From the following receipts and payments account of Pune Club, prepare income and expenditure account for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
From the following receipts and payments account of Pune Club, prepare income and expenditure account for the year ended 31.03.2021 and its balance sheet as on that date: Receipts Cash in hand Cash at bank Donations Subscriptions Entrance fees Interest received from bank Sale of old newspaper Sale of drama tickets *Payments 4,000 Salary 10,000 Repair expenses 5,000 Purchase of furniture 12,000 Misc. expenses 1,000 Purchase of investments 500 Insurance premium 150 Snooker table 1,050 Stationary Drama expenses 2,000 500 6,000 500 6,000 200 8,000 150 500 Cash in hand (closing) Cash at bank (closing) 2,650 7,200 33,700 33,700 The following adjustments are to be made while drawing up the accounts: 1. Subscriptions in arrear for year 2020-21 900 and subscriptions in advance for 2021-22 * 350. 2. Insurance premium outstanding 40 and Misc. expenses prepaid *90. 3. 50% of donation is to be capitalized. 4. 5. 6. Entrance fees are to be treated as revenue income. 8% interest has accrued on investment for five months. Snooker table costing 30,000 was purchased on 31st March, 2020 and 22,000 were paid for it. From the following receipts and payments account of Pune Club, prepare income and expenditure account for the year ended 31.03.2021 and its balance sheet as on that date: Receipts Cash in hand Cash at bank Donations Subscriptions Entrance fees Interest received from bank Sale of old newspaper Sale of drama tickets *Payments 4,000 Salary 10,000 Repair expenses 5,000 Purchase of furniture 12,000 Misc. expenses 1,000 Purchase of investments 500 Insurance premium 150 Snooker table 1,050 Stationary Drama expenses 2,000 500 6,000 500 6,000 200 8,000 150 500 Cash in hand (closing) Cash at bank (closing) 2,650 7,200 33,700 33,700 The following adjustments are to be made while drawing up the accounts: 1. Subscriptions in arrear for year 2020-21 900 and subscriptions in advance for 2021-22 * 350. 2. Insurance premium outstanding 40 and Misc. expenses prepaid *90. 3. 50% of donation is to be capitalized. 4. 5. 6. Entrance fees are to be treated as revenue income. 8% interest has accrued on investment for five months. Snooker table costing 30,000 was purchased on 31st March, 2020 and 22,000 were paid for it.
Expert Answer:
Related Book For
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
Posted Date:
Students also viewed these accounting questions
-
In preparing the financial statements for the year ended 31 December 20X5 Alpha plc discovers the following, all of which are material in the context of the company's results: Development...
-
The summarized statements for the year ended 31 December 2007 for Mat, Rug and P entities are as follows: Statements of comprehensive income for the year ended 31 December 2007 The following...
-
From the following Receipts and payments account of a club for 2017-18, prepare Income and Expenditure account and a balance sheet as on 31.3.2018. Receipts and Payments account Receipts To Donations...
-
A manager found the following information for his company: Profit margin = 0.08 and total asset turnover = 1.85. Given that the total assets of the company is $200 million, the total liabilities is...
-
What happens to overhead rates based on direct labor when automated equipment replaces direct labor?
-
(a) On a winter day, a certain house loses 5.00 108 J of heat to the outside (about 500,000 Btu). What is the total change in entropy due to this heat transfer alone, assuming an average indoor...
-
What is an FRA?
-
The mean per capita daily water consumption in a village in Bangladesh is about 83 liters per person and the standard deviation is about 11.9 liters per person. Random samples of size 50 are drawn...
-
Properties Two pairs of opposite sides are l Two pairs of opposite sides are Exactly 1 pair of opposite sides are Il Exactly 1 pair of opposite sides are All sides are Two pairs of adjacent sides are...
-
Jerry is the project manager for a team developing a retail store management system for a chain of sporting goods stores. Company headquarters is in Las Vegas, and the chain has 27 locations...
-
6 Book erences Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: Sales (38,000 units Whitman Company Income...
-
Given that companies issuing loans and debentures will be obliged to meet interest payments when they fall due, why do companies not just issue share capital only and avoid this obligation?
-
Ordinary shares are issued by all companies, and preference shares are issued more rarely. Who might be interested in buying preference shares in a company?
-
Discuss the usefulness of full (absorption) cost information to managers.
-
Sam has decided that he will form a company, Smart Sports Ltd, and aims to raise 50,000 from the issue of ordinary shares. a) Would you recommend that the company issue 50,000 shares of 1 nominal...
-
In Exercises 11 and 12, (a) find the quartiles, (b) find the interquartile range, and (c) identify any outliers. 56 63 51 60 57 60 60 60 54 54 63 59 80 63 60 62 65
-
Your team is auditing the financial statement of Albertina corporation for 2020. During your audit of the balance sheet account marketable securities - available for sale, you were provided by...
-
The percentage of completion and completed contract methods are described in the FASB ASC. Search the codification to find the paragraphs covering these topics, cite them, and copy the results.
-
Prepare the sales ledger control account and the individual credit customers accounts for the month of November 20X9 from the details provided below. It was decided that Rachel would not pay her debt...
-
The following are the statements of comprehensive income and statements of financial position of Wood plc and Stone plc for the year ended 30 April 20X1: Other information Wood plc paid a dividend of...
-
Martin and Stephen share profits in the ratio 2 : 1. They decide to terminate their partnership on 31 December 20X9. Their statement of financial position is as follows: The dissolution progressed as...
-
1. Several successful chains of warehouse stores such as Costco have merchandising policies that differ considerably from those of traditional department stores. Identify characteristics of these...
-
The Ibunez Tool Company has two products: a plain circular saw and a fancy circular saw. The plain circular saw sells for $66 and has a variable cost of $50. The fancy circular saw sells for $100 and...
-
The following is the income statement of a manufacturer of blue jeans: Hunter had manufactured 2 million units, which had been sold to various clothing wholesalers and department stores. In early...
Study smarter with the SolutionInn App