can u please explain me a question of ts grewal - double entry book keeping
chapter - accounting for not for profit organisation
page no. - 19.65
question -41
answer soon!
Q.41
Income and Expenditure Account for the year ended March 31, 2012 | |||||||
Dr. |
| Cr. | |||||
Expenditure | Amount (Rs) | Income | Amount (Rs) | ||||
Loss on Sale of Sports Material (1,000 -600) | 400 | Subscription | 18,100 |
| |||
Wages and Salaries | 6,000 |
| Add: Subscriptions Outstanding for 2011-12 | 550 |
| ||
Add: Outstanding in 2011-12 | 600 |
| Less: Subscription Outstanding for 2010-11 | (800) |
| ||
Less: Outstanding in 2010-11 | (1,100) | 5,500 | Add: Advance received for 2010-11 | 600 |
| ||
Stationery | 1,500 | Less: Advance Received for 2011-12 | (400) | 18,050 | |||
Audit Fee | 200 | Sale of Old Materials | 150 | ||||
Expenses on Teams | 6,500 | Entrance Fees | 200 | ||||
Depreciation on Billiards Tables (6,000 × 10%) |
600 | Interest accrued on Investments (4,000 × 5% × 6/12) | 100 | ||||
Consumption of Sports Equipments (5,000 + 2000 – 1,000 – 4,500) |
1,500 |
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Upkeepof Grounds | 1,000 |
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Surplus (Balancing Figure) | 1,300 |
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| 18,500 |
| 18,500 | ||||
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Balance Sheet as on March 31, 2012 | ||||||
Liabilities | Amount (Rs) | Assets | Amount (Rs) | |||
Capital Fund | 20,000 |
| Subscriptions Outstanding | 550 | ||
Add: Surplus | 1,300 |
| Sports Equipment | 5,000 |
| |
Add: Life Membership Fees | 5,000 | 26,300 | Add: Purchases | 2,000 |
| |
Tournament Fund | 6,000 |
| Less: Book Value of Sold Equipments | (1,000) |
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Add: Donations | 2,000 | 8,000 |
| 6,000 |
| |
Salaries Unpaid | 600 | Less: Consumption | (1,500) | 4,500 | ||
Subscriptions in Advance | 400 | Grounds | 12,000 | |||
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| Billiards Tables | 6,000 |
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| Less: 10% Depreciation | (600) | 5,400 | ||
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| Cash and Bank Balances | 8,750 | |||
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| Investments | 4,000 |
| ||
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| Add: Accrued interest | 100 | 4,100 | ||
| 35,300 |
| 35,300 | |||
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