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The following particulars relate to Madura Club for the year 31st March, 2015:Receipts and Payments AccountYou are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments:(i) There are 450 members each paying an annual subscription of Rs. 300, Rs. 2,700 being in arrears for 2013-14 at the beginning of this year.(ii) A donation of Rs. 20,000 was wrongly included in subscriptions of the current year.(iii) Entire donation and ¾ of entrance fees are to be capitalized.(iv) Stock of Stationary on 31st March, 2014 was Rs. 3,000; and on 31st March, 2015 Rs. 5,400.(v) Cost of Building is Rs. 6,00,000. Depreciate it at 5%
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The following particulars relate to Madura Club for the year 31st Marc...
Income and Expenditure Account and Balance Sheet for Madura Club
Adjustments:
(i) Arrears in subscription: Rs. 2,700
(ii) Donation wrongly included in subscriptions: Rs. 20,000
(iii) Capitalization of entire donation and ¾ of entrance fees
(iv) Increase in stock of Stationary: Rs. 2,400
(v) Depreciation on Building at 5% p.a.
Income and Expenditure Account
Particulars Amount Particulars Amount
To Subscriptions (450 x Rs. 300) 1,35,000 By Donation 20,000
Less: Arrears (Rs. 2,700 + Rs. 81,000) 83,700 By Capital Fund:
To Entrance Fees (1/4 x 450 x Rs. 1000) 1,12,500 Entrance Fees 84,375
To Sale of Sports Materials 38,400 Add: Capitalized Entrance Fees (3/4 x Rs. 84,375) 63,281
To Interest on Investment 10,500
To Rent Received 18,000
To Sale of Old Newspaper 1,800
To Sale of Old Furniture 2,000
To Sale of Scrap 4,500
To Sale of Lost Article 1,500
To Miscellaneous Receipts 2,000
To Discount on Subscription 300
To Salaries 36,000
To Rent 24,000
To Printing and Stationary 20,700
To Electricity Charges 7,800
To Repairs 12,000
To Insurance 1,600
To Sports Expenses 19,200
To Miscellaneous Expenses 3,000
To Depreciation on Building 30,000
To Stock Adjustment (Rs. 5,400 - Rs. 3,000) 2,400
To Bad Debts 2,700
Total 3,08,200 Total 3,08,200
Balance Sheet
Liabilities Amount Assets Amount
Capital Fund: Fixed Assets:
Entrance Fees 84,375 Building 5,70,000
Add: Capitalized Entrance Fees 63,281 Less: Depreciation (5% x Rs. 6,00,000) 30,000 5,40,000
Donation 20,000 Investments 1,50,000
General Fund: Current Assets:
Add: Surplus 8,944 Stock of Stationary 5,400
Less: Bad Debts 2,700 6,644 Debtors 12,000
Add: Arrears 2,700 6,344 Cash in hand 15,000
Creditors 20,000
Outstanding Expenses 5,000
Total 1,98,719 Total 1,98,719
Conclusion:
The Income and Expenditure Account of Madura Club shows a surplus of Rs. 8,944 for the year ended 31st March, 2015. The adjustments have been incorporated in the Income and Expenditure Account and Balance Sheet. The Balance Sheet reflects the financial position of the club as on 31st March, 2015.
Adjustments:
(i) Arrears in subscription: Rs. 2,700
(ii) Donation wrongly included in subscriptions: Rs. 20,000
(iii) Capitalization of entire donation and ¾ of entrance fees
(iv) Increase in stock of Stationary: Rs. 2,400
(v) Depreciation on Building at 5% p.a.
Income and Expenditure Account
Particulars Amount Particulars Amount
To Subscriptions (450 x Rs. 300) 1,35,000 By Donation 20,000
Less: Arrears (Rs. 2,700 + Rs. 81,000) 83,700 By Capital Fund:
To Entrance Fees (1/4 x 450 x Rs. 1000) 1,12,500 Entrance Fees 84,375
To Sale of Sports Materials 38,400 Add: Capitalized Entrance Fees (3/4 x Rs. 84,375) 63,281
To Interest on Investment 10,500
To Rent Received 18,000
To Sale of Old Newspaper 1,800
To Sale of Old Furniture 2,000
To Sale of Scrap 4,500
To Sale of Lost Article 1,500
To Miscellaneous Receipts 2,000
To Discount on Subscription 300
To Salaries 36,000
To Rent 24,000
To Printing and Stationary 20,700
To Electricity Charges 7,800
To Repairs 12,000
To Insurance 1,600
To Sports Expenses 19,200
To Miscellaneous Expenses 3,000
To Depreciation on Building 30,000
To Stock Adjustment (Rs. 5,400 - Rs. 3,000) 2,400
To Bad Debts 2,700
Total 3,08,200 Total 3,08,200
Balance Sheet
Liabilities Amount Assets Amount
Capital Fund: Fixed Assets:
Entrance Fees 84,375 Building 5,70,000
Add: Capitalized Entrance Fees 63,281 Less: Depreciation (5% x Rs. 6,00,000) 30,000 5,40,000
Donation 20,000 Investments 1,50,000
General Fund: Current Assets:
Add: Surplus 8,944 Stock of Stationary 5,400
Less: Bad Debts 2,700 6,644 Debtors 12,000
Add: Arrears 2,700 6,344 Cash in hand 15,000
Creditors 20,000
Outstanding Expenses 5,000
Total 1,98,719 Total 1,98,719
Conclusion:
The Income and Expenditure Account of Madura Club shows a surplus of Rs. 8,944 for the year ended 31st March, 2015. The adjustments have been incorporated in the Income and Expenditure Account and Balance Sheet. The Balance Sheet reflects the financial position of the club as on 31st March, 2015.
