Date:31-05-21 ASSIGNMENT-9 Total Marks-40

Due Date & Time:04-06-21 (11:00 p.m.)

Question:01 The following particulars are obtained from the books of Young men’s Association, for the
year ended December 31,2010
.
Receipts and Payments Account for the year ended December 31,2010
Receipts Dollars Payments Dollars
Balance b/d 7000 Salaries 3,000
Subscription Printing and Stationery 300
2009 500 Postage and Telephone 1,800
2010 9,000 Municipal taxes 1,600
2011 1,000 10500 Cutlery Purchase 3,000
Entrance fees 1,000 Electricity Charges 1,200
Life Membership fee 5,000 Annual Dinner Charges 4,800
Annual Dinner 6,000 Fixed Deposit with Bank 12,000
Hall Rent 3,000 Balance c/d 5,400
Miscellaneous Income 600
TOTAL 33,100 TOTAL 33,100

On 1st January, 2010 the Association had a building worth $ 2,00,000, cutlery worth $ 6,000 and kitchenware
worth $ 8,000. There is a deposit with the Telephone Department under the “Own your telephone scheme”
amounting to $8,000. Entrance fee and life members fees are to be capitalized.
You are required to depreciate building by 5%, cutlery by 40% and kitchenware by 25%. The annual subscription
of the Association members is $10, and 100 members are in arrears during this year.
Municipal taxes were paid up to March 31,2011.
You are required to prepare an income and expenditure account for the year ended December 31,2010 and
a balance sheet as on that date, after making the necessary adjustments.
Question-2: The following is the Receipts and Payments Account of a Sports Club for the year ended 31st
December 2014.
Receipts Dollars Payments Dollars
Balance 1st Jan. 2014 2,800 Secretary’s Salary 3.600
Entrance fee 500 Upkeep of grounds (c) 2,200
Subscription (a) 8,700 Wages to ground men (d) 2,500
Proceeds of concerts 1,500 Ground Rent 200
Interest of Investment (b) 500 Printing and Postage 200
Sundry Repairs 200
Balance on 31st Dec. 2014 5,100
TOTAL 14,000 TOTAL 14,000

a. This item includes subscriptions outstanding brought over from previous year $ 400.
b. This item includes $100 in respect of interest accrued in the proceeding period.
c. This item includes $200 applicable to the previous year.
d. This item includes $100 applicable to the previous year.
Other ledger balances at the commencement of the accounting period were: capital fund $ 40,500, Income and
Expenditure account credit balance brough forward, $ 8,900. Club premises and grounds $ 30,000, Investments $
10,000. Sports equipment $ 2,400, Furniture and fixtures $ 4,000. Entrance fees are to be capitalized. The
outstanding liabilities on 31st December 2014 were:
Wages $ 200, Sundry repairs $ 50, Interest accrued and outstanding on investment was $ 150. Depreciate furniture
by 5% and sports equipment by 10%.
From the above particular prepare a Balance sheet at the commencement of the period and income and
expenditure account for the year ended 31st December 2014, and a balance sheet as on the same date.

Question-3: The following is the statement of Receipts and Payments of Mumtaz Hospital for the year
ending 31st December 2012.

Receipts Dollars Payments Dollars

Cash 500 Furniture purchased 100
Bank 8,000 Salaries 23,000
Govt.Securities 1,80,000 Instruments purchased 500
Receipts: Diet expenses 2,000
Subscriptions 25,000 Surgery and dispensary 1,000
Interest 9,000 Rent and taxes 500
Donations 4,000 Insurance 200
Miscellaneous 300 Office expenses 700
Miscellaneous expense 100
Closing balances:
Bank 18,000
Cash 700
Govt.Securities 1,80,000
TOTAL 2,26,800 TOTAL 2,26,800

You are asked to prepare the Income and Expenditure Account for the year and the Balance sheet as on 31 st
December 2012. The other assets on 1st January 2012 were: Furniture $ 2,000, Land $ 50,000, Building $ 1,50,000,
Instruments $ 3,500. The Govt.Securities of the face value of $ 2,00,000(cost $ 1,80,000) represents investments
of the 2011 Endowment Fund. The subscriptions received include $ 10,000 for the year 2011 but $ 7,000 is
outstanding for 2012. Salaries paid include $ 1,000 for 2011 but $ 1,500 is payable for 2012. Interest received
includes $2,000 for 2011 but $ 2,300 is outstanding for 2012.
Question:4 Below given was the Receipts and Payments account of Crescent Club for the year ending 30th
September 2015.

Receipts Dollars Payments Dollars

Balance b/d Secretary Honorarium 4,800
Cash in Hand 150 Rates and Taxes 1,260
Cash at Bank 8,230 Printing and stationery 470
Subscription 10,710 Sundry expenses 1,530
Receipts for dinner 2,400 Wages 840
Not Receipts for Receivables 4,270 Dinner Expenses 2,390
Bank Interest 230 Bar Stock purchased 5,770
Bar Receipts 7,450 Repairs 320
Cash paid in excess than the balance 20 Car Purchased (excluding $ 3,000 12,600
received from the sale of an old car)
Balance as per pass book c/d 3,480
TOTAL 33,460 TOTAL 33,460

Additional Information was as follows:

1.10.2014 30.9.2015
Subscription’s receivable 1,200 980
Cheques issued for printing not presented for payment 90 30
Club Building (Cost) 29,000
Depreciation on building 18,800
Car Purchase price 12,190
Depreciation on car 10,290
Value of Bar stock 710
Amount payable in connection with Bar stock 590 430

Cash paid in excess than the balance, $ 20 relates to Secretary’s honorarium. Due to lack of money in the club,
secretary not collected the amount. But $ 4,800 includes the full honorarium for the year 2014- 2015.
Depreciate club building at 5% under written down value method and car at 15% for the complete year.
After adjusting bank balance as per cash book prepare Club’s Income and Expenditure account for the year ending
30th September 2015 and a Balance sheet as on that date.

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