From the following Receipts and Payments Account of Sonic Club and fro

1.	From the following Receipts and Payments Account of Sonic Club and from the given additional information, prepare Income and Expenditure Account for the year ending 31st March, 2015 and the Balance Sheet as at that date : Receipts and Payments Account for the year ending 31st March, 2015 Dr. Cr. ReceiptsRs PaymentsRs Balance b/d1,90,000Salaries3,30,000Subscriptions6,60,000Sports Materials4,00,000Interest on InvestmentsBalance c/d1,60,000 8% p.a. for full year40,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯8,90,000––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯8,90,000–––––––––– Additional Information : (i) The club had received Rs 20,000 for subscription in 2013-14 for 2014-15. (ii) Salaries had been paid only for 11 months. (iii) Stock of Sports Materials on 31st March, 2014 was Rs 3,00,000 and on 31st March, 2015 was Rs 6,50,000.
Answer» From the following Receipts and Payments Account of Sonic Club and from the given additional information, prepare Income and Expenditure Account for the year ending 31st March, 2015 and the Balance Sheet as at that date : Receipts and Payments Account for the year ending 31st March, 2015 Dr. Cr. $\begin{matrix} Receipts & Rs & Payments & Rs Balance b/d & 1, 90, 000 & Salaries & 3, 30, 000 Subscriptions & 6, 60, 000 & Sports Materials & 4, 00, 000 Interest on Investments & Balance c/d & 1, 60, 000 8 % p.a. for full year & 40, 000 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 8, 90, 000 - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 8, 90, 000 - -------- - \end{matrix}$ Additional Information : (i) The club had received Rs 20,000 for subscription in 2013-14 for 2014-15. (ii) Salaries had been paid only for 11 months. (iii) Stock of Sports Materials on 31st March, 2014 was Rs 3,00,000 and on 31st March, 2015 was Rs 6,50,000.

From the following Receipts and Payments Account of Sonic Club and from the given additional information, prepare Income and Expenditure Account for the year ending 31st March, 2015 and the Balance Sheet as at that date : Receipts and Payments Account for the year ending 31st March, 2015 Dr. Cr. ReceiptsRs PaymentsRs Balance b/d1,90,000Salaries3,30,000Subscriptions6,60,000Sports Materials4,00,000Interest on InvestmentsBalance c/d1,60,000 8% p.a. for full year40,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯8,90,000––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯8,90,000–––––––––– Additional Information : (i) The club had received Rs 20,000 for subscription in 2013-14 for 2014-15. (ii) Salaries had been paid only for 11 months. (iii) Stock of Sports Materials on 31st March, 2014 was Rs 3,00,000 and on 31st March, 2015 was Rs 6,50,000.

Answer»

From the following Receipts and Payments Account of Sonic Club and from the given additional information, prepare Income and Expenditure Account for the year ending 31st March, 2015 and the Balance Sheet as at that date :

Receipts and Payments Account
for the year ending 31st March, 2015
Dr. Cr.
$\begin{matrix} Receipts & Rs & Payments & Rs Balance b/d & 1, 90, 000 & Salaries & 3, 30, 000 Subscriptions & 6, 60, 000 & Sports Materials & 4, 00, 000 Interest on Investments & Balance c/d & 1, 60, 000 8 % p.a. for full year & 40, 000 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 8, 90, 000 - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 8, 90, 000 - -------- - \end{matrix}$

Additional Information :

(i) The club had received Rs 20,000 for subscription in 2013-14 for 2014-15.

(ii) Salaries had been paid only for 11 months.

(iii) Stock of Sports Materials on 31st March, 2014 was Rs 3,00,000 and on 31st March, 2015 was Rs 6,50,000.

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