Following is the Receipts and Payments Account of the Sumit Club and R

1.	Following is the Receipts and Payments Account of the Sumit Club and Resorts for the year ending 31st March, 2018. ReceiptsAmountPaymentsAmount(Rs)(Rs)To Balance b/d44,000By Salaries4,40,000To Subscription9,80,000By Furniture puchased onTo Entrance Fees80,0001st October, 20171,00,000To Sports Fund80,000By Sports Expenses60,000To Sale of Drama Tickets2,70,000By Drama Expenses1,84,000To Sale of Waste Paper2,500By Newspapers2,500To Interest on Investment20,000By Refreshments32,000(10% on 2,00,000)By Lighting and Heating60,000By Medicines Purchased40,000By Balance c/d5,58,000 Total14,76,500 Total14,76,500 Prepar Income and Expenditure Account for the year ending 31-03-2018, after taking into account the following adjustments : (i) The Club has 2,000 members each paying an annual subscription of Rs 500 and the subscription of eighty members are still in arrears. (ii) Stock of medicines as on 31st March, 2018 was Rs 10,000. (iii) Salaries are paid Rs 40,000 per month. (iv) Entrance fees is to be capitalised. (v) Depreciate Furniture 10% p.a. ( taking into account Furniture on 1st April, 2017 was Rs 4,00,000).
Answer» Following is the Receipts and Payments Account of the Sumit Club and Resorts for the year ending 31st March, 2018. $\begin{matrix} Receipts & Amount & Payments & Amount (Rs) & (Rs) To Balance b/d & 44, 000 & By Salaries & 4, 40, 000 To Subscription & 9, 80, 000 & By Furniture puchased on To Entrance Fees & 80, 000 & 1st October, 2017 & 1, 00, 000 To Sports Fund & 80, 000 & By Sports Expenses & 60, 000 To Sale of Drama Tickets & 2, 70, 000 & By Drama Expenses & 1, 84, 000 To Sale of Waste Paper & 2, 500 & By Newspapers & 2, 500 To Interest on Investment & 20, 000 & By Refreshments & 32, 000 (10 % o n 2, 00, 000) & By Lighting and Heating & 60, 000 By Medicines Purchased & 40, 000 By Balance c/d & 5, 58, 000 Total & 14, 76, 500 & Total & 14, 76, 500 \end{matrix}$ Prepar Income and Expenditure Account for the year ending 31-03-2018, after taking into account the following adjustments : (i) The Club has 2,000 members each paying an annual subscription of Rs 500 and the subscription of eighty members are still in arrears. (ii) Stock of medicines as on 31st March, 2018 was Rs 10,000. (iii) Salaries are paid Rs 40,000 per month. (iv) Entrance fees is to be capitalised. (v) Depreciate Furniture 10 $%$ p.a. ( taking into account Furniture on 1st April, 2017 was Rs 4,00,000).

Following is the Receipts and Payments Account of the Sumit Club and Resorts for the year ending 31st March, 2018. ReceiptsAmountPaymentsAmount(Rs)(Rs)To Balance b/d44,000By Salaries4,40,000To Subscription9,80,000By Furniture puchased onTo Entrance Fees80,0001st October, 20171,00,000To Sports Fund80,000By Sports Expenses60,000To Sale of Drama Tickets2,70,000By Drama Expenses1,84,000To Sale of Waste Paper2,500By Newspapers2,500To Interest on Investment20,000By Refreshments32,000(10% on 2,00,000)By Lighting and Heating60,000By Medicines Purchased40,000By Balance c/d5,58,000 Total14,76,500 Total14,76,500 Prepar Income and Expenditure Account for the year ending 31-03-2018, after taking into account the following adjustments : (i) The Club has 2,000 members each paying an annual subscription of Rs 500 and the subscription of eighty members are still in arrears. (ii) Stock of medicines as on 31st March, 2018 was Rs 10,000. (iii) Salaries are paid Rs 40,000 per month. (iv) Entrance fees is to be capitalised. (v) Depreciate Furniture 10% p.a. ( taking into account Furniture on 1st April, 2017 was Rs 4,00,000).

Answer»

Following is the Receipts and Payments Account of the Sumit Club and Resorts for the year ending 31st March, 2018.

$\begin{matrix} Receipts & Amount & Payments & Amount (Rs) & (Rs) To Balance b/d & 44, 000 & By Salaries & 4, 40, 000 To Subscription & 9, 80, 000 & By Furniture puchased on To Entrance Fees & 80, 000 & 1st October, 2017 & 1, 00, 000 To Sports Fund & 80, 000 & By Sports Expenses & 60, 000 To Sale of Drama Tickets & 2, 70, 000 & By Drama Expenses & 1, 84, 000 To Sale of Waste Paper & 2, 500 & By Newspapers & 2, 500 To Interest on Investment & 20, 000 & By Refreshments & 32, 000 (10 % o n 2, 00, 000) & By Lighting and Heating & 60, 000 By Medicines Purchased & 40, 000 By Balance c/d & 5, 58, 000 Total & 14, 76, 500 & Total & 14, 76, 500 \end{matrix}$

Prepar Income and Expenditure Account for the year ending 31-03-2018, after taking into account the following adjustments :

(i) The Club has 2,000 members each paying an annual subscription of Rs 500 and the subscription of eighty members are still in arrears.

(ii) Stock of medicines as on 31st March, 2018 was Rs 10,000.

(iii) Salaries are paid Rs 40,000 per month.

(iv) Entrance fees is to be capitalised.

(v) Depreciate Furniture 10 $%$ p.a. ( taking into account Furniture on 1st April, 2017 was Rs 4,00,000).

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