Page 288 - ISCDEBK-XI

23.36 Double Entry Book Keeping—ISC XI

Additional Information:
(i) The society holds ` 35,000; 10% Investments (Cost ` 32,000).
(ii) Subscriptions for 2019–20 amounted to ` 12,000 have since been received in 2020–21.
(iii) ` 2,500 are owing to the printers.
(iv) ` 2,500 for balance of salary are due to the Secretary on 31st March, 2020.
Prepare the Income & Expenditure Account for the year ended 31st March, 2020 and the Balance Sheet as
at that date.
3. The following is the Receipts & Payments Account of Park View Club in respect of the year ended
31st March, 2011:
Dr. RECEIPTS & PAYMENTS ACCOUNT Cr.
Receipts ` Payments `
To Balance b/d 1,02,500 By Salaries 2,08,000
To Subscriptions: By Stationery 40,000
2009–10 4,500 By Rent 60,000
2010–11 2,11,000 By Telephone Expenses 10,000
2011–12 7,500 2,23,000 By Investment 1,25,000
To Profit on Sports Meet 1,55,000 By Sundry Expenses 92,500
To Income from Investments 1,00,000 By Balance c/d 45,000
5,80,500 5,80,500
Additional Information:
(i) There are 450 members each paying an annual subscription of ` 500. On 1st April, 2010 outstanding
subscription was ` 5,000.
(ii) There was an outstanding telephone bill for ` 3,500 on 31st March, 2011.
(iii) Outstanding sundry expenses as on 31st March, 2010 totalled ` 7,000.
(iv) Stock of Stationery:
On 31st March, 2010—` 5,000.
On 31st March, 2011—` 9,000.
(v) On 31st March, 2010, building stood in the books at ` 10,00,000 and it was subject to depreciation
@ 5% per annum.
(vi) Investment on 31st March, 2010 stood at ` 20,00,000.
(vii) On 31st March, 2011, income accrued on the investments purchased during the year amounted to ` 3,750.
Prepare Income & Expenditure Account for the year ended 31st March, 2011 and Balance Sheet as on that
date. (IPCC, May, 2011)
4. Following is the Receipts & Payment Account of Mayur Club for the year ended 31st March, 2008:
Dr. RECEIPTS & PAYMENTS ACCOUNT Cr.
Receipts ` Payments `
To Opening Balance as on 1st April, 2007: By Sports Material 3,04,500
Cash in Hand 39,100 By Salaries 3,15,000
Cash at Bank 50,000 By Equipment Purchased on 1st Oct., 2007 60,000
To Subscriptions: By Bank Fixed Deposits on 31st March, 2008 1,50,000
For the Year 2006–07 18,000 By Rent 1,48,500
For the Year 2007–08 9,63,000 By Ground Maintenance 22,120
For the Year 2008–09 4,500 By Insurance 38,400
To Interest on Bank Fixed Deposits @ 10% 45,000 By Stationery 3,450
By Sundry Expenses 5,880
By Closing Balance as on 31st March, 2008:
Cash on Hand 31,750
Cash at Bank 40,000
11,19,600 11,19,600