Subscription outstanding was on December 31, 2005 Rs 1,200 and Rs 3,200 on December 31, 2006. Locker rent outstanding on December 31, 2006 Rs 250. Salary outstanding on December 31, 2006 Rs 1,000.
On January 1, 2006, club has Building Rs 36,000, furniture Rs 12,000, Sports equipments Rs 17,500. Depreciation charged on these items @ 10% (including Purchase).
Prepare Income and Expenditure Account and Balance Sheet with help of following Information:
Subscription outstanding on 31st December 2005 is Rs 1, 200 and Rs 2,300 on 31.12.2006, opening stock of postage stamps is Rs 300 and closing stock is Rs 200, Rent Rs 1,500 related to 2005 and Rs 1,500 is still unpaid.
On January 1, 2006 the club owned furniture Rs 15,000, Furniture valued at Rs 22,500
On 31.12.2006. The club took a loan of Rs 20,000 (@ 10% p.a.) in 2005.
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Following is the Receipt and Payment Account of Indian Sports Club, prepared Income and Expenditure Account, Balance Sheet as on December 31, 2006:
Receipt and Payment Account
for the year ending December 31, 2006
Receipts
Amount
Rs
Payments
Amount
Rs
Balance b/d
7,890
Salary
11,000
Subscriptions
52,000
Electric charges
5,500
Life member ship fee
2,200
Billiard Table
17,500
Entrance fee
3,200
Office expenses
4,100
Tournament fund
26,000
Printing and Stationery
2,300
Locker Rent
1,250
Tournament expenses
18,500
Sale of old sports goods (Costing Rs 2,200)
2,500
Repair of ground
2,000
Sale of Old Newspaper
750
Furniture purchased
7,700
Legacy
37,500
Sports equipments
12,000
Cash in Hand
12,690
Cash at Bank
10,000
Fixed Deposit (on 1.10.06 for 10% p.a)
30,000
1,33,290
1,33,290
Other Information:
Subscription outstanding was on December 31, 2005 Rs 1,200 and Rs 3,200 on December 31, 2006. Locker rent outstanding on December 31, 2006 Rs 250. Salary outstanding on December 31, 2006 Rs 1,000.
On January 1, 2006, club has Building Rs 36,000, furniture Rs 12,000, Sports equipments Rs 17,500. Depreciation charged on these items @ 10% (including Purchase).
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Pg no:9.89 (Financial Statement of Not-For-Profit Organisation) Question no:44
Receipt and Payment Account of Shankar Sports club is given below, for the year ended December 31, 2006
Receipt and Payment Account
for the year ending December 31, 2006
Receipts
Amount
Rs
Payments
Amount
Rs
Opening Cash in hand
2,600
Rent
18,000
Entrance fees
3,200
Wages
7,000
Donation for building
23,000
Billiard table
14,000
Locker rent
1,200
Furniture
10,000
Life membership fee
7,000
Interest
2,000
Profit from entertainment
3,000
Postage
1,000
Subscription
40,000
Salary
24,000
Cash in hand
4,000
80,000
80,000
Prepare Income and Expenditure Account and Balance Sheet with help of following Information:
Subscription outstanding on 31st December 2005 is Rs 1, 200 and Rs 2,300 on 31.12.2006, opening stock of postage stamps is Rs 300 and closing stock is Rs 200, Rent Rs 1,500 related to 2005 and Rs 1,500 is still unpaid.
On January 1, 2006 the club owned furniture Rs 15,000, Furniture valued at Rs 22,500
On 31.12.2006. The club took a loan of Rs 20,000 (@ 10% p.a.) in 2005.
Calculate at of subscription to be credited to income and expenditure account for the year ended 31st March 2019
From the following receipts and payments and information given below, Prepare Income and Expenditure Account and opening Balance Sheet of Adult Literacy Organisation as on December 31, 2006.
Receipt and Payment Account for the year ending
as on December 31, 2006
Receipts
Amount
Rs
Payments
Amount
Rs
Balance b/d
General Expenses
3,200
Cash in hand
4,000
News paper
1,850
Cash at Bank
15,550
Electricity
3,000
Subscriptions
Fixed deposit with bank
(on 31.06.2006) @ 10% p.a.
18,000
2005
1,200
2006
26,500
Books
7,000
2007
500
28,200
Salary
3,600
Sale of old newspapers
1,250
Rent
6,500
Govt. grant
12,000
Postage charges
300
Sale of old furniture (book value Rs5000)
3,700
Furniture (purchased)
10,500
Interest received on FD
450
Balance c/d
Cash in Hand
3,000
Cash at Bank
8,200
65,150
65,150
Information:
(i) Subscription outstanding as on 31.12.2005 Rs 2,000 and on December 31, 2006 Rs 1,500.
(ii) On December 31, 2006 Salary outstanding Rs 600, and one month Rent paid in advance.
(iii) On Jan. 01, 2005 organisation owned Furniture Rs 12,000, Books Rs 5,000.
Q8. Following is the Receipt and Payment Account of Literacy Club for the year ended 31-3. 2006.
Subscription :
2004-05 1,200
2005-06 26,500
2006-07 500
Sale of old newspaper
Government Grants
Sale of old furniture
(Book value Rs. 7,000)
Interest on fixed deposits
28,200
1,250
10,000
5,700
450
Newspaper
Electricity Bill
Fixed Deposit
(on 1.7.05 @ 9% p.a)
Books
Rent
Furniture
Balance c/d
2,000
1,000
20,000
10,000
6,800
10,500
11,200
Additional information :
1. Subscription outstanding as on 31-3-2005 were Rs. 2,000 and on 31-3-2006 Rs. 2,500
2. On 31-3-2006 salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200
3. The club owned furniture Rs. 15,000 and books Rs. 7,000 on 1-4-2005.
prepare Income and Expenditure Account of the club for the year ended 31-3-2006 and ascertain 'Capital Fund' on 31-3-2005. Also prepare a Balance sheet as at 31st March, 2006.
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From the following Receipt and Payment Account of a club, prepare Income and Expenditure Account for the year ended December 31, 2013 and the Balance Sheet as on that date.
Receipt and Payment Account
for the year ending December 31, 2013
Receipts
Amount
Rs
Payments
Amount
Rs
Balance b/d
3,500
General expenses
900
Subscription:
2012
2013
2014
2,000
70,000
3,000
75,000
Salary
Postage
Electricity charges
Furniture
16,000
1,300
7,800
26,500
Sale of old Books
2,000
Books
13,000
(Costing Rs 3,200)
Newspapers
600
Rent from use of hall
17,000
Meeting expenses
7,200
Sale of newspapers
400
T.V. set
16,000
Profit from entertainment
7,300
Balance c/d
15,900
1,05,200
1,05,200
Additional Information:
(a)
The club has 100 members each paying an annual subscription of Rs 900. Subscriptions outstanding on December 31, 2012 were Rs 3,600.
(b)
On December 31, 2013 , salary outstanding amounted to Rs 1,000, Salary paid included Rs 1,000 for the year 2012.
(c)
On January 1, 2013 the club owned land and building Rs 25,000, furniture Rs 2,600 and books Rs 6,200.