Following is the Receipts and Payments Account of “Satara Sports Club” Satara Prepare Income and Expenditure Account for the year ending 31.03.2019.

Chapter 2: Accounts of ‘Not for Profit’ Concerns

Balbharati Solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board.

Practical Problems | Q 4 | Page 116


Following is the Receipts and Payments Account of “Satara Sports Club” Satara Prepare Income and Expenditure Account for the year ending 31.03.2019.


Receipts and Payments Account for the year ending 31.03.2019.


Receipts

Amt ₹

Amt ₹

Payments

Amt ₹

Amt ₹

To Balance b/d



By Salaries


5,000

Cash in hand

4,500


By Rent (Including ₹ 2,000 for 2017 - 18)


5,000

Cash at Bank

12,000

16,500

By Electricity Charges


1,450

To Subscription



By Fixed Deposit


60,000

2017 - 18

4,000


By Printing and Stationery


750

2018 - 19

44,500


By General Expenses (Including ₹ 500 paid for next year)


5,500

2019 - 20

3,500

52,000

By Sports Material Purchased


40,000

To Entrance fees


8,000

By Balance c/d



To Donation for Building fund


70,000

Cash in Hand

8,900


To Interest


600

Cash at Bank

25,000

33,900

To Sale of furniture

(Book Value ₹ 8000)


4,500






1,51,600



1,51,600

Adjustments:


1) Outstanding Subscription for Current Year is  4,500

2) Outstanding Rent for Current Year amounted to  1,000

3) Entrance Fees are to be treated as Revenue Income.

4) Stock of Sports Material as on 01.04.2018  6,000 and on 31.03.2019  14,000


Solution: 


In the books of ‘ Satara Sports Club’ Satara


Income and Expenditure Account for the year ended on 31st March 2019


Expenditure

Amount ₹

Amount ₹

Income

Amount ₹

Amount ₹

To Salaries


5,000

By Subscription received for 2018 – 19

44,500


To rent

5,000


Add: Outstanding Subscription for Current Year

4,500

49,000

Add: Outstanding rent of Current Year

1,000


By Entrance Fees


8,000

Less: rent received for the Year 2017 – 18

2,000

4,000

By Interest


600

To Electricity Charges


1,450




To Printing and Stationery


750




To General Expense

5,500





Less: Amount Paid for Next Year

500

5,000




To Sports Material Consumed






Opening Stock

6,000





Add: Sports Material Purchased in Current Year

40,000






46,000





Less: Closing Stock of Sports Material

14,000

32,000




To Loss due to Sale of Furniture (8,000 – 4,500)


3,500




To Surplus (Excess of income over expenditure)


5,900






57600



57600


Working Notes :


(1) Entrance fees are to be treated as revenue income. Therefore the entire amount is recorded on the income side.

(2) Since the selling price of Furniture  4,500 is lower than its cost price of  8,000, there is Loss on sale of furniture.

It is calculated as follows :

Loss on sale of furniture = Book value (cost) – Selling price

= 8,000 – 4,500

 3,500

It is debited to Income and Expenditure A/c.


Book-keeping and Accountancy 12th Standard 

HSC Maharashtra State Board. Latest Syllabus.

Chapter 1: Introduction to Partnership and Partnership Final Accounts

Chapter 2: Accounts of ‘Not for Profit’ Concerns

Chapter 3: Reconstitution of Partnership (Admission of Partner)

Chapter 4: Reconstitution of Partnership (Retirement of Partner)

Chapter 5: Reconstitution of Partnership (Death of Partner)

Chapter 6: Dissolution of Partnership Firm

Chapter 7: Bills of Exchange

Chapter 8: Company Accounts - Issue of Shares

Chapter 9: Analysis of Financial Statements

Chapter 10: Computer In Accounting

 

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