Page 286 - ISCDEBK-XI

23.34 Double Entry Book Keeping—ISC XI

Working Notes:
1. Calculation of the Amount of Bar Purchases during the Year `
Payment for Bar Purchases 11,540
Add: Outstanding on 31st March, 2020 860
12,400
Less: Outstanding on 1st April, 2019 1,180
Purchases during the year 11,220
2. Calculation of Bar Stock used during the Year
Opening Bar Stock 1,420
Add: Purchases (1) 11,220
12,640
Less: Closing Bar Stock 1,740
10,900
3. Depreciation on Club Premises
Written down value on 1st April, 2019 (` 58,000 – ` 37,600) 20,400
Less: Depreciation for the Year @ 5% p.a. 1,020
Written down value on 31st March, 2020 19,380
4. Depreciation of Car
Purchase price of new car (` 25,200 + ` 6,000) 31,200
Less: Depreciation for the Year @ 5% p.a. 4,680
Written down value on 31st March, 2020 26,520
5. Calculation of Profit/Loss on Sale of Old Car
Sale proceeds from old car 6,000
Less: WDV on date of sale (` 24,380 – ` 20,580) 3,800
Profit on sale of old car 2,200
6. Subscriptions for the Year
Subscriptions received during the year 21,420
Add: Outstanding at the end 1,960
23,380
Less: Outstanding in the beginning 2,400
Subscription for the year 2019–20 20,980
7. Calculation of Opening Capital Fund
BALANCE SHEET
as at 1st April, 2019
Liabilities ` Assets `
Capital Fund (Balancing Figure) 43,600 Club Premises 58,000
Creditors for Bar Purchases 1,180 Less: Accumulated Depreciation 37,600 20,400
Car 24,380
Less: Accumulated Depreciation 20,580 3,800
Bar Stock 1,420
Subscriptions Due 2,400
Cash and Bank 16,760
44,780 44,780