The following particulars relate to Madras Club for the year 31st Marc

1.	The following particulars relate to Madras Club for the year 31st March, 2018. Dr RECEIPTS AND PAYMENTS ACCOUNT Cr ReceiptsAmount PaymentsAmount(Rs)(Rs)To Balance b/d60,000By Salaries1,24,500To Subscription :By Stationery24,000 2016−172,400By Rent36,000 2017−181,26,600By Telephone Expenses6,000 2018−194,800––––––1,33,800By Furniture75,000To Income from canteen90,000By Advertisements10,500To Miscellaneous4,500By Postage10,000To Sale of Old Assets11,200By Sundry Expenses50,000To Interest48,000By Balance b/d1,72,000To Donation 1,00,000To Entrance Fees60,000 Total5,08,000 Total5,08,000 You are required to prepare an Income and Expenditure Account and Balance Sheet after making the following adjustments: (i) There are 450 members each paying a monthly subcription of Rs 25, Rs 2,700 being arrears of 2016-17 on 1-04-2017. (ii) A donation of Rs 20,000 was wrongly recorded as interest income. (iii) Entire donation and half of entreance fees are to be capitalised. (iv) Stock of stationery on 01-04-2017 was Rs 3,000 and on 31-03-2018 was Rs 5,400. (v) Cost of building is Rs 6,00,000 on 01-04-2017, depreciate it at 5% p.a. Furniture valued at Rs 75,000 was purchased on 31-03-2018.
Answer» The following particulars relate to Madras Club for the year 31st March, 2018. $Dr RECEIPTS AND PAYMENTS ACCOUNT Cr \begin{matrix} Receipts & Amount & Payments & Amount (Rs) & (Rs) To Balance b/d & 60, 000 & By Salaries & 1, 24, 500 To Subscription : & By Stationery & 24, 000 2016 - 17 & 2, 400 & By Rent & 36, 000 2017 - 18 & 1, 26, 600 & By Telephone Expenses & 6, 000 2018 - 19 & 4, 800 - ---- - & 1, 33, 800 & By Furniture & 75, 000 To Income from canteen & 90, 000 & By Advertisements & 10, 500 To Miscellaneous & 4, 500 & By Postage & 10, 000 To Sale of Old Assets & 11, 200 & By Sundry Expenses & 50, 000 To Interest & 48, 000 & By Balance b/d & 1, 72, 000 To Donation & 1, 00, 000 To Entrance Fees & 60, 000 Total & 5, 08, 000 & Total & 5, 08, 000 \end{matrix}$ You are required to prepare an Income and Expenditure Account and Balance Sheet after making the following adjustments: (i) There are 450 members each paying a monthly subcription of Rs 25, Rs 2,700 being arrears of 2016-17 on 1-04-2017. (ii) A donation of Rs 20,000 was wrongly recorded as interest income. (iii) Entire donation and half of entreance fees are to be capitalised. (iv) Stock of stationery on 01-04-2017 was Rs 3,000 and on 31-03-2018 was Rs 5,400. (v) Cost of building is Rs 6,00,000 on 01-04-2017, depreciate it at 5% p.a. Furniture valued at Rs 75,000 was purchased on 31-03-2018.

The following particulars relate to Madras Club for the year 31st March, 2018. Dr RECEIPTS AND PAYMENTS ACCOUNT Cr ReceiptsAmount PaymentsAmount(Rs)(Rs)To Balance b/d60,000By Salaries1,24,500To Subscription :By Stationery24,000 2016−172,400By Rent36,000 2017−181,26,600By Telephone Expenses6,000 2018−194,800––––––1,33,800By Furniture75,000To Income from canteen90,000By Advertisements10,500To Miscellaneous4,500By Postage10,000To Sale of Old Assets11,200By Sundry Expenses50,000To Interest48,000By Balance b/d1,72,000To Donation 1,00,000To Entrance Fees60,000 Total5,08,000 Total5,08,000 You are required to prepare an Income and Expenditure Account and Balance Sheet after making the following adjustments: (i) There are 450 members each paying a monthly subcription of Rs 25, Rs 2,700 being arrears of 2016-17 on 1-04-2017. (ii) A donation of Rs 20,000 was wrongly recorded as interest income. (iii) Entire donation and half of entreance fees are to be capitalised. (iv) Stock of stationery on 01-04-2017 was Rs 3,000 and on 31-03-2018 was Rs 5,400. (v) Cost of building is Rs 6,00,000 on 01-04-2017, depreciate it at 5% p.a. Furniture valued at Rs 75,000 was purchased on 31-03-2018.

Answer»

The following particulars relate to Madras Club for the year 31st March, 2018.

$Dr RECEIPTS AND PAYMENTS ACCOUNT Cr \begin{matrix} Receipts & Amount & Payments & Amount (Rs) & (Rs) To Balance b/d & 60, 000 & By Salaries & 1, 24, 500 To Subscription : & By Stationery & 24, 000 2016 - 17 & 2, 400 & By Rent & 36, 000 2017 - 18 & 1, 26, 600 & By Telephone Expenses & 6, 000 2018 - 19 & 4, 800 - ---- - & 1, 33, 800 & By Furniture & 75, 000 To Income from canteen & 90, 000 & By Advertisements & 10, 500 To Miscellaneous & 4, 500 & By Postage & 10, 000 To Sale of Old Assets & 11, 200 & By Sundry Expenses & 50, 000 To Interest & 48, 000 & By Balance b/d & 1, 72, 000 To Donation & 1, 00, 000 To Entrance Fees & 60, 000 Total & 5, 08, 000 & Total & 5, 08, 000 \end{matrix}$
You are required to prepare an Income and Expenditure Account and Balance Sheet after making the following adjustments:

(i) There are 450 members each paying a monthly subcription of Rs 25, Rs 2,700 being arrears of 2016-17 on 1-04-2017.

(ii) A donation of Rs 20,000 was wrongly recorded as interest income.

(iii) Entire donation and half of entreance fees are to be capitalised.

(iv) Stock of stationery on 01-04-2017 was Rs 3,000 and on 31-03-2018 was Rs 5,400.

(v) Cost of building is Rs 6,00,000 on 01-04-2017, depreciate it at 5% p.a. Furniture valued at Rs 75,000 was purchased on 31-03-2018.

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