Q. 1. Women’s Sports Association, Latur, prepared the following Receipt and Payment Account for the year ending 31-3-2010.
Receipt and Payments Account for the year ended 31st March 2010
| Receipts | Amt. | Amt. (`.) | Payments | Amt. | Amt. (`.) |
| To Balance b/d To Subscriptions: | | 4,200 | By Sports Equipments bought on 1-10-2009 | | 15,000 |
| 2008 – 2009 2009 – 2010 2010 – 2011 | | 1,500 50,000 1,000 | By Sundry Expenses By Printing & Stationery | | 2,100 1,900 |
| To Legacies | | 25,000 | By Salaries | | 10,000 |
| To Interest on Govt. Securities | | 2,500 | By Electricity Charges By Tournament Exp. | | 3,600 7,500 |
| To Entrance Fees | | 15,000 | By Purchase of Land | | 70,000 |
| To Tournament Receipts | | 16,000 | By Balance c/d | | 5,100 |
| | | 1,15,200 | | | 1,15,200 |
Additional Information:
(1) The Association had the following Assets as on 1-4-2009.
Sports Equipments `.30,000; 5% Govt. Securities `. 50,000; Furniture `.20,000
(2) Outstanding Subscription for the year 2009 – 2010 was `. 2,500.
(3) Depreciate Sport Equipments @ 20% p.a. and Furniture @ 10% p.a.
(4) Legacies are to be capitalized and half of entrance fees are to be capitalized.
With the above Receipts and Payments Account and additional information given, you are required to prepare Income & Expenditure Account for the year ended 31-3-2010 and Balance Sheet as at that date. (16)
In the books of Women’s Sports Association
Income & Expenditure A/c for the year ended 31.3.2010
| Expenditure | Rs. | Rs. | Income | Rs. | Rs. |
| To Sundry Expenses To Printing & Stationery To Salaries To Electricity Charges To Tournament Exp. To Depreciation Furniture Sports Equipments To Surplus | 2,000 7,500 | 2,100 1,900 10,000 3,600 7,500 9,500 43,900 | By Interest on government securities By Entrance Fees Less: Capitalised By Tournament Receipts By Subscription | 15,000 7,500 | 2,500 7,500 16,000 52,500 |
| | | 78,500 | | | 78,500 |
Balance Sheet as on 31.3.2010
| Liabilities | Rs. | Rs. | Assets | Rs. | Rs. |
| Capital Fund Add: Legacies Add: Entrance Fees Add: Surplus Subscription in advance | 105700 25,000 1,30,700 7,500 1,38,200 43,900 | 1,82,100 1,000 | 5% Govt. Securities Furniture Less: Depreciation Sports Equipments Add: Additions (1.10.09) Less: Depreciation Land Cash Subscription receivable | 20,000 2,000 30,000 15,000 45,000 7,500 | 50,000 18,000 37,500 70,000 5,100 2,500 |
| | | 1,83,100 | | | 1,83,100 |
Opening Balance Sheet as on 1.4.2009
| Liabilities | Rs. | Assets | Rs. |
| Capital Fund | 1,05,700 | Sports Equipments 5% Govt. Securities Furniture Subscription receivable Cash | 30,000 50,000 20,000 1,500 4,200 |
| | 1,05,700 | | 1,05,700 |