Page 72 - AAAXII

Model Test Papers M.67

BALANCE SHEET as on 31st March, 2018
Liabilities ` Assets `
Subscriptions Received in Advance 10,000 Cash at Bank 1,00,000
Sports Fund 3,00,000 Cash in Hand 40,000
Add: Interest on Sports Fund Investment 30,000 Furniture 20,000
3,30,000 Add: Addition 30,000
Less: Expenses 25,000 3,05,000 50,000
Capital Fund: Less: Depreciation 7,000 43,000
Opening Balance (WN 1) 69,500 Subscriptions in Arrears 4,500
Add: Life Membership Fee 1,20,000 10% Sports Fund Investment 3,00,000
1,89,500 Accrued Interest on 10% Sports Fund
Less: Deficit 7,000 1,82,500 Investment (WN 4) 10,000
4,97,500 4,97,500
Working Notes:
1. Calculation of Opening Capital Fund:
BALANCE SHEET as on 1st April, 2017
Liabilities ` Assets `
Sports Fund 3,00,000 Cash in Hand 10,000
Subscriptions Received in Advance (WN 2) 5,500 Cash at Bank 40,000
Capital Fund (Balancing Figure) 69,500 Furniture 20,000
10% Sports Fund Investment 3,00,000
Subscriptions in Arrears 5,000
3,75,000 3,75,000

`
2. Amount of subscriptions due for the year: 2017–18 (1,600 × ` 100) 1,60,000
Less: Subscriptions Received 1,50,000
10,000
Less: Subscriptions Outstanding 4,500
Subscriptions received in Advance in last year: 2016–17 5,500
3. Depreciation on Furniture:
20% on ` 20,000 for 1 year 4,000
20% on ` 30,000 for 6 months 3,000
7,000
4. Interest on 10% Sports Fund Investment:
Interest due @ 10% on ` 3,00,000 30,000
Less: Interest Received 20,000
Accrued Interest 10,000
14. JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
(i) Realisation A/c ...Dr. 700
To Cash/Bank A/c 700
(Being the dissolution expenses paid)
(ii) Realisation A/c ...Dr. 1,100
To A’s Capital A/c 1,100
(Being the dissolution expenses paid by partner)