The Receipts and Payments Account for the year ending 31st December, 2

1.	The Receipts and Payments Account for the year ending 31st December, 2010 of the Pandit Nehru Club is as follows: Dr Cr. ReceiptsAmount PaymentsAmount(Rs)(Rs)To Opening Cash Balance50,000By Salaries20,000To Membership Subscription :By Rent15,000 200910,000By Printing and Stationery8,000 20101,00,000Water and Power15,000 20115,000––––––1,15,000By Newspapers and Periodicals18,000To Income from Entertainment2,000By Furniture50,000To Interest1,500By Repairs to Furniture2,000Refreshments10,000By Closing Cash Balance30,500¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,68,500¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,68,500 (a) The number of members of the club was Rs 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 the end of the year, prepaid salary was Rs 2,000. (d) In 2009, Rs 50,000 were deposited in Fixed Deposit Account for three years in a bank, carrying 6% interest p.a. (e) The other assets on 1st January, 2010 were as follows : Furniture Rs 80,000 and Sports Equipment Rs 40,000. (f) Depreciation is to be provided 10% p.a. on furniture and sports equipment. Prepare Income and Expenditure Account for the year ending 31st December, 2010 and Balance Sheet as on that date.
Answer» The Receipts and Payments Account for the year ending 31st December, 2010 of the Pandit Nehru Club is as follows: Dr Cr. $\begin{matrix} Receipts & Amount & Payments & Amount (Rs) & (Rs) To Opening Cash Balance & 50, 000 & By Salaries & 20, 000 To Membership Subscription : & By Rent & 15, 000 2009 & 10, 000 & By Printing and Stationery & 8, 000 2010 & 1, 00, 000 & Water and Power & 15, 000 2011 & 5, 000 - ---- - & 1, 15, 000 & By Newspapers and Periodicals & 18, 000 To Income from Entertainment & 2, 000 & By Furniture & 50, 000 To Interest & 1, 500 & By Repairs to Furniture & 2, 000 Refreshments & 10, 000 By Closing Cash Balance & 30, 500 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 68, 500 & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 68, 500 \end{matrix}$ (a) The number of members of the club was Rs 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 the end of the year, prepaid salary was Rs 2,000. (d) In 2009, Rs 50,000 were deposited in Fixed Deposit Account for three years in a bank, carrying 6% interest p.a. (e) The other assets on 1st January, 2010 were as follows : Furniture Rs 80,000 and Sports Equipment Rs 40,000. (f) Depreciation is to be provided 10% p.a. on furniture and sports equipment. Prepare Income and Expenditure Account for the year ending 31st December, 2010 and Balance Sheet as on that date.

The Receipts and Payments Account for the year ending 31st December, 2010 of the Pandit Nehru Club is as follows: Dr Cr. ReceiptsAmount PaymentsAmount(Rs)(Rs)To Opening Cash Balance50,000By Salaries20,000To Membership Subscription :By Rent15,000 200910,000By Printing and Stationery8,000 20101,00,000Water and Power15,000 20115,000––––––1,15,000By Newspapers and Periodicals18,000To Income from Entertainment2,000By Furniture50,000To Interest1,500By Repairs to Furniture2,000Refreshments10,000By Closing Cash Balance30,500¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,68,500¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯1,68,500 (a) The number of members of the club was Rs 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 the end of the year, prepaid salary was Rs 2,000. (d) In 2009, Rs 50,000 were deposited in Fixed Deposit Account for three years in a bank, carrying 6% interest p.a. (e) The other assets on 1st January, 2010 were as follows : Furniture Rs 80,000 and Sports Equipment Rs 40,000. (f) Depreciation is to be provided 10% p.a. on furniture and sports equipment. Prepare Income and Expenditure Account for the year ending 31st December, 2010 and Balance Sheet as on that date.

Answer»

The Receipts and Payments Account for the year ending 31st December, 2010 of the Pandit Nehru Club is as follows:

Dr Cr.
$\begin{matrix} Receipts & Amount & Payments & Amount (Rs) & (Rs) To Opening Cash Balance & 50, 000 & By Salaries & 20, 000 To Membership Subscription : & By Rent & 15, 000 2009 & 10, 000 & By Printing and Stationery & 8, 000 2010 & 1, 00, 000 & Water and Power & 15, 000 2011 & 5, 000 - ---- - & 1, 15, 000 & By Newspapers and Periodicals & 18, 000 To Income from Entertainment & 2, 000 & By Furniture & 50, 000 To Interest & 1, 500 & By Repairs to Furniture & 2, 000 Refreshments & 10, 000 By Closing Cash Balance & 30, 500 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 68, 500 & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 1, 68, 500 \end{matrix}$

(a) The number of members of the club was Rs 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 2009, Rs 50,000 were deposited in Fixed Deposit Account for three years in a bank, carrying 6% interest p.a.

(e) The other assets on 1st January, 2010 were as follows : Furniture Rs 80,000 and Sports Equipment Rs 40,000.

(f) Depreciation is to be provided 10% p.a. on furniture and sports equipment.

Prepare Income and Expenditure Account for the year ending 31st December, 2010 and Balance Sheet as on that date.

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