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Q4: From the following Receipt and Payment Account prepare final accounts of a Unity Club for the year ended March 31, 2007. Receipt and Payment Accounts for the year ending March 31, 2007 Amount Amount Receipts Payments RO RO 15,000 | Furniture 4,000 Library books Salaries Balance b/d 18,000 10,000 72,000 18,000 12,000 33,800 3,000 40,000 8,000 33,000 2,47,800 Sale of Old furniture (costing RO 6,000) Subscriptions: 2005-06 General expenses 18,000 60,000 12,000 Electric charges 90,000 Newspapers 10,800 | Postage 44,000 Stationery 84,000 Audit fee 2006-07 2007-08 Sale of old newspapers Profit from entertainment Rent Balance c/d 2,47,800 Balance Sheet as on March 31, 2006 Amount Amount Liabilities Assets RO RO 15,000 18,000 30,000 37,000 6,00,000 Outstanding Salary Capital Fund 6,000 Cash 6,94,000 | Outstanding subscription Library Books Furniture Land and Building 7,00,000 7,00,000 Additional Information: 1. The Club had 500 members each paying an annual subscription of RO 150. 2. On 31.3.2007 salaries outstanding amounted to RO 1,200 and salaries paid included RO 6,000 for the ye 06. 3. Provide 5% depreciation on Land and Building.

Q4: From the following Receipt and Payment Account prepare final accounts of a Unity Club for the year ended March 31, 2007. Receipt and Payment Accounts for the year ending March 31, 2007 Amount Amount Receipts Payments RO RO 15,000 | Furniture 4,000 Library books Salaries Balance b/d 18,000 10,000 72,000 18,000 12,000 33,800 3,000 40,000 8,000 33,000 2,47,800 Sale of Old furniture (costing RO 6,000) Subscriptions: 2005-06 General expenses 18,000 60,000 12,000 Electric charges 90,000 Newspapers 10,800 | Postage 44,000 Stationery 84,000 Audit fee 2006-07 2007-08 Sale of old newspapers Profit from entertainment Rent Balance c/d 2,47,800 Balance Sheet as on March 31, 2006 Amount Amount Liabilities Assets RO RO 15,000 18,000 30,000 37,000 6,00,000 Outstanding Salary Capital Fund 6,000 Cash 6,94,000 | Outstanding subscription Library Books Furniture Land and Building 7,00,000 7,00,000 Additional Information: 1. The Club had 500 members each paying an annual subscription of RO 150. 2. On 31.3.2007 salaries outstanding amounted to RO 1,200 and salaries paid included RO 6,000 for the ye 06. 3. Provide 5% depreciation on Land and Building.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Q4: From the following Receipt and Payment Account prepare final accounts of a Unity Club for the year ended March 31, 2007. Receipt and Payment Accounts for the year ending March 31, 2007 Amount Amount Receipts Рayments RO RO 15,000 | Furniture 4,000 | Library books Salaries Balance b/d 18,000 10,000 72,000 18,000 12,000 33,800 3,000 40,000 8,000 33,000 Sale of Old furniture (costing RO 6,000) Subscriptions: General expenses Electric charges 90,000 | Newspapers 10,800 | Postage 44,000 | Stationery 84,000 | Audit fee 18,000 60,000 12,000 2005-06 2006-07 2007-08 Sale of old newspapers Profit from entertainment Rent Balance c/d 2,47,800 2,47,800 Balance Sheet as on March 31, 2006 Amount Amount Liabilities Assets RO RO 6,000 | Cash Outstanding Salary Capital Fund 15,000 18,000 30,000 6,94,000 | Outstanding subscription Library Books Furniture Land and Building 37,000 6,00,000 7,00,000 7,00,000 Additional Information: 1. The Club had 500 members each paying an annual subscription of RO 150. 2. On 31.3.2007 salaries outstanding amounted to RO 1,200 and salaries paid included RO 6,000 for the year 06. 3. Provide 5% depreciation on Land and Building.
Transcribed Image Text:Q4: From the following Receipt and Payment Account prepare final accounts of a Unity Club for the year ended March 31, 2007. Receipt and Payment Accounts for the year ending March 31, 2007 Amount Amount Receipts Рayments RO RO 15,000 | Furniture 4,000 | Library books Salaries Balance b/d 18,000 10,000 72,000 18,000 12,000 33,800 3,000 40,000 8,000 33,000 Sale of Old furniture (costing RO 6,000) Subscriptions: General expenses Electric charges 90,000 | Newspapers 10,800 | Postage 44,000 | Stationery 84,000 | Audit fee 18,000 60,000 12,000 2005-06 2006-07 2007-08 Sale of old newspapers Profit from entertainment Rent Balance c/d 2,47,800 2,47,800 Balance Sheet as on March 31, 2006 Amount Amount Liabilities Assets RO RO 6,000 | Cash Outstanding Salary Capital Fund 15,000 18,000 30,000 6,94,000 | Outstanding subscription Library Books Furniture Land and Building 37,000 6,00,000 7,00,000 7,00,000 Additional Information: 1. The Club had 500 members each paying an annual subscription of RO 150. 2. On 31.3.2007 salaries outstanding amounted to RO 1,200 and salaries paid included RO 6,000 for the year 06. 3. Provide 5% depreciation on Land and Building.
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