The Receipts and Payments Account for the year ending 31st March, 2016

1.	The Receipts and Payments Account for the year ending 31st March, 2016 of the Netaji Subhash Club is as follows : ReceiptsRs PaymentsRs Cash Balance50,000Salaries20,000Membership Subscriptions :Rent 15,000 2014-1510,000Printing and Stationery8,000 2015-161,00,000Water and Power15,000 2016-175,000––––––1,15,000Newspapers and Periodicals18,000Income from Entertainments2,000Furniture50,000Interest1,500Repairs to Furniture2,000Refreshments10,000Closing Balance30,500¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,68,500––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,68,500–––––––––– (a) The number of members of the club was 500 and the membership subscription was Rs 20 per month. (b) The rent of the Club House was Rs 1,500 per month. (c) At and end of the year prepaid salary was Rs 2,000. (d) In 2014-15, Rs 50,000 were deposited in Fixed Deposit Account for 3 years in a bank, carrying 6% interest p.a. (e) The other assets on 1st April, 2015 were as follows : Furniture Rs 80,000 and Sports equipments Rs 40,000. (f) Depreciation is to be provided 10% p.a. on Furniture and Sports equipments. Prepare Income and Expenditure Account for the year ending 31st March, 2016 and Balance Sheet as at that date.
Answer» The Receipts and Payments Account for the year ending 31st March, 2016 of the Netaji Subhash Club is as follows : $\begin{matrix} Receipts & Rs & Payments & Rs Cash Balance & 50, 000 & Salaries & 20, 000 Membership Subscriptions : & Rent & 15, 000 2014-15 & 10, 000 & Printing and Stationery & 8, 000 2015-16 & 1, 00, 000 & Water and Power & 15, 000 2016-17 & 5, 000 - ---- - & 1, 15, 000 & Newspapers and Periodicals & 18, 000 Income from Entertainments & 2, 000 & Furniture & 50, 000 Interest & 1, 500 & Repairs to Furniture & 2, 000 Refreshments & 10, 000 Closing Balance & 30, 500 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 68, 500 - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 68, 500 - -------- - \end{matrix}$ (a) The number of members of the club was 500 and the membership subscription was Rs 20 per month. (b) The rent of the Club House was Rs 1,500 per month. (c) At and end of the year prepaid salary was Rs 2,000. (d) In 2014-15, Rs 50,000 were deposited in Fixed Deposit Account for 3 years in a bank, carrying $6 %$ interest p.a. (e) The other assets on 1st April, 2015 were as follows : Furniture Rs 80,000 and Sports equipments Rs 40,000. (f) Depreciation is to be provided $10 %$ p.a. on Furniture and Sports equipments. Prepare Income and Expenditure Account for the year ending 31st March, 2016 and Balance Sheet as at that date.

The Receipts and Payments Account for the year ending 31st March, 2016 of the Netaji Subhash Club is as follows : ReceiptsRs PaymentsRs Cash Balance50,000Salaries20,000Membership Subscriptions :Rent 15,000 2014-1510,000Printing and Stationery8,000 2015-161,00,000Water and Power15,000 2016-175,000––––––1,15,000Newspapers and Periodicals18,000Income from Entertainments2,000Furniture50,000Interest1,500Repairs to Furniture2,000Refreshments10,000Closing Balance30,500¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,68,500––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,68,500–––––––––– (a) The number of members of the club was 500 and the membership subscription was Rs 20 per month. (b) The rent of the Club House was Rs 1,500 per month. (c) At and end of the year prepaid salary was Rs 2,000. (d) In 2014-15, Rs 50,000 were deposited in Fixed Deposit Account for 3 years in a bank, carrying 6% interest p.a. (e) The other assets on 1st April, 2015 were as follows : Furniture Rs 80,000 and Sports equipments Rs 40,000. (f) Depreciation is to be provided 10% p.a. on Furniture and Sports equipments. Prepare Income and Expenditure Account for the year ending 31st March, 2016 and Balance Sheet as at that date.

Answer»

The Receipts and Payments Account for the year ending 31st March, 2016 of the Netaji Subhash Club is as follows :

$\begin{matrix} Receipts & Rs & Payments & Rs Cash Balance & 50, 000 & Salaries & 20, 000 Membership Subscriptions : & Rent & 15, 000 2014-15 & 10, 000 & Printing and Stationery & 8, 000 2015-16 & 1, 00, 000 & Water and Power & 15, 000 2016-17 & 5, 000 - ---- - & 1, 15, 000 & Newspapers and Periodicals & 18, 000 Income from Entertainments & 2, 000 & Furniture & 50, 000 Interest & 1, 500 & Repairs to Furniture & 2, 000 Refreshments & 10, 000 Closing Balance & 30, 500 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 68, 500 - -------- - & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 68, 500 - -------- - \end{matrix}$

(a) The number of members of the club was 500 and the membership subscription was Rs 20 per month.

(b) The rent of the Club House was Rs 1,500 per month.

(d) In 2014-15, Rs 50,000 were deposited in Fixed Deposit Account for 3 years in a bank, carrying $6 %$ interest p.a.

(e) The other assets on 1st April, 2015 were as follows : Furniture Rs 80,000 and Sports equipments Rs 40,000.

(f) Depreciation is to be provided $10 %$ p.a. on Furniture and Sports equipments. Prepare Income and Expenditure Account for the year ending 31st March, 2016 and Balance Sheet as at that date.

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