Expenses

8,000

 

 

Surplus (Excess of Income over Expenditure)

35,000

 

 

 

3,10,000

 

3,10,000

 

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund:

 

Bank Deposit

2,00,000

Opening Balance

14,27,000

 

Club House Equipment

12,00,000

Add: Surplus

35,000

14,62,000

Lockers

32,000

Subscription Received in Advance

24,000

Accrued Locker Rent

2,000

Stationery Outstanding

3,000

Subscription Outstanding

21,000

Printing Outstanding

2,000

Cash

52,000

Entrance Fees 16,000    

 

15,07,000

 

15,07,000

 

 

 

 

 

Working Notes:

WN1: Calculation of Capital Fund

Balance Sheet

as on March 31, 2015

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund (Balancing Figure)

14,27,000

Bank Deposit

2,00,000

 

 

Club House Equipment

12,00,000

 

 

Cash

27,000

 

14,27,000

 

14,27,000

 

 

 

 

 



Page No 22.72:

Question 41:

Income and Expenditure Account 

for the year ending March 31,2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Wages

1,50,000

Subscription

2,20,000

 

Lighting & Fuel

19,000

Add: Outstanding at the end

21,000

2,41,000

Printing and Postage

36,000

 

Locker Rent

12,000

 

Add: Outstanding Bill

2,000

38,000

Add: Accrued Rent

2,000

14,000

Stationery

3,000

 

 

 

 Add: Outstanding Stationery

3,000

6,000

Profit on Refreshments

53,000

Taxes and Insurance

54,000

Interest on Deposits

2,000

Misc. Expenses

8,000

 

 

Surplus (Excess of Income over Expenditure)

35,000

 

 

 

3,10,000

 

3,10,000

 

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund:

 

Bank Deposit

2,00,000

Opening Balance

14,27,000

 

Club House Equipment

12,00,000

Add: Surplus

35,000

14,62,000

Lockers

32,000

Subscription Received in Advance

24,000

Accrued Locker Rent

2,000

Stationery Outstanding

3,000

Subscription Outstanding

21,000

Printing Outstanding

2,000

Cash

52,000

Entrance Fees 16,000    

 

15,07,000

 

15,07,000

 

 

 

 

 

Working Notes:

WN1: Calculation of Capital Fund

Balance Sheet

as on March 31, 2015

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund (Balancing Figure)

14,27,000

Bank Deposit

2,00,000

 

 

Club House Equipment

12,00,000

 

 

Cash

27,000

 

14,27,000

 

14,27,000

 

 

 

 

 

Answer:

Books of Modern Social Club

Income and Expenditure Account

for the year ended March 31, 2016

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income 

Amount

(Rs)

Depreciation on:

 

Subscriptions

24,000

 

Furniture and Fittings

1,500

 

Add: Outstanding

1,200

 

Games Equipments

2,000

3,500

Less: Advance

(500)

24,700

Prizes

2,200

Profit on Dance Show

14,800

Rent

10,500

 

Competition Fees

1,800

Less: Rent in Advance

(1,500)

9,000

Sale of Refreshment

8,200

Rates

3,000

Match Collections

2,500

Printing

1,600

 

 

 

Add: Outstanding

400

2,000

 

 

Stationery

2,200

 

 

Postages

1,900

 

 

Secretary’s Expenses

1,400

 

 

Repairs

2,700

 

 

Wages

12,000

 

 

Refreshments

5,100

 

 

 

Add: Outstanding

700

5,800

 

 

Excess of Income over Expenditure

6,300

 

 

(Balancing Figure)

 

 

 

 

52,000

 

52,000

 

 

 

 

               

 

 

Balance Sheet

as on March 31, 2016

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Capital Fund

42,000

 

Furniture and Fillings

15,000

 

Add: Excess of Income Over Expenditure

6,300

48,300

Less: 10% Depreciation

(1,500)

13,500

Outstanding for Printing

400

Games Equipments

20,000

 

Outstanding for Refreshments

700

Less:10% Depreciation

(2,000)

 

Subscription in advance

500

 

18,000

 

 

 

Add: Purchases

2,000

20,000

 

 

Rent Paid in Advance

1,500

 

 

Subscriptions Outstanding

1,200

 

 

Cash and Bank

13,700

 

49,900

 

49,900

 

 

 

 

 

Page No 22.72:

Question 42:

Books of Modern Social Club

Income and Expenditure Account

for the year ended March 31, 2016

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income 

Amount

(Rs)

Depreciation on:

 

Subscriptions

24,000

 

Furniture and Fittings

1,500

 

Add: Outstanding

1,200

 

Games Equipments

2,000

3,500

Less: Advance

(500)

24,700

Prizes

2,200

Profit on Dance Show

14,800

Rent

10,500

 

Competition Fees

1,800

Less: Rent in Advance

(1,500)

9,000

Sale of Refreshment

8,200

Rates

3,000

Match Collections

2,500

Printing

1,600

 

 

 

Add: Outstanding

400

2,000

 

 

Stationery

2,200

 

 

Postages

1,900

 

 

Secretary’s Expenses

1,400

 

 

Repairs

2,700

 

 

Wages

12,000

 

 

Refreshments

5,100

 

 

 

Add: Outstanding

700

5,800

 

 

Excess of Income over Expenditure

6,300

 

 

(Balancing Figure)

 

 

 

 

52,000

 

52,000

 

 

 

 

               

 

 

Balance Sheet

as on March 31, 2016

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Capital Fund

42,000

 

Furniture and Fillings

15,000

 

Add: Excess of Income Over Expenditure

6,300

48,300

Less: 10% Depreciation

(1,500)

13,500

Outstanding for Printing

400

Games Equipments

20,000

 

Outstanding for Refreshments

700

Less:10% Depreciation

(2,000)

 

Subscription in advance

500

 

18,000

 

 

 

Add: Purchases

2,000

20,000

 

 

Rent Paid in Advance

1,500

 

 

Subscriptions Outstanding

1,200

 

 

Cash and Bank

13,700

 

49,900

 

49,900

 

 

 

 

 

Answer:

Eko Youth Club

Income and Expenditure Account

for the year ending March 31, 2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Depreciation on:

 

Subscription

52,000

 

Furniture

15,000

 

Add: Outstanding at the end

2,000

 

Games Equipment

7,000

 

  Less: Outstanding in the beginning    

3,000

51,000

Tools and Hobbies Equipment

5,000

27,000

General Donation 

50,000

Repairs

14,000

 

Sale of Tickets of Fete

59,000

Add: Outstanding Repairs

3,000

17,000

Sale of Dance Tickets

67,000

Insurance

12,000

 

 

 

  Less: Prepaid at the end

3,000

 

 

 

