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

1.	The following particulars relate to Madura Club for the year 31st March, 2016 : Receipts and Payments Account ReceiptsRs PaymentsRs Balance b/d60,000Salaries1,24,500Subscriptions :Stationery24,000 Arrear2,400Rates & Taxes36,000 Current1,26,600Telephone Expenses6,000 Advance 4,800––––––––––1,33,800Investments75,000Profit from Canteen90,000Advertisement10,500Miscellaneous4,500Postages10,000Sale of Old Newspapers11,200Sundry Expenses50,000Dividends48,500Balance c/d1,72,000Donation1,00,000Entrance Fee60,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯5,08,000––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯5,08,000–––––––––– You are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments : (i) There are 450 members each paying an annual subscription of Rs 300; Rs 2,700 being in arrears for 2014-15 at the beginning of this year. (ii) A donation of Rs 20,000 was wrongly included in subscriptions of the current year. (iii) Entire donation and 34 of entrance fees are to be capitalised. (iv) Stock of Stationery on 31st March, 2015 was Rs 3,000; and on 31st March, 2016 was Rs 5,400. (v) Cost of Building is Rs 6,00,000. Depreciate it at 5% p.a.
Answer» The following particulars relate to Madura Club for the year 31st March, 2016 : Receipts and Payments Account $\begin{matrix} Receipts & Rs & Payments & Rs Balance b/d & 60, 000 & Salaries & 1, 24, 500 Subscriptions : & Stationery & 24, 000 Arrear & 2, 400 & Rates & Taxes & 36, 000 Current & 1, 26, 600 & Telephone Expenses & 6, 000 Advance & 4, 800 - -------- - & 1, 33, 800 & Investments & 75, 000 Profit from Canteen & 90, 000 & Advertisement & 10, 500 Miscellaneous & 4, 500 & Postages & 10, 000 Sale of Old Newspapers & 11, 200 & Sundry Expenses & 50, 000 Dividends & 48, 500 & Balance c/d & 1, 72, 000 Donation & 1, 00, 000 Entrance Fee & 60, 000 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 5, 08, 000 - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 5, 08, 000 - -------- - \end{matrix}$ You are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments : (i) There are 450 members each paying an annual subscription of Rs 300; Rs 2,700 being in arrears for 2014-15 at the beginning of this year. (ii) A donation of Rs 20,000 was wrongly included in subscriptions of the current year. (iii) Entire donation and $\frac{3}{4}$ of entrance fees are to be capitalised. (iv) Stock of Stationery on 31st March, 2015 was Rs 3,000; and on 31st March, 2016 was Rs 5,400. (v) Cost of Building is Rs 6,00,000. Depreciate it at $5 %$ p.a.

The following particulars relate to Madura Club for the year 31st March, 2016 : Receipts and Payments Account ReceiptsRs PaymentsRs Balance b/d60,000Salaries1,24,500Subscriptions :Stationery24,000 Arrear2,400Rates & Taxes36,000 Current1,26,600Telephone Expenses6,000 Advance 4,800––––––––––1,33,800Investments75,000Profit from Canteen90,000Advertisement10,500Miscellaneous4,500Postages10,000Sale of Old Newspapers11,200Sundry Expenses50,000Dividends48,500Balance c/d1,72,000Donation1,00,000Entrance Fee60,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯5,08,000––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯5,08,000–––––––––– You are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments : (i) There are 450 members each paying an annual subscription of Rs 300; Rs 2,700 being in arrears for 2014-15 at the beginning of this year. (ii) A donation of Rs 20,000 was wrongly included in subscriptions of the current year. (iii) Entire donation and 34 of entrance fees are to be capitalised. (iv) Stock of Stationery on 31st March, 2015 was Rs 3,000; and on 31st March, 2016 was Rs 5,400. (v) Cost of Building is Rs 6,00,000. Depreciate it at 5% p.a.

Answer»

The following particulars relate to Madura Club for the year 31st March, 2016 :

Receipts and Payments Account
$\begin{matrix} Receipts & Rs & Payments & Rs Balance b/d & 60, 000 & Salaries & 1, 24, 500 Subscriptions : & Stationery & 24, 000 Arrear & 2, 400 & Rates & Taxes & 36, 000 Current & 1, 26, 600 & Telephone Expenses & 6, 000 Advance & 4, 800 - -------- - & 1, 33, 800 & Investments & 75, 000 Profit from Canteen & 90, 000 & Advertisement & 10, 500 Miscellaneous & 4, 500 & Postages & 10, 000 Sale of Old Newspapers & 11, 200 & Sundry Expenses & 50, 000 Dividends & 48, 500 & Balance c/d & 1, 72, 000 Donation & 1, 00, 000 Entrance Fee & 60, 000 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 5, 08, 000 - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 5, 08, 000 - -------- - \end{matrix}$

You are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments :

(i) There are 450 members each paying an annual subscription of Rs 300; Rs 2,700 being in arrears for 2014-15 at the beginning of this year.

(ii) A donation of Rs 20,000 was wrongly included in subscriptions of the current year.

(iii) Entire donation and $\frac{3}{4}$ of entrance fees are to be capitalised.

(iv) Stock of Stationery on 31st March, 2015 was Rs 3,000; and on 31st March, 2016 was Rs 5,400.

(v) Cost of Building is Rs 6,00,000. Depreciate it at $5 %$ p.a.

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