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CBSE Class 11-commerce Answered

 Given below is the receipts and payments account of Mahesh Sports Club for the year 31.12.2008 Receipts Amount Rs. Payments Amount Rs. Balance of cash 400 Salaries 10,000 Balance of bank 3,600 Billiard Table 8,000 Subscriptions 11,000 Office Expenses 3,400 Life Membership Fee 8,000 Stationery 2,700 Tournament Fund 15,000 Tournament Expenses 1,000 Locker Rent 2,000 Furniture purchased 5,000 Sale of old sports material (Costing Rs.5,000)   3,000 Sports Equipment purchase 6,000   Sale of old newspapers   2,000 Fixed deposit on 1.1.2008 @12% p.a   5,900 Legacy 10,000 Balance of cash 200 Entrance fee 5,000 Balance of bank 2,800   60,000   60,000   a. On 1.1.2008 subscriptions outstanding were Rs.800 and on 31st December 2008 Rs.900. b. On 1.1.2008 the club had building Rs.50,000;furniture Rs.20,000 and Sports Equipment Rs. 14,000 charge depreciation 10% on these items. (including purchases) Prepare Income and Expenditure Account.
Asked by Topperlearning User | 01 Jul, 2016, 03:14: PM
answered-by-expert Expert Answer

  

 

 Income and Expenditure Account for the year ended 31st December, 2008

Expenditure

 

Amount

Rs.

Income

 

Amount

Rs.

To Loss on sale of sports material

 

 

2,000

By Subscription

11,000

 

To Salaries

 

10,000

Add: Outstanding for 2008

 

900

 

To Office Expenses

 

3,400

Less: Outstanding for 2007

 

800

11,100

To Stationery

 

2,700

 

 

 

To Tournament Expenses

 

 

1,000

By Locker Rent

 

2,000

To Depreciation on Building

 

 

5,000

By Sale of old newspapers

 

 

2,000

To Depreciation on Furniture

 

 

2,500

By Entrance Fee

 

5,000

To Depreciation on Sports Equipment

 

 

2,000

By Accrued interest on Fixed Deposit

 

 

708

 

 

 

By Deficit 

 

7,792

 

 

28,600

 

 

28,600

 

Answered by | 01 Jul, 2016, 05:14: PM
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CBSE 11-commerce - Accountancy Part II
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Asked by Topperlearning User | 01 Jul, 2016, 03:14: PM
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CBSE 11-commerce - Accountancy Part II
 Given below is the receipts and payments account of Mahesh Sports Club for the year 31.12.2008 Receipts Amount Rs. Payments Amount Rs. Balance of cash 400 Salaries 10,000 Balance of bank 3,600 Billiard Table 8,000 Subscriptions 11,000 Office Expenses 3,400 Life Membership Fee 8,000 Stationery 2,700 Tournament Fund 15,000 Tournament Expenses 1,000 Locker Rent 2,000 Furniture purchased 5,000 Sale of old sports material (Costing Rs.5,000)   3,000 Sports Equipment purchase 6,000   Sale of old newspapers   2,000 Fixed deposit on 1.1.2008 @12% p.a   5,900 Legacy 10,000 Balance of cash 200 Entrance fee 5,000 Balance of bank 2,800   60,000   60,000   a. On 1.1.2008 subscriptions outstanding were Rs.800 and on 31st December 2008 Rs.900. b. On 1.1.2008 the club had building Rs.50,000;furniture Rs.20,000 and Sports Equipment Rs. 14,000 charge depreciation 10% on these items. (including purchases) Prepare Income and Expenditure Account.
Asked by Topperlearning User | 01 Jul, 2016, 03:14: PM
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Asked by Topperlearning User | 04 Jul, 2016, 08:16: AM
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