  Add: Prepaid in the beginning

2,000

11,000

 

 

Electricity

27,000

 

 

Expenses on Annual Fete

31,000

 

 

Expenses on Dance

27,000

 

 

Cleaner’s Wages

52,000

 

 

Printing & Stationery

5,000

 

 

Surplus (Excess of Income over Expenditure)

30,000

 

 

 

2,27,000

 

2,27,000

 

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund:

 

Games Equipment

64,000

 

Opening Balance

3,06,000

 

Add: Purchases

6,000

 

Add: Surplus

30,000

3,36,000

Less: Depreciation

7,000

63,000

Repairs Outstanding

3,000

Furniture

1,50,000

 

 

 

Less: Depreciation

15,000

1,35,000

 

 

Tools and Hobbies Equipment

41,000

 

 

 

Add: Purchases

9,000

 

 

 

Less: Depreciation

5,000

45,000

 

 

Subscription Outstanding

2,000

 

 

Prepaid Insurance

3,000

 

 

Cash

91,000

 

3,39,000

 

3,39,000

 

 

 

 

 

Working Notes:

WN1: Calculation of Capital Fund

Balance Sheet

as on March 31, 2015

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund (Balancing Figure)

3,06,000

Furniture and Fittings

1,50,000

 

 

Games Equipment

64,000

 

 

Cash

46,000

 

 

Tools and Hobbies Equipments

41,000

 

 

Subscription Outstanding

3,000

 

 

Prepaid Insurance

2,000

 

3,06,000

 

3,06,000

 

 

 

 

 

WN2: Calculation of Prepaid Insurance



Page No 22.73:

Question 43:

Eko Youth Club

Income and Expenditure Account

for the year ending March 31, 2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Depreciation on:

 

Subscription

52,000

 

Furniture

15,000

 

Add: Outstanding at the end

2,000

 

Games Equipment

7,000

 

  Less: Outstanding in the beginning    

3,000

51,000

Tools and Hobbies Equipment

5,000

27,000

General Donation 

50,000

Repairs

14,000

 

Sale of Tickets of Fete

59,000

Add: Outstanding Repairs

3,000

17,000

Sale of Dance Tickets

67,000

Insurance

12,000

 

 

 

  Less: Prepaid at the end

3,000

 

 

 

  Add: Prepaid in the beginning

2,000

11,000

 

 

Electricity

27,000

 

 

Expenses on Annual Fete

31,000

 

 

Expenses on Dance

27,000

 

 

Cleaner’s Wages

52,000

 

 

Printing & Stationery

5,000

 

 

Surplus (Excess of Income over Expenditure)

30,000

 

 

 

2,27,000

 

2,27,000

 

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund:

 

Games Equipment

64,000

 

Opening Balance

3,06,000

 

Add: Purchases

6,000

 

Add: Surplus

30,000

3,36,000

Less: Depreciation

7,000

63,000

Repairs Outstanding

3,000

Furniture

1,50,000

 

 

 

Less: Depreciation

15,000

1,35,000

 

 

Tools and Hobbies Equipment

41,000

 

 

 

Add: Purchases

9,000

 

 

 

Less: Depreciation

5,000

45,000

 

 

Subscription Outstanding

2,000

 

 

Prepaid Insurance

3,000

 

 

Cash

91,000

 

3,39,000

 

3,39,000

 

 

 

 

 

Working Notes:

WN1: Calculation of Capital Fund

Balance Sheet

as on March 31, 2015

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund (Balancing Figure)

3,06,000

Furniture and Fittings

1,50,000

 

 

Games Equipment

64,000

 

 

Cash

46,000

 

 

Tools and Hobbies Equipments

41,000

 

 

Subscription Outstanding

3,000

 

 

Prepaid Insurance

2,000

 

3,06,000

 

3,06,000

 

 

 

 

 

WN2: Calculation of Prepaid Insurance

Answer:

Prince Club

Income and Expenditure Account 

for the year ending March 31,2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Depreciation on:

 

Subscription

18,000

 

Furniture

850

 

Add: Outstanding at the end

550

 

Books

2,248

3,098

Less: Outstanding at the beginning

350

18,200

Lighting Charges

720

Donation 

1,650

Tournament Expenses

2,020

 

 

Rent

1,680

 

Proceeds of Tournament

2,320

Less: Prepaid (2015-16)

420

 

Interest on Deposit

240

 

Add: Prepaid (2014-15)

420

1,680

Add: Accrued Interest

240

480

Expenses on Annual Fete

 

 

 

Office Expenses

4,500

 

 

Wages

2,450

 

 

Surplus (Excess of Income over Expenditure)

8,182

 

 

 

22,650

 

22,650

 

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund:

 

Books

20,000

 

Opening Balance

32,460

 

  Add: Purchases

2,480

 

Add: Surplus

8,182

40,642

  Less: Depreciation

2,248

20,232

Life Membership Fees

2,500

Furniture

8,500

 

Entrance Fees

550

  Less: Depreciation

850

7,650

 

 

8% Fixed Deposit

12,000

 

 

Accrued Interest

240

 

 

Subscription Outstanding

550

 

 

Prepaid Rent

420

 

 

Cash

2,600

 

43,692

 

43,692

 

 

 

 

 

Working Notes:

Calculation of Capital Fund

Balance Sheet

as on March 31, 2015

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund (Balancing Figure)

32,460

Furniture

8,500

 

 

Books

20,000

 

 

Cash

3,190

 

 

Subscription Outstanding

350

 

 

Prepaid Rent

420

 

32,460

 

32,460

 

 

 

 

 

Page No 22.73:

Question 44:

Prince Club

Income and Expenditure Account 

for the year ending March 31,2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Depreciation on:

 

Subscription

18,000

 

Furniture

850

 

Add: Outstanding at the end

550

 

Books

2,248

3,098

Less: Outstanding at the beginning

350

18,200

Lighting Charges

720

Donation 

1,650

Tournament Expenses

2,020

 

 

Rent

1,680

 

Proceeds of Tournament

2,320

Less: Prepaid (2015-16)

420

 

Interest on Deposit

240

 

Add: Prepaid (2014-15)

420

1,680

Add: Accrued Interest

240

480

Expenses on Annual Fete

 

 

 

Office Expenses

4,500

 

 

Wages

2,450

 

 

Surplus (Excess of Income over Expenditure)

8,182

 

 

 

22,650

 

22,650

 

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund:

 

Books

20,000

 

Opening Balance

32,460

 

  Add: Purchases

2,480

 

Add: Surplus

8,182

40,642

  Less: Depreciation

2,248

20,232

Life Membership Fees

2,500

Furniture

8,500

 

Entrance Fees

550

  Less: Depreciation

850

7,650

 

 

8% Fixed Deposit

12,000

 

 

Accrued Interest

240

 

 

Subscription Outstanding

550

 

 

Prepaid Rent

420

 

 

Cash

2,600

 

43,692

 

43,692

 

 

 

 

 

Working Notes:

Calculation of Capital Fund

Balance Sheet

as on March 31, 2015

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund (Balancing Figure)

32,460

Furniture

8,500

 

 

Books

20,000

 

 

Cash

3,190

 

 

Subscription Outstanding

350

 

 

Prepaid Rent

420

 

32,460

 

32,460

 

 

 

 

 

Answer:

Books of Gymkhana Club 

Income and Expenditure Account 

for the year ended March 31, 2016

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income 

Amount

(Rs)

Rent

26,000

 

Locker Rent

2,500

 

Less: Outstanding for 2014-15

(6,500)

 

Less: Outstanding for 2014-15

(300)

 

Add: Outstanding for 2015-16

6,500

26,000

Add: Outstanding for 2015-16

450

2,650

Stationery and Postage etc.

