Page 278 - ISCDEBK-XI

23.26 Double Entry Book Keeping—ISC XI

BALANCE SHEET
as at 31st March, 2020
Liabilities ` Assets `
Capital Fund Freehold Club House 25,000
as on 1.4.2019 (WN 1) 44,960 Equipment 13,500
Add: Surplus for the year 10,260 55,220 Add: Purchases 900
Creditors for Tennis Balls 500 14,400
Less: Depreciation 1,440 12,960
Cash in Hand and at Bank (WN 3) 16,160
Subscriptions in Arrears (WN 2) 1,000
Prepaid Rates 600
55,720 55,720

Working Notes:
1. BALANCE SHEET
as at 1st April, 2019
Liabilities ` Assets `
Owing to Caterers 3,500 Freehold Club House 25,000
Capital Fund (Balancing Figure) 44,960 Equipment 13,500
Cash at Bank 9,000
Cash in Hand 260
Subscriptions in Arrears 700
48,460 48,460

2. Subscriptions in Arrears for year ended 31st March, 2020: `
Subscriptions due for the year (60 × ` 200) 12,000
Less: Total Received during the year 11,000
Subscriptions in Arrears for year ended 31st March, 2020 1,000

3. Cash in Hand and at Bank on 31st March, 2020: `
Balance on 1st April, 2019 (` 260 + ` 9,000) 9,260
Add: Total Receipts during the year 30,900
40,160
Less: Total Payments during the year 24,000
Balance on 31st March, 2020 16,160

Illustration 16.
From the following Receipts & Payments Account, prepare Income & Expenditure Account for
the year ended 31st March, 2020: