From the following Receipt and Payment account of Patan Sports Association, Patan and the adjustments. You are required to prepare Income and Expenditure Account for the year ended 31st March, 2004 and a Balance sheet as on that date. (12)


            Receipts and Payments Account for the year ended 31st March 2004.
Receipts
Amount
(Rs.)
Payments
Amount
(Rs.)
To Balance b/d
4160
By Salaries
5500
To Subscription:

By Entertainment Expenses.
2580
2003 – 04
16000
By Lighting
1000
2004 – 05
412
By General Expenses
1536
To Donation
2000
By Taxes
500
To Receipts from Entertainment
3644
By Investments
12000
To Interest on Investment
324
By Printing and Stationery
944
To Entrance Fees
4500
By Expenses of 2002 – 03
2400
To Prize Fund
3000
By Fixed Deposit
4000


By Bank Balance
3000


By Balance C/d
580

34040

34040


Adjustments:
(1)           There are 450 members paying an annual subscription of Rs. 40 each.
(2)           Salary outstanding on 31st March, 2004 was Rs. 1,000.
(3)           Building stood in books Rs. 60,000 and furniture at Rs. 4,600 on 1st April, 2003. Write off depreciation on these assets @ 2% and 10% respectively.
(4)           Interest on investment @ 5% has accrued for 3 months.
(5)           The capital fund was Rs. 66,360 on 1st April, 2003.
(6)           60% of the entrance fee is to be capitalised.

Income & Expenditure A/c for the years ended 31-3-2004

Expenditure
Rs.
Rs.
Income
Rs.
Rs.
To Entertainment Expenses

2580
By Donation

2000
To Salaries
5500

By Receipt from Entertainment

3644
Add: Outstanding
1000
6500
By Interest on Investment
324

To Lighting

1000
Add: O/S Interest
150
474
To General Expenses

1536
By Entrance Fees
4500

To Taxes

500
Less: Capitalised
(2700)
1800
To Printing & Stationery

944
By Subscription

18000
To Depreciation





Building
1200




Furniture
460
1660



To Surplus
(Income over Expenditure)

11198





25918


25918

Balance Sheet as on 31-3-2004

Liabilities
Rs.
Rs.
Assets
Rs.
Rs.
Capital Fund
66360

Building
60000

Add: Entrance Fees
2700

Less: Depreciation
(1200)
58800

69060

Furniture
4600

Add: Surplus
11198
80258
Less: Depreciation
(460)
4140
Prize Fund

3000
Investments
12000

Outstanding Salary

1000
Add: Interest
150
12150
Subscription paid in advance

412
Fixed Deposit

4000



Bank Balance

3000



Cash

580



Subscription receivable

2000


84670


84670

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