15,340

 

 

 

Less: Outstanding for 2014-15

(1,560)

 

Subscriptions (2015-16)

84,500

 

Add: Outstanding for 2015-16

1,820

15,600

Add: Outstanding for 2015-16

2,340

86,840

Wages

26,650

 

 

Repairs and Renewals

4,030

 

 

Interest

7,500

 

 

Excess of Income over Expenditure

9,710

 

 

(Balancing Figure

 

 

 

 

89,490

 

89,490

 

 

 

 

               

 

Balance Sheet

as on April 01, 2015

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Rent Outstanding

6,500

Cash and Bank

1,500

Stationery Outstanding

1,560

Lock Rent Outstanding

300

 

 

Subscriptions Outstanding

1,000

 

 

Deficiency (Balancing Figure)

5,260

 

8,060

 

8,060

 

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Rent Outstanding

6,500

Cash and Bank

11,980

Stationery Outstanding

1,820

Lock Rent Outstanding

450

Capital Fund

(5,260)

 

Subscriptions Outstanding

2,340

Add: Excess of Income over Expenditure

9,710

4,450

Billiards Table 

19,500

Special Subscriptions for Tournament

17,250

 

 

Entrance Fees 2,750    

Subscriptions in Advance

1,500

 

 

 

34,270

 

34,270

 

 

 

 

 



Page No 22.74:

Question 45:

Books of Gymkhana Club 

Income and Expenditure Account 

for the year ended March 31, 2016

Dr.

 

Cr.

Expenditure 

Amount

(Rs)

Income 

Amount

(Rs)

Rent

26,000

 

Locker Rent

2,500

 

Less: Outstanding for 2014-15

(6,500)

 

Less: Outstanding for 2014-15

(300)

 

Add: Outstanding for 2015-16

6,500

26,000

Add: Outstanding for 2015-16

450

2,650

Stationery and Postage etc.

15,340

 

 

 

Less: Outstanding for 2014-15

(1,560)

 

Subscriptions (2015-16)

84,500

 

Add: Outstanding for 2015-16

1,820

15,600

Add: Outstanding for 2015-16

2,340

86,840

Wages

26,650

 

 

Repairs and Renewals

4,030

 

 

Interest

7,500

 

 

Excess of Income over Expenditure

9,710

 

 

(Balancing Figure

 

 

 

 

89,490

 

89,490

 

 

 

 

               

 

Balance Sheet

as on April 01, 2015

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Rent Outstanding

6,500

Cash and Bank

1,500

Stationery Outstanding

1,560

Lock Rent Outstanding

300

 

 

Subscriptions Outstanding

1,000

 

 

Deficiency (Balancing Figure)

5,260

 

8,060

 

8,060

 

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities 

Amount

(Rs)

Assets

Amount

(Rs)

Rent Outstanding

6,500

Cash and Bank

11,980

Stationery Outstanding

1,820

Lock Rent Outstanding

450

Capital Fund

(5,260)

 

Subscriptions Outstanding

2,340

Add: Excess of Income over Expenditure

9,710

4,450

Billiards Table 

19,500

Special Subscriptions for Tournament

17,250

 

 

Entrance Fees 2,750    

Subscriptions in Advance

1,500

 

 

 

34,270

 

34,270

 

 

 

 

 

Answer:

Income and Expenditure account

for the year ended March 31, 2016

Dr.

 

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Maintenance   

6,820

Subscription

40,000

 

Match Expenses

13,240

Less: Outstanding for 2014-15

(6,000)

 

Salaries

11,000

 

Add: Outstanding for 2015-16

8,000

42,000

Add: Outstanding (11,000/11)

1,000

12,000

 

 

Conveyance

820

 

 

Upkeep of Loans

4,240

Interest on Fixed Deposits

900

 

Postage and Stationery

1,050

 

Add: Accrued Interest

900

1,800

Add: Opening stock

750

 

Profit on Sale of Crockery (2,000 – 1,200)

800

Less: Closing stock

(900)

900

Deficit

5,550

Cricket Goods

9,720

 

 

 

Add:Opening Stock

3,210

 

 

 

Less: Closing Stock

(2,800)

10,130

 

 

Sundry Expenses

2,000

 

 

 

 

 

 

 

50,150

 

50,150

 

 

 

 

             

 

Balance Sheet

as on April 01, 2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Capital Fund (Balancing Figure)

72,660

Stock of Postage and Stationary

750

 

 

Stock of Cricket Goods

3,210

 

 

Subscriptions Outstanding

6,600

 

 

Cash

3,520

 

 

 

Bank

27,380

 

 

 

Fixed Deposits

30,000

60,900

 

 

Crockery

1,200

 

72,660

 

72,660

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Salary Outstanding

1,000

Stock of postage and stationary

900

Tournament Fund

20,000

 

Stock of Cricket Goods

2,800

Less: Tournament Expenses

(18,800)

1,200

Crockery (Purchased)

2,650

Capital Fund

72,660

 

Subscription Outstanding

 

Less: Deficit

5,550

67,110

For 2015-16

8,000

 

Entrance Fees

2,750

For 2014-15

600

8,600

Donations

5,010

Investments

5,700

 

 

Cash

2,200

 

 

 

Bank

23,320

25,520

 

 

Fixed Deposits

30,000

 

 

 

Add: Accrued Interest

900

30,900

 

77,070

 

77,070

 

 

 

 

 

Working Note:

Calculation of Accrued Interest of Fixed Deposit

Interest on Fixed Deposit (30,000 × 6%)

=

1,800

Less: Interest Received

=

(900)

Interest Accrued on Fixed Deposits

=

900

 

Page No 22.74:

Question 46:

Income and Expenditure account

for the year ended March 31, 2016

Dr.

