Upvotes for correct answer The following is the Receipts and payments account of Kandan Recreationclub for the year ended 31.03. 2020ReceiptsRs.Payments7,000 By SalariesRs.28,0006,0004,000To Balance b/dTo Subscriptions:2018 - 20192019 - 2020By General ExpensesBy ElectricityBy Books Purchases4,000 29,000 By Loan RepaidBy Balance c/d5,00020,0002020 - 2021To Rent for use ofconference room10,00020,0004,00014,000To Receipts fromEntertainment facilitiesTo Sale of old magazines28,0002,00080,00080,000Additional Data:i) The club has 50 members, each paying Rs.500 PA as subscription.ii) Subscriptions outstanding on 31-03-2020 Rs.6,000i) Salaries outstanding Rs.2,000. Salaries paid include Rs.6,000 for 2018 – 19.iv) On 1-4-2019, the clubs properties were: Buildings Rs.2,00,000 Furniture &Fittings Rs.20,000 and Books Rs.20,000.v) Provide 10% Depreciation on Buildings and Furniture.Prepare Income and Expenditure Account for the year ending 31-03-2020and a Balance sheet on that date.

The following is the Receipts and payments account of Kandan Recreation club for the year ended 31.03. 2020 Rs. Rs. 7,000 By Salaries Payments Receipts To Balance b/d By General Expenses By Electricity By Books Purchases 4,000 29,000 By Loan Repaid By Balance c/d 28,000 6,000 4,000 10,000 20,000 4,000 To Subscriptions: 2018 - 2019 2019 - 2020 5,000 20,000 2020 – 2021 To Rent for use of conference room 14,000 To Receipts from Entertainment facilities 28,000 2,000 80,000 To Sale of old magazines 80,000 Additional Data: i) The club has 50 members, each paying Rs.500 PA as subscription. ii) Şubscriptions outstanding on 31-03-2020 Rs.6,000 i) Salaries outstanding Rs.2,000. Salaries paid include Rs.6,000 for 2018 – 19. iv) On 1-4-2019, the clubs properties were: Buildings Rs.2,00,000 Furmiture & Fittings Rs.20,000 and Books Rs.20,000. v) Provide 10% Depreciation on Buildings and Furniture. Prepare Income and Expenditure Account for the year ending 31-03-2020 and a Balance sheet on that date.

The following is the Receipts and payments account of Kandan Recreation club for the year ended 31.03. 2020 Rs. Rs. 7,000 By Salaries Payments Receipts To Balance b/d By General Expenses By Electricity By Books Purchases 4,000 29,000 By Loan Repaid By Balance c/d 28,000 6,000 4,000 10,000 20,000 4,000 To Subscriptions: 2018 - 2019 2019 - 2020 5,000 20,000 2020 – 2021 To Rent for use of conference room 14,000 To Receipts from Entertainment facilities 28,000 2,000 80,000 To Sale of old magazines 80,000 Additional Data: i) The club has 50 members, each paying Rs.500 PA as subscription. ii) Şubscriptions outstanding on 31-03-2020 Rs.6,000 i) Salaries outstanding Rs.2,000. Salaries paid include Rs.6,000 for 2018 – 19. iv) On 1-4-2019, the clubs properties were: Buildings Rs.2,00,000 Furmiture & Fittings Rs.20,000 and Books Rs.20,000. v) Provide 10% Depreciation on Buildings and Furniture. Prepare Income and Expenditure Account for the year ending 31-03-2020 and a Balance sheet on that date.

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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