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1.18 Double Entry Book Keeping—CBSE XII

16. From the following Receipts and Payments Account of Pioneer Cricket Club and the additional information
given, prepare Income and Expenditure Account for the year ended 31st March, 2019 and Balance Sheet as
at that date:

Dr. RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019 Cr.
Receipts ` Payments `
To Balance b/d: By Maintenance 6,820
Cash 3,520 By Crockery 2,650
Bank 27,380 By Match Expenses 13,240
6% Fixed Deposit 30,000 60,900 By Salaries 11,000
To Subscriptions 40,000 By Conveyance 820
(including ` 6,000 for 2017–18) By Upkeep of Lawns 4,240
To Entrance Fees 2,750 By Postage and Stationery 1,050
To Donation 5,010 By Cricket Goods 9,720
To Interest on Fixed Deposits 900 By Sundry Expenses 2,000
To Tournament Fund 20,000 By Investments 5,700
To Sale of Crockery 2,000 By Tournament Expenses 18,800
(Book Value ` 1,200) By Balance c/d:
Cash 2,200
Bank 23,320
6% Fixed Deposits 30,000 55,520
1,31,560 1,31,560
Additional Information:
(i) Salary outstanding is ` 1,000.
(ii) Opening balance of stock of Postage and Stationery and Cricket goods is ` 750 and
` 3,210 respectively. Closing stock of the same is ` 900 and ` 2,800 respectively.
(iii) Outstanding Subscriptions for 2017–18 and 2018–19 are ` 6,600 and ` 8,000 respectively.
[Surplus, i.e., Excess of Income over Expenditure—` 2,210; Opening Capital Fund—` 72,660;
Balance Sheet Total—` 77,070.]
17. Sweet Valley Sports Club gives you the following Receipts and Payments Account for the year ended
31st March, 2019:
Dr. RECEIPTS AND PAYMENTS ACCOUNT Cr.
Receipts ` Payments `
To Opening Balance: By Rent 6,000
In Hand 3,000 By Salaries to Coaches 30,000
At Bank 30,000 33,000 By Tournament Expenses 10,000
To Subscriptions 65,000 By Office Expenses 20,000
To Tournament Receipts 20,000 By Sports Equipments 15,000
To Life Membership Fees 30,000 By Mowing Machine 12,000
To Entrance Fees 6,000 By Closing Balance:
To Donations for Pavilion 25,000 In Hand 16,000
At Bank 70,000 86,000
1,79,000 1,79,000
Subscriptions include ` 5,000 for 2017–18 and ` 4,000 were still due in respect of subscriptions for 2018–19.
Sports Equipments in hand on 31st March, 2018 were ` 10,000. The value of the equipments in hand on 31st
March, 2019 was ` 21,000. The mowing machine was purchased on 1st October, 2018 and is to be depreciated
@ 10% p.a. Income from Tournament should be credited to a newly opened Tournament Fund.
Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2019 and Balance
Sheet as at that date.
[Surplus—` 9,400; Capital Fund (Opening)—` 48,000; Balance Sheet Total—` 1,22,400.]