 

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Maintenance   

6,820

Subscription

40,000

 

Match Expenses

13,240

Less: Outstanding for 2014-15

(6,000)

 

Salaries

11,000

 

Add: Outstanding for 2015-16

8,000

42,000

Add: Outstanding (11,000/11)

1,000

12,000

 

 

Conveyance

820

 

 

Upkeep of Loans

4,240

Interest on Fixed Deposits

900

 

Postage and Stationery

1,050

 

Add: Accrued Interest

900

1,800

Add: Opening stock

750

 

Profit on Sale of Crockery (2,000 – 1,200)

800

Less: Closing stock

(900)

900

Deficit

5,550

Cricket Goods

9,720

 

 

 

Add:Opening Stock

3,210

 

 

 

Less: Closing Stock

(2,800)

10,130

 

 

Sundry Expenses

2,000

 

 

 

 

 

 

 

50,150

 

50,150

 

 

 

 

             

 

Balance Sheet

as on April 01, 2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Capital Fund (Balancing Figure)

72,660

Stock of Postage and Stationary

750

 

 

Stock of Cricket Goods

3,210

 

 

Subscriptions Outstanding

6,600

 

 

Cash

3,520

 

 

 

Bank

27,380

 

 

 

Fixed Deposits

30,000

60,900

 

 

Crockery

1,200

 

72,660

 

72,660

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Salary Outstanding

1,000

Stock of postage and stationary

900

Tournament Fund

20,000

 

Stock of Cricket Goods

2,800

Less: Tournament Expenses

(18,800)

1,200

Crockery (Purchased)

2,650

Capital Fund

72,660

 

Subscription Outstanding

 

Less: Deficit

5,550

67,110

For 2015-16

8,000

 

Entrance Fees

2,750

For 2014-15

600

8,600

Donations

5,010

Investments

5,700

 

 

Cash

2,200

 

 

 

Bank

23,320

25,520

 

 

Fixed Deposits

30,000

 

 

 

Add: Accrued Interest

900

30,900

 

77,070

 

77,070

 

 

 

 

 

Working Note:

Calculation of Accrued Interest of Fixed Deposit

Interest on Fixed Deposit (30,000 × 6%)

=

1,800

Less: Interest Received

=

(900)

Interest Accrued on Fixed Deposits

=

900

 

Answer:

Books of Mumbai Club

Income and Expenditure Account

for the year ended March 31,2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Salary 

2,000

Subscriptions

12,000

 

Repair Expenses

500

Add: Outstanding

900

 

Miscellaneous Expenses

500

 

Less: Advance

(350)

12,550

Less: Prepaid

(90)

410

 

 

Insurance Premium

200

 

Interest on Investments

100

 

Add: Outstanding

40

240

Add: Accrued interest (6,000 × 8% × 5/12)

200

300

Paper, Ink, etc.

150

Donation

2,500

Surplus (Balancing Figure)

13,150

Interest received from Bank

400

 

 

Sale of Old Newspapers

150

 

 

 

 

 

 

Receipts from Sale of Drama Tickets

1,050

 

 

 

Less: Drama Expenses

(500)

550

 

16,450

 

16,450

 

 

 

 

 

Balance Sheet

as on March 31, 2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors for Billiard Table

8,000

Billiard Table

30,000

 

 

Cash in hand

4,000

Capital Fund (Balancing Figure)

36,000

Cash at bank

10,000

 

44,000

 

44,000

 

 

 

 

 

Balance Sheet

as on March 31,2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Advance Subscriptions

350

Subscriptions Outstanding

900

Insurance Premium Outstanding

40

Prepaid Miscellaneous Expenses

90

Capital Fund

36,000

 

Investments

6,000

 

Add: Surplus

13,150

 

Add: Accrued Interest

200

6,200

Add: Donation

2,500

51,650

Billiard Table

30,000

Entrance Fees

1,000

Furniture

6,000

 

 

Cash in Hand

2,650

 

 

Cash at Bank

7,200

 

53,040

 

53,040

 

 

 

 

 

 



Page No 22.75:

Question 47:

Books of Mumbai Club

Income and Expenditure Account

for the year ended March 31,2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Salary 

2,000

Subscriptions

12,000

 

Repair Expenses

500

Add: Outstanding

900

 

Miscellaneous Expenses

500

 

Less: Advance

(350)

12,550

Less: Prepaid

(90)

410

 

 

Insurance Premium

200

 

Interest on Investments

100

 

Add: Outstanding

40

240

Add: Accrued interest (6,000 × 8% × 5/12)

200

300

Paper, Ink, etc.

150

Donation

2,500

Surplus (Balancing Figure)

13,150

Interest received from Bank

400

 

 

Sale of Old Newspapers

150

 

 

 

 

 

 

Receipts from Sale of Drama Tickets

1,050

 

 

 

Less: Drama Expenses

(500)

550

 

16,450

 

16,450

 

 

 

 

 

Balance Sheet

as on March 31, 2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors for Billiard Table

8,000

Billiard Table

30,000

 

 

Cash in hand

4,000

Capital Fund (Balancing Figure)

36,000

Cash at bank

10,000

 

44,000

 

44,000

 

 

 

 

 

Balance Sheet

as on March 31,2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Advance Subscriptions

350

Subscriptions Outstanding

900

Insurance Premium Outstanding

40

Prepaid Miscellaneous Expenses

90

Capital Fund

36,000

 

Investments

6,000

 

Add: Surplus

13,150

 

Add: Accrued Interest

200

6,200

Add: Donation

2,500

51,650

Billiard Table

30,000

Entrance Fees

1,000

Furniture

6,000

 

 

Cash in Hand

2,650

 

 

Cash at Bank

7,200

 

53,040

 

53,040

 

 

 

 

 

 

Answer:

Income and Expenditure Account

for the year ended March 31, 2014

Dr.

 

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Municipal Taxes

400

 

Subscription (500 members × Rs 50)

25,000

Add: Prepaid in 2013-14

100

 

Interest Accrued on Investment (20,000 @ 6% for 5 months)

500

Less: Prepaid in 2012-13

(100)

400

Profit from Drama:

 

Salaries

6,000

 

Proceeds

9,500

 

Add: Outstanding

50

6,500

Less: Drama Expenses

(4,500)

5,000

Expenses

750

Sale of Waste Paper

450

Newspapers

1,500

 

 

Charity

3,500

 

 

Electricity Charges

1,450

 

 

Surplus (Balancing Figure)

16,850

 

 

 

30,950

 

30,950

 

 

 

 

 

Balance Sheet

as on March 31, 2013

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

 

 

Subscriptions Outstanding (400 + 500)

900

Capital Fund (Balancing Figure)

61,250

Municipal Taxes Prepaid

100

 

 

Building

50,000

 

 

Cash and Bank

10,250

 

61,250

 

61,250

 

 

 

 

 

Balance Sheet

as on March 31, 2014

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Advance Subscription

600

Subscriptions Outstanding

 

Salaries Outstanding

500

For 2013-14 (25,000 – 20,500)

4,500

 

Capital Fund

61,250

 

For 2012-13 (Still Outstanding)

500

5,000

Add: Donations

5400

 

Prepaid Municipal Taxes

100

Add: Surplus

16,850

83,500

Building

50,000

 

 

Investments

20,000

 

 

 

Add: Accrued Interest

500

20,500

 

 

Cash at Bank

9,000

 

84,600

 

84,600

 

 

 

 

 

Page No 22.75:

Question 48:

Income and Expenditure Account

for the year ended March 31, 2014

Dr.

