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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
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