Page 276 - ISCDEBK-XI

23.24 Double Entry Book Keeping—ISC XI

Solution: Super Time Club
INCOME & EXPENDITURE ACCOUNT
Dr. for the year ended 31st March, 2020 Cr.
Expenditure ` Income `
To Salaries 20,400 By Subscriptions 64,800
Add: Outstanding 1,600 22,000 Add: Outstanding (WN 2) 7,200 72,000
To Printing and Stationery 3,560 By Proceeds from Drama 8,160
Add: Stock of Stationery Less: Cost of Drama 7,000 1,160
on 31st March, 2019 360 By Interest from Securities 2,000
3,920 By Profit on Sale of Furniture 80
Less: Stock of Stationery (` 400 – ` 320)
on 31st March, 2020 400 3,520
To Postage and Courier 4,400
To Sundry Expenses 5,600
To Surplus, Excess of Income over Expenditure, 39,720
transferred to Capital Fund

75,240 75,240

BALANCE SHEET as at 31st March, 2020
Liabilities ` Assets `
Capital Fund: Premises 1,00,000
As on 1st April, 2019 (WN 1) 1,33,560 Furniture 12,000
Add: Entrance Fees 2,680 Less: Book Value of Furniture Sold 320
Surplus for the year 39,720 1,75,960 11,680
Subscriptions Received in Advance 600 Add: Purchases 5,960 17,640
Outstanding Salaries 1,600 Investments 24,000
Add: Purchases 13,600 37,600
Stock of Stationery 400
Cash at Bank 12,000
Cash in Hand 3,320
Subscriptions in Arrears 7,200
1,78,160 1,78,160

Working Notes:
1. BALANCE SHEET as at 1st April, 2019
Liabilities ` Assets `
Bank Overdraft 14,000 Premises 1,00,000
Capital Fund (Balancing Figure) 1,33,560 Furniture 12,000
Investments 24,000
Stock of Stationery 360
Cash in Hand 10,000
Subscriptions in Arrears 1,200
1,47,560 1,47,560