 

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Municipal Taxes

400

 

Subscription (500 members × Rs 50)

25,000

Add: Prepaid in 2013-14

100

 

Interest Accrued on Investment (20,000 @ 6% for 5 months)

500

Less: Prepaid in 2012-13

(100)

400

Profit from Drama:

 

Salaries

6,000

 

Proceeds

9,500

 

Add: Outstanding

50

6,500

Less: Drama Expenses

(4,500)

5,000

Expenses

750

Sale of Waste Paper

450

Newspapers

1,500

 

 

Charity

3,500

 

 

Electricity Charges

1,450

 

 

Surplus (Balancing Figure)

16,850

 

 

 

30,950

 

30,950

 

 

 

 

 

Balance Sheet

as on March 31, 2013

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

 

 

Subscriptions Outstanding (400 + 500)

900

Capital Fund (Balancing Figure)

61,250

Municipal Taxes Prepaid

100

 

 

Building

50,000

 

 

Cash and Bank

10,250

 

61,250

 

61,250

 

 

 

 

 

Balance Sheet

as on March 31, 2014

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Advance Subscription

600

Subscriptions Outstanding

 

Salaries Outstanding

500

For 2013-14 (25,000 – 20,500)

4,500

 

Capital Fund

61,250

 

For 2012-13 (Still Outstanding)

500

5,000

Add: Donations

5400

 

Prepaid Municipal Taxes

100

Add: Surplus

16,850

83,500

Building

50,000

 

 

Investments

20,000

 

 

 

Add: Accrued Interest

500

20,500

 

 

Cash at Bank

9,000

 

84,600

 

84,600

 

 

 

 

 

Answer:

Books of Sweet Valley Sports Club

Income and Expenditure Account

for the year ended March 31, 2014

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Rent

6,000

Subscription

65,000

 

Salaries to Coaches

30,000

Add: Outstanding for 2013-14

4,000

 

Office Expenses

20,000

Less: Outstanding for 2012-13

(5,000)

64,000

Sports Equipment

15,000

 

 

 

Add: Opening Stock

10,000

 

 

 

Less: Closing Stock

(21,000)

4,000

 

 

Depreciation on Mowing Machine (12,000 × 10% × 6/12)

 

600

 

 

Surplus (Balancing Figure)

3,400

 

 

 

64,000

 

64,000

 

 

 

 

 

Balance Sheet

as on March 31, 2013

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

 

 

Cash in Hand

3,000

 

Capital Fund (Balancing Figure)

48,000

Cash at Bank

30,000

33,000

 

 

Stock of Sports Equipments

10,000

 

 

Subscriptions Outstanding

5,000

 

48,000

 

48,000

 

 

 

 

 

Balance Sheet

as on March 31,2014

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Tournament Fund

 

Subscription Outstanding

4,000

Receipts

20,000

 

Stock of Sports Equipments

21,000

Less: Expenses

(10,000)

10,000

Mowing Machines

12,000

 

Donation for Pavilion

25,000

Less: Depreciation

(600)

11,400

Entrance Fees 3,000      

Capital Fund

48,000

 

Cash at Bank

16,000

 

Add: Life Membership Fees

30,000

 

Cash at Hand

70,000

86,000

Add: Entrance Fees

3,000

 

 

 

Add: Surplus

3,400

84,400

 

 

 

1,22,400

 

1,22,400

 

 

 

 

 

 

 



Page No 22.76:

Question 49:

Books of Sweet Valley Sports Club

Income and Expenditure Account

for the year ended March 31, 2014

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Rent

6,000

Subscription

65,000

 

Salaries to Coaches

30,000

Add: Outstanding for 2013-14

4,000

 

Office Expenses

20,000

Less: Outstanding for 2012-13

(5,000)

64,000

Sports Equipment

15,000

 

 

 

Add: Opening Stock

10,000

 

 

 

Less: Closing Stock

(21,000)

4,000

 

 

Depreciation on Mowing Machine (12,000 × 10% × 6/12)

 

600

 

 

Surplus (Balancing Figure)

3,400

 

 

 

64,000

 

64,000

 

 

 

 

 

Balance Sheet

as on March 31, 2013

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

 

 

Cash in Hand

3,000

 

Capital Fund (Balancing Figure)

48,000

Cash at Bank

30,000

33,000

 

 

Stock of Sports Equipments

10,000

 

 

Subscriptions Outstanding

5,000

 

48,000

 

48,000

 

 

 

 

 

Balance Sheet

as on March 31,2014

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Tournament Fund

 

Subscription Outstanding

4,000

Receipts

20,000

 

Stock of Sports Equipments

21,000

Less: Expenses

(10,000)

10,000

Mowing Machines

12,000

 

Donation for Pavilion

25,000

Less: Depreciation

(600)

11,400

Entrance Fees 3,000      

Capital Fund

48,000

 

Cash at Bank

16,000

 

Add: Life Membership Fees

30,000

 

Cash at Hand

70,000

86,000

Add: Entrance Fees

3,000

 

 

 

Add: Surplus

3,400

84,400

 

 

 

1,22,400

 

1,22,400

 

 

 

 

 

 

 

Answer:

Income and Expenditure Account 

for the year ending March 31, 2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Salaries paid to Coaches

1,66,000

Subscription

1,80,000

 

Printing and Stationery

33,800

Less: Outstanding in beginning

12,000

 

Depreciation (Building)

80,000

Less: Received in advance

18,000

1,50,000

Telephone Expenses

8,000

 

Interest on Investments

65,000

 

Less: Advance

2,000

6,000

Add: Accrued Interest

10,000

75,000

Rent

48,000

 

Concert Tickets (Sale)

2,47,000

 

Less: Paid for March’15

4,000

 

Less: Concert Expenses

58,000

1,89,000

Less: O/s for March

4,000

48,000

General Donations

1,12,000

Miscellaneous Expenses

24,000

 

 

