The following is the Receipts and Payments Account of Shyam Club for the year ended 31st December. 2020 : Receipts Cash in Hand Cash at Bank Rs. Payments Rs. 150 Sports Equipments 2,100 Mowing Machine 5,800 Ground men's fee 3,000 Reni 2,000 Salaries to coaches 200 Office expenses 1,500 Cash in Hand 100 Cash at bank 1,200 1,100 1,500 500 4,500 2,400 350 Subscription Rent of the Hall Life membership fees Entrance fees Donations Sale of Grass 3,300 14,850 Subscriptions due on 31st December, 2019 and 31st December, 2020 were Rs. 900 and Rs. 800 respectively. Subscriptions received also include subscriptions lor the year 2021 Rs. 200. Sports equipment on hand on 31st December 2019 was Rs 1,100 The value placed on (his equipment on hand on 31st December 2020 was Rs 1,300. The mowing machine was purchased on 1st January. 2020 and is to be depreciated @ 20% Per annum. Office expenses include Rs. 300 for 2019 and Rs. 14,850 400 arc still due for payment. Prepare Income and Expenditure Account and Balance Sheet relating to the year 2020.

The following is the Receipts and Payments Account of Shyam Club for the year ended 31st December. 2020 : Receipts Cash in Hand Cash at Bank Rs. Payments Rs. 150 Sports Equipments 2,100 Mowing Machine 5,800 Ground men's fee 3,000 Reni 2,000 Salaries to coaches 200 Office expenses 1,500 Cash in Hand 100 Cash at bank 1,200 1,100 1,500 500 4,500 2,400 350 Subscription Rent of the Hall Life membership fees Entrance fees Donations Sale of Grass 3,300 14,850 Subscriptions due on 31st December, 2019 and 31st December, 2020 were Rs. 900 and Rs. 800 respectively. Subscriptions received also include subscriptions lor the year 2021 Rs. 200. Sports equipment on hand on 31st December 2019 was Rs 1,100 The value placed on (his equipment on hand on 31st December 2020 was Rs 1,300. The mowing machine was purchased on 1st January. 2020 and is to be depreciated @ 20% Per annum. Office expenses include Rs. 300 for 2019 and Rs. 14,850 400 arc still due for payment. Prepare Income and Expenditure Account and Balance Sheet relating to the year 2020.

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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