Following is the receipts and Payments Account of Star club for the year ended March 31st 2013: Receipts Payments $ 4,400 By Salaries 46,100 By Rent 2,500 By Printing and Stationery 12,000 By Expenses on Charity Show 6,000 By Tourmament Expenses 20,000 By Investments purchased By Furniture 5,200 By Balance c/d on 31-3-2013 18,200 15,000 7,300 16,100 7,500 To Balance b/d on 1-4-201:2 To Subscriptions To Interest To Tournament Fund To Donation To Donation for Building e:ctension To Receipts from advertisement 10,000 6,000 16,100 in the year book 96,200 96,200 Subscriptions outstanding on 31st March, 2012 were $ 4,500 and on 31st March, 2013 were $ 6,000. Rent outstanding at the beginning of the year was $1,000 and in the end was $ 1,500. Furniture was purchased on 1st July, 2012. On 1st April, 2012 the Club had Furniture valued $ 8,000 and Investments valued $ 15,000. Prepare Income and Expenditure A/c for the year ended 31st March, 2013 and a Balance Sheet as at that date, after depreciating furniture by 10% p.a.

Following is the receipts and Payments Account of Star club for the year ended March 31st 2013: Receipts Payments $ 4,400 By Salaries 46,100 By Rent 2,500 By Printing and Stationery 12,000 By Expenses on Charity Show 6,000 By Tourmament Expenses 20,000 By Investments purchased By Furniture 5,200 By Balance c/d on 31-3-2013 18,200 15,000 7,300 16,100 7,500 To Balance b/d on 1-4-201:2 To Subscriptions To Interest To Tournament Fund To Donation To Donation for Building e:ctension To Receipts from advertisement 10,000 6,000 16,100 in the year book 96,200 96,200 Subscriptions outstanding on 31st March, 2012 were $ 4,500 and on 31st March, 2013 were $ 6,000. Rent outstanding at the beginning of the year was $1,000 and in the end was $ 1,500. Furniture was purchased on 1st July, 2012. On 1st April, 2012 the Club had Furniture valued $ 8,000 and Investments valued $ 15,000. Prepare Income and Expenditure A/c for the year ended 31st March, 2013 and a Balance Sheet as at that date, after depreciating furniture by 10% p.a.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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