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From the following particular prepare receipt and payment accounts of janta club for the year ended 31 march 2018: Membership fee to be received from 450member@₹25 each but50member have not given the fee for the year 2017-18?
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From the following particular prepare receipt and payment accounts of ...
Preparing Receipt and Payment Accounts for Janta Club
Membership fees received from 400 members at ₹25 each:
- 400 members x ₹25/member = ₹10,000
Membership fees not received from 50 members for the year 2017-2018:
- 50 members x ₹25/member = ₹1,250
Total Membership fees receivable:
- ₹10,000 + ₹1,250 = ₹11,250
Other Receipts:
- Donations received = ₹5,000
- Interest received on fixed deposits = ₹1,500
- Sale of old equipment = ₹2,000
- Total other receipts = ₹8,500
Total Receipts for the year:
- ₹11,250 + ₹8,500 = ₹19,750
Payments made during the year:
- Rent paid = ₹3,000
- Electricity bill paid = ₹1,500
- Salaries paid to staff = ₹6,000
- Purchase of new equipment = ₹5,000
- Repairs and maintenance = ₹2,500
- Total payments made = ₹18,000
Excess of Receipts over Payments:
- ₹19,750 - ₹18,000 = ₹1,750
Explanation of Receipts and Payments for Janta Club
- Membership fees are a major source of income for Janta Club. The club has 450 members, but only 400 members have paid their fees for the year 2017-18. This means that there are 50 members who have not paid their fees and are in arrears. The club will need to follow up with these members to collect their fees.
- In addition to membership fees, the club has received donations, interest on fixed deposits, and income from the sale of old equipment.
- The club has also made various payments during the year, including rent, electricity bills, salaries to staff, purchase of new equipment, and repairs and maintenance expenses.
- The excess of receipts over payments indicates that the club has a surplus of ₹1,750 for the year. This surplus can be used to fund future expenses or to invest in the club's infrastructure.
Membership fees received from 400 members at ₹25 each:
- 400 members x ₹25/member = ₹10,000
Membership fees not received from 50 members for the year 2017-2018:
- 50 members x ₹25/member = ₹1,250
Total Membership fees receivable:
- ₹10,000 + ₹1,250 = ₹11,250
Other Receipts:
- Donations received = ₹5,000
- Interest received on fixed deposits = ₹1,500
- Sale of old equipment = ₹2,000
- Total other receipts = ₹8,500
Total Receipts for the year:
- ₹11,250 + ₹8,500 = ₹19,750
Payments made during the year:
- Rent paid = ₹3,000
- Electricity bill paid = ₹1,500
- Salaries paid to staff = ₹6,000
- Purchase of new equipment = ₹5,000
- Repairs and maintenance = ₹2,500
- Total payments made = ₹18,000
Excess of Receipts over Payments:
- ₹19,750 - ₹18,000 = ₹1,750
Explanation of Receipts and Payments for Janta Club
- Membership fees are a major source of income for Janta Club. The club has 450 members, but only 400 members have paid their fees for the year 2017-18. This means that there are 50 members who have not paid their fees and are in arrears. The club will need to follow up with these members to collect their fees.
- In addition to membership fees, the club has received donations, interest on fixed deposits, and income from the sale of old equipment.
- The club has also made various payments during the year, including rent, electricity bills, salaries to staff, purchase of new equipment, and repairs and maintenance expenses.
- The excess of receipts over payments indicates that the club has a surplus of ₹1,750 for the year. This surplus can be used to fund future expenses or to invest in the club's infrastructure.
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From the following particular prepare receipt and payment accounts of ...
From the following particular prepare receipts and payments account of janata club for the year ended 31 st march 2018. question 8 class 12th
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From the following particular prepare receipt and payment accounts of janta club for the year ended 31 march 2018: Membership fee to be received from 450member@₹25 each but50member have not given the fee for the year 2017-18?
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