Stock of Sports Material

69,000

 

 

Surplus (Excess of Income over Expenditure)

99,200

 

 

 

5,26,000

 

5,26,000

 

 

 

 

             

Working Notes:

WN1: Calculation of Interest on Investments

WN 2: Calculation of Consumed Stock of Sports Material

 

WN 3: Calculation of Consumed Stock of Stationery

 

Page No 22.76:

Question 50:

Income and Expenditure Account 

for the year ending March 31, 2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Salaries paid to Coaches

1,66,000

Subscription

1,80,000

 

Printing and Stationery

33,800

Less: Outstanding in beginning

12,000

 

Depreciation (Building)

80,000

Less: Received in advance

18,000

1,50,000

Telephone Expenses

8,000

 

Interest on Investments

65,000

 

Less: Advance

2,000

6,000

Add: Accrued Interest

10,000

75,000

Rent

48,000

 

Concert Tickets (Sale)

2,47,000

 

Less: Paid for March’15

4,000

 

Less: Concert Expenses

58,000

1,89,000

Less: O/s for March

4,000

48,000

General Donations

1,12,000

Miscellaneous Expenses

24,000

 

 

Stock of Sports Material

69,000

 

 

Surplus (Excess of Income over Expenditure)

99,200

 

 

 

5,26,000

 

5,26,000

 

 

 

 

             

Working Notes:

WN1: Calculation of Interest on Investments

WN 2: Calculation of Consumed Stock of Sports Material

 

WN 3: Calculation of Consumed Stock of Stationery

 

Answer:

Books of Superior Sports Club

Income and Expenditure Account

for the year ended March 31, 2016

Dr.

 

 

 

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Rates

600

 

Subscription

16,850

 

Less: Prepaid

(120)

480

Add: Arrears

860

 

Printing and Stationery

2,160

Less: Advance

(1,340)

16,370

Postages

570

Receipts form Sponsored Walk

2,600

Electricity

1,240

 

Collection at functions

2,800

Add: Outstanding

70

1,310

Competition Fees

1,860

Secretary’s Expenses

1,650

Grant from Local Authority

9,500

Insurance

240

 

 

 

Less: Prepaid (240 × 1/3)

(80)

160

 

 

Competition Prizes

3,800

 

 

Depreciation on:

 

 

 

Record Player and Record

1,600

 

 

 

Television

3,200

 

 

 

Other Equipments

2,150

6,950

 

 

Surplus (Balancing Figure)

16,050

 

 

 

33,130

 

33,130

 

 

 

 

               

 

Balance Sheet

as on March 31, 2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

 

 

Bank Balance

1,800

Capital Fund (Balancing Figure)

81,950

Cash in Hand

150

 

 

Club Premises

65,000

 

 

Record Players and Records

6,400

 

 

Other equipments

8,600

 

81,950

 

81,950

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Advance subscription

1,340

Cash

100

 

Creditors for furniture

7,600

Bank

12,400

12,500

Outstanding Electricity

70

Club Premises

65,000

Capital Fund

81,950

 

Record Players and Records

6,400

 

Add: Surplus

16,050

98,000

 Less: 25% Depreciation

(1,600)

4,800

 

 

Television

12,800

 

 

 

Less: 25% Depreciation

(3,200)

9,600

 

 

Other Equipment

8,600

 

 

 

Less: 25% Depreciation

(2,150)

6,450

 

 

Subscription Outstanding

860

 

 

Furniture

7,600

 

 

Prepaid Rates

120

 

 

Prepaid Insurance

80

 

1,07,010

 

1,07,010

 

 

 

 

 



Page No 22.77:

Question 51:

Books of Superior Sports Club

Income and Expenditure Account

for the year ended March 31, 2016

Dr.

 

 

 

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Rates

600

 

Subscription

16,850

 

Less: Prepaid

(120)

480

Add: Arrears

860

 

Printing and Stationery

2,160

Less: Advance

(1,340)

16,370

Postages

570

Receipts form Sponsored Walk

2,600

Electricity

1,240

 

Collection at functions

2,800

Add: Outstanding

70

1,310

Competition Fees

1,860

Secretary’s Expenses

1,650

Grant from Local Authority

9,500

Insurance

240

 

 

 

Less: Prepaid (240 × 1/3)

(80)

160

 

 

Competition Prizes

3,800

 

 

Depreciation on:

 

 

 

Record Player and Record

1,600

 

 

 

Television

3,200

 

 

 

Other Equipments

2,150

6,950

 

 

Surplus (Balancing Figure)

16,050

 

 

 

33,130

 

33,130

 

 

 

 

               

 

Balance Sheet

as on March 31, 2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

 

 

Bank Balance

1,800

Capital Fund (Balancing Figure)

81,950

Cash in Hand

150

 

 

Club Premises

65,000

 

 

Record Players and Records

6,400

 

 

Other equipments

8,600

 

81,950

 

81,950

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Advance subscription

1,340

Cash

100

 

Creditors for furniture

7,600

Bank

12,400

12,500

Outstanding Electricity

70

Club Premises

65,000

Capital Fund

81,950

 

Record Players and Records

6,400

 

Add: Surplus

16,050

98,000

 Less: 25% Depreciation

(1,600)

4,800

 

 

Television

12,800

 

 

 

Less: 25% Depreciation

(3,200)

9,600

 

 

Other Equipment

8,600

 

 

 

Less: 25% Depreciation

(2,150)

6,450

 

 

Subscription Outstanding

860

 

 

Furniture

7,600

 

 

Prepaid Rates

120

 

 

Prepaid Insurance

80

 

1,07,010

 

1,07,010

 

 

 

 

 

Answer:

Books of Rama Krishna Mission Charitable Hospital

Income and Expenditure Account

for the year ended March 31, 2016

Dr.

 

 

 

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Medicine

30,590

 

Subscription

47,996

 

Add: Opening Stock

8,810

 

Add: Due for 2015-16

280

 

Less: Closing Stock

(9,740)

29,660

Less: Due for 2014-15

(240)

 

Doctor’s Honorarium

9,000

Less: Adv. for 2016-17

(100)

 

Salaries

27,500

Add: Advance for 2015-16

64

48,000

Petty Expenses

461

General Donations

14,500

Expenses on Charity Show

750

Interest on Investments

7,000

Depreciation on Equipments

4,600

Proceeds from Charity Show

10,450

Depreciation on Building

2,000

 

 

Surplus (Balancing Figure)

5,979

 

 

 

79,950

 

79,950

 

 

               

 

Balance Sheet

as on April 01, 2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Advance Subscription

64

Subscription Due

240

Capital Fund (Balancing Figure)

1,77,316

Stock of Medicines

8,810

 

 

Equipments

21,200

 

 

Building

40,000

 

 

Cash in Hand

7,130

 

 

Investments

1,00,000

 

1,77,380

 

1,77,380

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Advance Subscription

100

Subscription Due

280

Capital Fund

1,77,316

 

Stock of Medicines

9,740

Add: Surplus

5,979

1,83,295

Equipments

21,200

 

 

 

Add: Purchases

15,000

 

 

 

 

36,200

 

 

 

Less: Depreciation

(4,600)

31,600

 

 

Building

40,000

 

 

 

Less: Depreciation

(2,000)

38,000

 

 

Cash in Hand

3,775

 

 

7% Investment

1,00,000

 

1,83,395

 

1,83,395

 

 

 

 

 

Working Note:

Calculation of Value of Investments



Page No 22.78:

Question 52:

Books of Rama Krishna Mission Charitable Hospital

Income and Expenditure Account

for the year ended March 31, 2016

Dr.

