The Receipts and Payments Account for the year ending 31-03-2018 of th

1.	The Receipts and Payments Account for the year ending 31-03-2018 of the Moses Club is as follows: ReceiptsAmount PaymentsAmount(Rs.)(Rs.)To Balance b/d 77,000By Salaries30,000To Subscription (Outstanding of 20171,15,000By Rent25,000 Rs. 20,000 and advance of 2019 Rs 5,000)By Printing and Stationery18,000To Sale of Periodicals 2,000By Electricity15,000By Periodicals18,000By Sports Equipment50,000By Advertisements 2,000By Refreshments10,000By Balance c/d26,0001,94,0001,94,000 (a) Annual subscription to be received every year is Rs. 1,00,000. (b) Rent of the club for two months is pending. (c) Electricity charges worth Rs. 3,000 are prepaid. (d) Assets as on 01-04-2017 : Sports Equipment Rs. 80,000; 6% Fixed Deposit worth Rs. 50,000. (e) Depreciation 10 % p.a on Sports Equipment. Prepare Income and Expenditure Account for the year ending 31-03-2018.
Answer» The Receipts and Payments Account for the year ending 31-03-2018 of the Moses Club is as follows: $\begin{matrix} Receipts & Amount & Payments & Amount (R s .) & (R s .) To Balance b/d & 77, 000 & By Salaries & 30, 000 To Subscription (Outstanding of 2017 & 1, 15, 000 & By Rent & 25, 000 Rs. 20,000 and advance of 2019 Rs 5,000) & By Printing and Stationery & 18,000 To Sale of Periodicals & 2, 000 & By Electricity & 15, 000 By Periodicals & 18, 000 By Sports Equipment & 50, 000 By Advertisements & 2, 000 By Refreshments & 10, 000 By Balance c/d & 26, 000 1, 94, 000 & 1, 94, 000 \end{matrix}$ (a) Annual subscription to be received every year is Rs. 1,00,000. (b) Rent of the club for two months is pending. (c) Electricity charges worth Rs. 3,000 are prepaid. (d) Assets as on 01-04-2017 : Sports Equipment Rs. 80,000; 6% Fixed Deposit worth Rs. 50,000. (e) Depreciation 10 % p.a on Sports Equipment. Prepare Income and Expenditure Account for the year ending 31-03-2018.

The Receipts and Payments Account for the year ending 31-03-2018 of the Moses Club is as follows: ReceiptsAmount PaymentsAmount(Rs.)(Rs.)To Balance b/d 77,000By Salaries30,000To Subscription (Outstanding of 20171,15,000By Rent25,000 Rs. 20,000 and advance of 2019 Rs 5,000)By Printing and Stationery18,000To Sale of Periodicals 2,000By Electricity15,000By Periodicals18,000By Sports Equipment50,000By Advertisements 2,000By Refreshments10,000By Balance c/d26,0001,94,0001,94,000 (a) Annual subscription to be received every year is Rs. 1,00,000. (b) Rent of the club for two months is pending. (c) Electricity charges worth Rs. 3,000 are prepaid. (d) Assets as on 01-04-2017 : Sports Equipment Rs. 80,000; 6% Fixed Deposit worth Rs. 50,000. (e) Depreciation 10 % p.a on Sports Equipment. Prepare Income and Expenditure Account for the year ending 31-03-2018.

Answer»

The Receipts and Payments Account for the year ending 31-03-2018 of the Moses Club is as follows:

$\begin{matrix} Receipts & Amount & Payments & Amount (R s .) & (R s .) To Balance b/d & 77, 000 & By Salaries & 30, 000 To Subscription (Outstanding of 2017 & 1, 15, 000 & By Rent & 25, 000 Rs. 20,000 and advance of 2019 Rs 5,000) & By Printing and Stationery & 18,000 To Sale of Periodicals & 2, 000 & By Electricity & 15, 000 By Periodicals & 18, 000 By Sports Equipment & 50, 000 By Advertisements & 2, 000 By Refreshments & 10, 000 By Balance c/d & 26, 000 1, 94, 000 & 1, 94, 000 \end{matrix}$

(a) Annual subscription to be received every year is Rs. 1,00,000.

(b) Rent of the club for two months is pending.

(d) Assets as on 01-04-2017 : Sports Equipment Rs. 80,000; 6% Fixed Deposit worth Rs. 50,000.

(e) Depreciation 10 % p.a on Sports Equipment.

Prepare Income and Expenditure Account for the year ending 31-03-2018.

Discussion

No Comment Found

Related InterviewSolutions

Reply to Comment