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Model Test Papers M.281

13. Following is the Receipts and Payments Account of Darjeeling Sports Club for the year
ended 31st March, 2018:

Dr. RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2018 Cr.
Receipts ` Payments `
To Balance b/d: By Salaries 80,000
Cash in Hand 20,000 By Stationery 18,000
Cash at Bank 31,920 51,920 By Telephone Expenses 8,000
To Subscription: By Games Prizes and Expenses 22,000
2016–17 6,200 By Purchase of New Van (1st April, 2017) 63,000
2017–18 1,40,800 1,47,000 By Van Expenses 12,000
To Proceeds from Games 25,900 By Balance c/d:
To Proceeds from Sale of Van 10,000 Cash in Hand 14,000
(1st April, 2017) Cash at Bank 30,320 44,320
To Donations 12,500
2,47,320 2,47,320

Additional information:
1.

Particulars 1st April, 2017 (`) 31st March, 2018 (`)
(a) Value of Computer (Cost ` 20,000) 16,000 14,000
(b) Sports Equipments (Written Down Value) 62,000 54,000
(c) Subscription Outstanding 14,400 16,200
2. Van sold during the year had originally costed ` 40,000 in 2015–16 and had been depreciated
@ 25% p.a. by Written Down Value Method for exactly two years up to the date of sale.
You are required to draw Income and Expenditure Account of the Club for the year ended
31st March, 2018 and also calculate Capital Fund as on 1st April, 2017. (6)
14. A firm under dissolution has already transferred its various assets (other than cash)
and all outside liabilities to Realisation Account. Firm has two partners X and Y. What
entries will be passed for the following transactions:
(a) There is furniture of ` 50,000. X took 50% of the furniture at 10% discount and
the remaining furniture was sold at 30% profit on the book value.
(b) Firm had unrecorded investment (Nominal value ` 20,000), 70% of investment
were sold at a loss of 20% and remaining were taken by X, a partner, at 90%.
(c) Y’s loan of ` 6,000 was discharged at ` 6,400.
(d) One bill receivable for ` 5,000 under discount was dishonoured as the acceptor
had become insolvent and was unable to pay anything hence the bill had to be
met by the firm.
(e) Creditors, to whom the firm owed ` 6,000, accepted stock of ` 5,000 at a discount
of 5% and the balance in cash.
(f) Workmen Compensation Reserve does not exist in the books and firm has to pay
` 10,000 as compensation to the workers.