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
Club has 400 members each paying an annual subscription of Rs.10, Rs.50 are still in arrears of 2013. In 2013, ten members had paid subscription of 2014 as well. On 1st January, 2014, Club and Land & Building of Rs.25,000, Furniture Rs. 4,000.

  [ Ans. Surplus Rs.1,795 ; Capital Fund Rs. 30,150; Total of Balance Sheet Rs. 32,245)

Dear Student

 
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
 

  • 2
What are you looking for?