 

 

 

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Medicine

30,590

 

Subscription

47,996

 

Add: Opening Stock

8,810

 

Add: Due for 2015-16

280

 

Less: Closing Stock

(9,740)

29,660

Less: Due for 2014-15

(240)

 

Doctor’s Honorarium

9,000

Less: Adv. for 2016-17

(100)

 

Salaries

27,500

Add: Advance for 2015-16

64

48,000

Petty Expenses

461

General Donations

14,500

Expenses on Charity Show

750

Interest on Investments

7,000

Depreciation on Equipments

4,600

Proceeds from Charity Show

10,450

Depreciation on Building

2,000

 

 

Surplus (Balancing Figure)

5,979

 

 

 

79,950

 

79,950

 

 

               

 

Balance Sheet

as on April 01, 2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Advance Subscription

64

Subscription Due

240

Capital Fund (Balancing Figure)

1,77,316

Stock of Medicines

8,810

 

 

Equipments

21,200

 

 

Building

40,000

 

 

Cash in Hand

7,130

 

 

Investments

1,00,000

 

1,77,380

 

1,77,380

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Advance Subscription

100

Subscription Due

280

Capital Fund

1,77,316

 

Stock of Medicines

9,740

Add: Surplus

5,979

1,83,295

Equipments

21,200

 

 

 

Add: Purchases

15,000

 

 

 

 

36,200

 

 

 

Less: Depreciation

(4,600)

31,600

 

 

Building

40,000

 

 

 

Less: Depreciation

(2,000)

38,000

 

 

Cash in Hand

3,775

 

 

7% Investment

1,00,000

 

1,83,395

 

1,83,395

 

 

 

 

 

Working Note:

Calculation of Value of Investments

Answer:

Income and Expenditure Account 

for the year ending March 31, 2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Salaries

66,000

 

Subscriptions

2,00,000

 

Add: Outstanding

3,000

69,000

Less: Received in Advance

10,000

1,90,000

Electric Charges

7,200

Sale Proceeds of Old Papers

1,500

Postage and Stationery

5,000

Hire of Lecture Hall

20,000

Telephone Charges

5,000

Interest on Securities

8,000

 

Rent

88,000

 

Add: Accrued

500

8,500

Add: Outstanding

4,000

92,000

Deficit (Excess of Expenditure over Income)

24,200

Depreciation:

 

 

 

Books

46,000

 

 

 

Furniture

5,000

 

 

 

Electrical Fittings

15,000

66,000

 

 

 

2,44,200

 

2,44,200

 

 

 

 

               

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Opening Capital

7,93,000

 

Cash at Bank

20,000

Add: Legacies

30,000

 

Cash on Hand

11,300

  Less: Deficit

24,200

7,98,800

Books

4,60,000

 

Outstanding Rent

4,000

Less: Depreciation

46,000

4,14,000

Outstanding Salaries

3,000

Furniture

50,000

 

Subscription received in advance

10,000

Less: Depreciation

5,000

45,000

 

 

Electrical Fittings

1,50,000

 

 

 

Less: Depreciation

15,000

1,35,000

 

 

Inv. in Securities

1,50,000

 

 

 

Add: Additions

40,000

1,90,000

 

 

Accrued Interest on Securities

500

 

8,15,800

 

8,15,800

 

 

 

 

 

Page No 22.78:

Question 53:

Income and Expenditure Account 

for the year ending March 31, 2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Salaries

66,000

 

Subscriptions

2,00,000

 

Add: Outstanding

3,000

69,000

Less: Received in Advance

10,000

1,90,000

Electric Charges

7,200

Sale Proceeds of Old Papers

1,500

Postage and Stationery

5,000

Hire of Lecture Hall

20,000

Telephone Charges

5,000

Interest on Securities

8,000

 

Rent

88,000

 

Add: Accrued

500

8,500

Add: Outstanding

4,000

92,000

Deficit (Excess of Expenditure over Income)

24,200

Depreciation:

 

 

 

Books

46,000

 

 

 

Furniture

5,000

 

 

 

Electrical Fittings

15,000

66,000

 

 

 

2,44,200

 

2,44,200

 

 

 

 

               

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Opening Capital

7,93,000

 

Cash at Bank

20,000

Add: Legacies

30,000

 

Cash on Hand

11,300

  Less: Deficit

24,200

7,98,800

Books

4,60,000

 

Outstanding Rent

4,000

Less: Depreciation

46,000

4,14,000

Outstanding Salaries

3,000

Furniture

50,000

 

Subscription received in advance

10,000

Less: Depreciation

5,000

45,000

 

 

Electrical Fittings

1,50,000

 

 

 

Less: Depreciation

15,000

1,35,000

 

 

Inv. in Securities

1,50,000

 

 

 

Add: Additions

40,000

1,90,000

 

 

Accrued Interest on Securities

500

 

8,15,800

 

8,15,800

 

 

 

 

 

Answer:

Indian Youth Association

Income and Expenditure Account 

for the year ending March 31,2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Loss on Sale of Bicycle

1,500

Subscription

40,000

 

Postage

400

Add: Outstanding at the end

8,000

 

Salaries

30,000

Less: Outstanding in the beginning

8,000

 

Rent

6,000

 

Less: Received in Advance at the end

4,000

36,000

Add: Outstanding Rent

500

6,500

Bank Interest

200

Printing and Stationery

1,500

 

Accrued Interest

200

Add: Outstanding Bill

300

1,800

Deficit (Excess of Expenditure over Income)

3,800

 

40,200

 

40,200

 

 

 

 

             

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund:

 

Investment

8,000

Opening Balance

40,500

 

Typewriter

4,000

Less: Deficit

3,800

36,700

Accrued Interest

200

Subscription Received in Advance   

4,000

Subscription Outstanding

8,000

Rent Outstanding

500

Bank

20,000

Stationery Outstanding

300

Cash

1,300

 

