Pls solve
Q57. Prepare Income Expenditure Account and Balance Sheet from the following information of Cosmo Club.
Receipts and Payments Account
for the year ended 31 st December , 2014
Receipts | (Rs.) | Payments | (Rs.) |
Balance b/d Subscription : 2013 200 2014 3,200 2015 300 Entertainment Receipts Sale of Furniture (Block value Rs. 700) |
1,000 3,700 1,400 500 |
Salaries Entertainment Expenses 10% Investment (1 -10-2014) Rent Furniture Balance c/d |
2,400 600 1,800 450 800 550 |
6,600 | 6,600 |
[ Ans. Surplus Rs.1,795 ; Capital Fund Rs. 30,150; Total of Balance Sheet Rs. 32,245)
Dear Student
Regards
Income and Expenditure A/c | |||||||
Date | Particulars | Amount | Date | Particulars | Amount | ||
(Rs) | (Rs) | ||||||
Loss on Sale of Furniture | 200 | Subscription : | |||||
Salaries | 2,400 | For 2014 - (4,00 x 10) | 4,000 | ||||
Entertainment Expense | 600 | ||||||
Rent | 450 | Entertainment Receipts | 1,400 | ||||
Interest on Investment | 45 | ||||||
(1,800 x 10% x 3/12) | |||||||
Surplus Transferred to balance sheet | 1,795 | ||||||
5,445 | 5,445 |
Balancesheet | |||||||
Date | Liabilities | Amount | Date | Assets | Amount | ||
(Rs) | (Rs) | ||||||
Capital Fund : | Land and Building | 25,000 | |||||
Opening | 30,150 | Furniture | 4,100 | ||||
Add : Surplus | 1,795 | 31,945 | 10% Investment | 1,800 | |||
Interest Receivable | 45 | ||||||
Subscriptions Received in Advance - 2015 | 300 | Subscriptions Receivable : | |||||
2013= Total Receivable - Received (250 - 200) | 50 | ||||||
2014 = Total - Received in cash -Already Received advance | 700 | 750 | |||||
(4,000 - 3,200 - 100) | |||||||
Cash A/c | 550 | ||||||
32,245 | 32,245 |
Opening Balancesheet | |||||||
Date | Liabilities | Amount | Date | Assets | Amount | ||
(Rs) | (Rs) | ||||||
Cash A/c | 1,000 | ||||||
Subscriptions Receivable : | |||||||
Subscription received in Advance - 2014 (10 x 10) | 100 | 2013 | 250 | ||||
Capital Fund (B.Fig) | 30,150 | Land and Building | 25,000 | ||||
Furniture | 4,000 | ||||||
30,250 | 30,250 |
Regards