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The following particulars relate to Madura Club for the year 31st Marc...
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The following particulars relate to Madura Club for the year 31st March, 2015:Receipts and Payments AccountYou are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments:(i) There are 450 members each paying an annual subscription of Rs. 300, Rs. 2,700 being in arrears for 2013-14 at the beginning of this year.(ii) A donation of Rs. 20,000 was wrongly included in subscriptions of the current year.(iii) Entire donation and ¾ of entrance fees are to be capitalized.(iv) Stock of Stationary on 31st March, 2014 was Rs. 3,000; and on 31st March, 2015 Rs. 5,400.(v) Cost of Building is Rs. 6,00,000. Depreciate it at 5% Related: Sample Questions - Not For Profit Organisations?
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The following particulars relate to Madura Club for the year 31st March, 2015:Receipts and Payments AccountYou are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments:(i) There are 450 members each paying an annual subscription of Rs. 300, Rs. 2,700 being in arrears for 2013-14 at the beginning of this year.(ii) A donation of Rs. 20,000 was wrongly included in subscriptions of the current year.(iii) Entire donation and ¾ of entrance fees are to be capitalized.(iv) Stock of Stationary on 31st March, 2014 was Rs. 3,000; and on 31st March, 2015 Rs. 5,400.(v) Cost of Building is Rs. 6,00,000. Depreciate it at 5% Related: Sample Questions - Not For Profit Organisations? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about The following particulars relate to Madura Club for the year 31st March, 2015:Receipts and Payments AccountYou are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments:(i) There are 450 members each paying an annual subscription of Rs. 300, Rs. 2,700 being in arrears for 2013-14 at the beginning of this year.(ii) A donation of Rs. 20,000 was wrongly included in subscriptions of the current year.(iii) Entire donation and ¾ of entrance fees are to be capitalized.(iv) Stock of Stationary on 31st March, 2014 was Rs. 3,000; and on 31st March, 2015 Rs. 5,400.(v) Cost of Building is Rs. 6,00,000. Depreciate it at 5% Related: Sample Questions - Not For Profit Organisations? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The following particulars relate to Madura Club for the year 31st March, 2015:Receipts and Payments AccountYou are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments:(i) There are 450 members each paying an annual subscription of Rs. 300, Rs. 2,700 being in arrears for 2013-14 at the beginning of this year.(ii) A donation of Rs. 20,000 was wrongly included in subscriptions of the current year.(iii) Entire donation and ¾ of entrance fees are to be capitalized.(iv) Stock of Stationary on 31st March, 2014 was Rs. 3,000; and on 31st March, 2015 Rs. 5,400.(v) Cost of Building is Rs. 6,00,000. Depreciate it at 5% Related: Sample Questions - Not For Profit Organisations?.
The following particulars relate to Madura Club for the year 31st March, 2015:Receipts and Payments AccountYou are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments:(i) There are 450 members each paying an annual subscription of Rs. 300, Rs. 2,700 being in arrears for 2013-14 at the beginning of this year.(ii) A donation of Rs. 20,000 was wrongly included in subscriptions of the current year.(iii) Entire donation and ¾ of entrance fees are to be capitalized.(iv) Stock of Stationary on 31st March, 2014 was Rs. 3,000; and on 31st March, 2015 Rs. 5,400.(v) Cost of Building is Rs. 6,00,000. Depreciate it at 5% Related: Sample Questions - Not For Profit Organisations? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about The following particulars relate to Madura Club for the year 31st March, 2015:Receipts and Payments AccountYou are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments:(i) There are 450 members each paying an annual subscription of Rs. 300, Rs. 2,700 being in arrears for 2013-14 at the beginning of this year.(ii) A donation of Rs. 20,000 was wrongly included in subscriptions of the current year.(iii) Entire donation and ¾ of entrance fees are to be capitalized.(iv) Stock of Stationary on 31st March, 2014 was Rs. 3,000; and on 31st March, 2015 Rs. 5,400.(v) Cost of Building is Rs. 6,00,000. Depreciate it at 5% Related: Sample Questions - Not For Profit Organisations? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The following particulars relate to Madura Club for the year 31st March, 2015:Receipts and Payments AccountYou are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments:(i) There are 450 members each paying an annual subscription of Rs. 300, Rs. 2,700 being in arrears for 2013-14 at the beginning of this year.(ii) A donation of Rs. 20,000 was wrongly included in subscriptions of the current year.(iii) Entire donation and ¾ of entrance fees are to be capitalized.(iv) Stock of Stationary on 31st March, 2014 was Rs. 3,000; and on 31st March, 2015 Rs. 5,400.(v) Cost of Building is Rs. 6,00,000. Depreciate it at 5% Related: Sample Questions - Not For Profit Organisations?.