41,500

 

41,500

 

 

 

 

 

Working Notes:

Calculation of Capital Fund

Balance Sheet

as on March 31, 2015

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund (Balancing Figure)

40,500

Bank

24,500

 

 

Cash

2,500

 

 

Subscription Outstanding

8,000

 

 

Bicycle

5,500

 

40,500

 

40,500

 

 

 

 

 



Page No 22.79:

Question 54:

Indian Youth Association

Income and Expenditure Account 

for the year ending March 31,2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Loss on Sale of Bicycle

1,500

Subscription

40,000

 

Postage

400

Add: Outstanding at the end

8,000

 

Salaries

30,000

Less: Outstanding in the beginning

8,000

 

Rent

6,000

 

Less: Received in Advance at the end

4,000

36,000

Add: Outstanding Rent

500

6,500

Bank Interest

200

Printing and Stationery

1,500

 

Accrued Interest

200

Add: Outstanding Bill

300

1,800

Deficit (Excess of Expenditure over Income)

3,800

 

40,200

 

40,200

 

 

 

 

             

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund:

 

Investment

8,000

Opening Balance

40,500

 

Typewriter

4,000

Less: Deficit

3,800

36,700

Accrued Interest

200

Subscription Received in Advance   

4,000

Subscription Outstanding

8,000

Rent Outstanding

500

Bank

20,000

Stationery Outstanding

300

Cash

1,300

 

41,500

 

41,500

 

 

 

 

 

Working Notes:

Calculation of Capital Fund

Balance Sheet

as on March 31, 2015

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund (Balancing Figure)

40,500

Bank

24,500

 

 

Cash

2,500

 

 

Subscription Outstanding

8,000

 

 

Bicycle

5,500

 

40,500

 

40,500

 

 

 

 

 

Answer:

Books of Delhi Sports Club

Income and Expenditure Account 

for the year ending March 31,2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Rent

15,000

Subscription

54,500

 

Interest on Loan

5,000

Less: Outstanding

12,000

 

Wages

22,000

 

  Add: Advance

17,500

60,000

Add: Outstanding

3,500

25,500

Proceeds from Games 

12,000

Loss by Fire (Furniture)

5,000

Honorarium Member’s subscription for the year

5,000

Lighting and Heating

4,100

Locker Rent

3,000

Surplus (Excess of Income over Expenditure)

25,400

 

 

 

80,000

 

80,000

 

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund

5,48,600

 

Premises

5,00,000

Add: Surplus

25,400

5,74,000

Furniture

20,000

 

Wages Outstanding

3,500

Add: Addition

32,000

 

Loan

25,000

Less: Loss by Fire

5,000

47,000

Advance received from members

25,000

Stock of Golf Balls

9,500

 

 

Bank

71,000

 

6,27,500

 

6,27,500

 

 

 

 

 

Working Notes:

WN1: Calculation of Capital Fund

Balance Sheet

as on March 31,2015

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Subscription received in advance

17,500

Bank

74,600

Loan

50,000

Premises

5,00,000

Capital Fund (Balancing Figure)

5,48,600

Furniture

20,000

 

 

Stock of Golf Balls

9,500

 

 

Subscription Outstanding

12,000

 

6,16,100

 

6,16,100

 

 

 

 

 

Note:  It has been assumed that half of the loan is repaid by the member at the end of the year.

Page No 22.79:

Question 55:

Books of Delhi Sports Club

Income and Expenditure Account 

for the year ending March 31,2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Rent

15,000

Subscription

54,500

 

Interest on Loan

5,000

Less: Outstanding

12,000

 

Wages

22,000

 

  Add: Advance

17,500

60,000

Add: Outstanding

3,500

25,500

Proceeds from Games 

12,000

Loss by Fire (Furniture)

5,000

Honorarium Member’s subscription for the year

5,000

Lighting and Heating

4,100

Locker Rent

3,000

Surplus (Excess of Income over Expenditure)

25,400

 

 

 

80,000

 

80,000

 

 

 

 

 

 

Balance Sheet

as on March 31, 2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Capital Fund

5,48,600

 

Premises

5,00,000

Add: Surplus

25,400

5,74,000

Furniture

20,000

 

Wages Outstanding

3,500

Add: Addition

32,000

 

Loan

25,000

Less: Loss by Fire

5,000

47,000

Advance received from members

25,000

Stock of Golf Balls

9,500

 

 

Bank

71,000

 

6,27,500

 

6,27,500

 

 

 

 

 

Working Notes:

WN1: Calculation of Capital Fund

Balance Sheet

as on March 31,2015

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Subscription received in advance

17,500

Bank

74,600

Loan

50,000

Premises

5,00,000

Capital Fund (Balancing Figure)

5,48,600

Furniture

20,000

 

 

Stock of Golf Balls

9,500

 

 

Subscription Outstanding

12,000

 

6,16,100

 

6,16,100

 

 

 

 

 

Note:  It has been assumed that half of the loan is repaid by the member at the end of the year.

Answer:

Income and Expenditure Account (Extract)

for the year ending March 31,2016

Dr.

 

Cr.

Expenditure

Amount

(Rs)

Income

Amount (Rs)

Salaries (WN2)

2,00,000

Subscriptions (WN1)

5,76,000

Sports Material Consumed (WN3)

2,52,000

 

 

 

 

 

 

 

Balance Sheet (Extract)

as on March 31,2016

Liabilities

Amount

(Rs)

Assets

Amount (Rs)

Advance Subscription

20,800

Accrued Subscription

28,000

Creditors for Sports Material

36,000

 

 

 

 

 

 

Working Notes:

WN1: Subscription Account

Subscription Account 

Dr.

 

Cr.

Particulars

Amount

(Rs)

Particulars

Amount (Rs)

Outstanding Subscription (Beg.)

38,000

Advance Subscription (Beg.)

11,200

Income & Expenditure A/c

 

5,76,000

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

5,95,600

Advance Subscription (End)

20,800

Outstanding Subscription (End)

28,000

 

6,34,800

 

6,34,800

 

 

 

 




WN 3:

Creditors for Sports Material Account

Dr.

 

Cr.

Particulars

Amount

(Rs)

Particulars

Amount (Rs)

Balance b/d (Advance in beg.)

20,000

Balance b/d (Opening Creditors)

60,000

Bank A/c (Amount paid)

2,16,000

Credit Purchases (Bal. Fig.)

2,00,000

Balance c/d (Closing Creditors)

36,000

Balance c/d (Advance at end)

12,000

 

2,63,200

 

2,63,200

 

 

 

 

 

Cash Purchases of Sports Material = Rs 20,000 (10% of Credit Purchases)

WN4: Calculation of Sports Material Consumed


 



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