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 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 1st July 2016, 3:14 PM
Answered by 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 Expert 1st July 2016, 5:14 PM
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