Solutions for The following particulars relate to Madura Club for the year 31st March, 2015:Receipts and Payments AccountYou are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments:(i) There are 450 members each paying an annual subscription of Rs. 300, Rs. 2,700 being in arrears for 2013-14 at the beginning of this year.(ii) A donation of Rs. 20,000 was wrongly included in subscriptions of the current year.(iii) Entire donation and ¾ of entrance fees are to be capitalized.(iv) Stock of Stationary on 31st March, 2014 was Rs. 3,000; and on 31st March, 2015 Rs. 5,400.(v) Cost of Building is Rs. 6,00,000. Depreciate it at 5% Related: Sample Questions - Not For Profit Organisations? in English & in Hindi are available as part of our courses for Commerce.
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Here you can find the meaning of The following particulars relate to Madura Club for the year 31st March, 2015:Receipts and Payments AccountYou are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments:(i) There are 450 members each paying an annual subscription of Rs. 300, Rs. 2,700 being in arrears for 2013-14 at the beginning of this year.(ii) A donation of Rs. 20,000 was wrongly included in subscriptions of the current year.(iii) Entire donation and ¾ of entrance fees are to be capitalized.(iv) Stock of Stationary on 31st March, 2014 was Rs. 3,000; and on 31st March, 2015 Rs. 5,400.(v) Cost of Building is Rs. 6,00,000. Depreciate it at 5% Related: Sample Questions - Not For Profit Organisations? defined & explained in the simplest way possible. Besides giving the explanation of
The following particulars relate to Madura Club for the year 31st March, 2015:Receipts and Payments AccountYou are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments:(i) There are 450 members each paying an annual subscription of Rs. 300, Rs. 2,700 being in arrears for 2013-14 at the beginning of this year.(ii) A donation of Rs. 20,000 was wrongly included in subscriptions of the current year.(iii) Entire donation and ¾ of entrance fees are to be capitalized.(iv) Stock of Stationary on 31st March, 2014 was Rs. 3,000; and on 31st March, 2015 Rs. 5,400.(v) Cost of Building is Rs. 6,00,000. Depreciate it at 5% Related: Sample Questions - Not For Profit Organisations?, a detailed solution for The following particulars relate to Madura Club for the year 31st March, 2015:Receipts and Payments AccountYou are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments:(i) There are 450 members each paying an annual subscription of Rs. 300, Rs. 2,700 being in arrears for 2013-14 at the beginning of this year.(ii) A donation of Rs. 20,000 was wrongly included in subscriptions of the current year.(iii) Entire donation and ¾ of entrance fees are to be capitalized.(iv) Stock of Stationary on 31st March, 2014 was Rs. 3,000; and on 31st March, 2015 Rs. 5,400.(v) Cost of Building is Rs. 6,00,000. Depreciate it at 5% Related: Sample Questions - Not For Profit Organisations? has been provided alongside types of The following particulars relate to Madura Club for the year 31st March, 2015:Receipts and Payments AccountYou are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments:(i) There are 450 members each paying an annual subscription of Rs. 300, Rs. 2,700 being in arrears for 2013-14 at the beginning of this year.(ii) A donation of Rs. 20,000 was wrongly included in subscriptions of the current year.(iii) Entire donation and ¾ of entrance fees are to be capitalized.(iv) Stock of Stationary on 31st March, 2014 was Rs. 3,000; and on 31st March, 2015 Rs. 5,400.(v) Cost of Building is Rs. 6,00,000. Depreciate it at 5% Related: Sample Questions - Not For Profit Organisations? theory, EduRev gives you an
ample number of questions to practice The following particulars relate to Madura Club for the year 31st March, 2015:Receipts and Payments AccountYou are required to prepare an Income and Expenditure Account and a Balance Sheet after making the following adjustments:(i) There are 450 members each paying an annual subscription of Rs. 300, Rs. 2,700 being in arrears for 2013-14 at the beginning of this year.(ii) A donation of Rs. 20,000 was wrongly included in subscriptions of the current year.(iii) Entire donation and ¾ of entrance fees are to be capitalized.(iv) Stock of Stationary on 31st March, 2014 was Rs. 3,000; and on 31st March, 2015 Rs. 5,400.(v) Cost of Building is Rs. 6,00,000. Depreciate it at 5% Related: Sample Questions - Not For Profit Organisations? tests, examples and also practice Commerce tests.
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