Page 125 - VIRANSH COACHING CLASSES

Adjustments :
Subscription Outstanding for the year 2017 - 18 is ` 6,000.
During previous year Subscription received in advance for 2017 - 18 is ` 2,000.
Outstanding subscription of 2016 - 2017 is ` 2,500
With the help of above information present the item Subscription in Income and
Expenditure Account for the year ending 31.03.2018 and Balance Sheet as on that date.
(Ans. : Subscription ` 68,000)
4. (Preparation of Income and Expenditure Account only)
Following is the Receipts and Payments Account of “Satara Sports Club” Satara Prepare
Income and Expenditure Account for the year ending 31.03.2019.

Receipts and Payments Account for the year ending 31.03.2019.
Dr. Cr.
Receipts Amt. ` Amt. ` Payments Amt. ` Amt. `
To Balance b/d By Salaries 5,000
Cash in hand 4,500 By Rent (Including ` 2,000 5,000
Cash at Bank 12,000 16,500 for 2017 - 18)

To Subscription By Electricity Charges 1,450
2017 - 18 4,000 By Fixed Deposit 60,000
2018 - 19 44,500 By Printing and Stationery 750
2019 - 20 3,500 52,000 By General Expenses 5,500
To Entrance fees 8,000 (Including ` 500 paid for
To Donation for 70,000 next year)
Building fund By Sports Material Purchased 40,000
To Interest 600 By Balance c/d

To Sale of furniture 4,500 Cash in Hand 8,900
(Book Value ` 8000) Cash at Bank 25,000 33,900

1,51,600 1,51,600

Adjustments :
1) Outstanding Subscription for Current Year is ` 4,500
2) Outstanding Rent for Current Year amounted to ` 1,000
3) Entrance Fees are to be treated as Revenue Income
4) Stock of Sports Material as on 01.04.2018 ` 6,000 and on 31.03.2019 ` 14,000
(Ans. : Surplus Amount ` 5,900)

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