UL MC and Expenditure AccountR. 20. Following is the Receipts and Paym

1.	UL MC and Expenditure AccountR. 20. Following is the Receipts and Payments Account of Maharaja AggarsainClub. Bhiwani for the year ended 31st March, 2015:Receipts2 ₹Payments₹To Balance b/d6,800 By Purchase of foodstuffs6,000To SubscriptionsBy Postage Stamps3,000(including 2,000 for 2013-14) 1,20,000 By Furniture Purchased25,000To Sale of foodstuffs8,500 By Salaries32,000To Entrance Fees15,000 By Books41.500To Hire of Grounds7,100 By Newspapers,800To Income from advertisements inBy Rent, Rates and Insurance 24.200souvenier22,000 By Sundry Expenses4,000By Travelling Expenses18,500By Printing of Souvenier9,200By Balance c/d15,2001,79,4001,79,400Other Information:(i) Assets on 1-4-2014 were : Land and Building 1,50,000; Stock of foodstuffs32.200 and unused postage stamps 7800.(ii) Subscription due on 31-3-2014 was 2,400 and on 31-3-2015 (for 2014-15)was 33,500.(iii) On 31st March, 2015 stock of foodstuffs was 3,800 and unused postagestamps were of the value of 600.(iv) The By-laws of the club provide that 60% of the Entrance fees and 20% of thesurplus of any year are to be transferred to Reserve Fund.Prepare an Income and Expenditure Account of the club for the year ended 31stMarch 2015 and a Balance Sheet as at that date.
Answer» ANSWER: how to you and your FAMILY and FRIENDS

UL MC and Expenditure AccountR. 20. Following is the Receipts and Payments Account of Maharaja AggarsainClub. Bhiwani for the year ended 31st March, 2015:Receipts2 ₹Payments₹To Balance b/d6,800 By Purchase of foodstuffs6,000To SubscriptionsBy Postage Stamps3,000(including 2,000 for 2013-14) 1,20,000 By Furniture Purchased25,000To Sale of foodstuffs8,500 By Salaries32,000To Entrance Fees15,000 By Books41.500To Hire of Grounds7,100 By Newspapers,800To Income from advertisements inBy Rent, Rates and Insurance 24.200souvenier22,000 By Sundry Expenses4,000By Travelling Expenses18,500By Printing of Souvenier9,200By Balance c/d15,2001,79,4001,79,400Other Information:(i) Assets on 1-4-2014 were : Land and Building 1,50,000; Stock of foodstuffs32.200 and unused postage stamps 7800.(ii) Subscription due on 31-3-2014 was 2,400 and on 31-3-2015 (for 2014-15)was 33,500.(iii) On 31st March, 2015 stock of foodstuffs was 3,800 and unused postagestamps were of the value of 600.(iv) The By-laws of the club provide that 60% of the Entrance fees and 20% of thesurplus of any year are to be transferred to Reserve Fund.Prepare an Income and Expenditure Account of the club for the year ended 31stMarch 2015 and a Balance Sheet as at that date.

Answer»

how to you and your FAMILY and FRIENDS