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$ Total Subscription received in 1999
24,280
Less : Subscriptions in arrear for 1998 received in 1999
1,500 22,780
Add : Subscriptions received in advance for 1999 in 1998
1,420 24,200
Add : Subscriptions in arrear for 1999 [1,060-240(1,740 – 1,500)]
820 25,020
Less : Subscriptions received in advance for 200 in 1999
2,160 22,860
Note. It would make difference in case the subscriptions outstanding for 1999 are $ 1060. The reason is rather that the figure $1,060 does not include the balance of arrears for 1998. Hence the total amount the total amount to be posted in the Income and Expenditure Account would, then, be : $ Total subscriptions subscripti ons received in 1999
24,280
subscriptions ons received for 1998 in 1999 Less : Arrear of subscripti
1,500 22,780
Add : Subscriptions received in advance for 1999 in 1998
1,420 24,200
Less : Subscriptions received in advance for 2000 in 1999
21,60 22,040
Add : Subscriptions in arrear for 1999
1,060
Add : Subscriptions in arrear 1999
23,100
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Illustration:2 Show the following items in the Income and Expenditure Account and the Balance Sheet of a Sports Club: $ (i)
(ii)
Sports Fund on 1 January, 1999 15% Sports Fund Investments (Face value $ 60,000) Interest received on Sports Fund Investments Expenses on Sports Events during 1999 Purchases of Sports Equipment during 1999 Sports Prizes awarded during the year Donations received for Sports Fund during the Year Donations received for the construction for a Community Hall in 1999 Expenditure incurred up to 31 December
50,000 50,000 7,000 15,000 20,000
Total estimated cost
15,00,000
8,66,000 5,56,716
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Solution: Sports Club Balance Sheet AS on 31 December 1999 (Relevant Information Only)
Liabilities Side $ Sports Fund on 1 January 1999 Add : Interest Received on Sports Fund Investments Accrued Interest Add : Donations Received Received for Sports Sports Fund Less : Expenses on Sports Events in 1999 Prizes Awarded in 1999
50,000 7,000 2,000
9,000 20,000
15,000
Assets Side Side
15% Sports Fund Investments (Face ( Face value $ 60,000) 50,000 50,000 Accrued Interest thereon 2,000 Sports Equipment 20,000 72,000
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59,000
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Illustration:3 From the following Trial Balance of Shri Goyal, prepare Trading and Profit and Loss Account for the year ending 31 December 1996 and Balance Sheet on that date after taking into consideration the adjustments given at the end of Trial Balance : Trial Balance As on 31 December 1996 Debit
Credit
$
$
Sales
-
3,70,000
Purchases (Adjusted)
3,49,600
-
Wages
10,450
-
Capital Account
-
34,250
National Insurance
150
-
Carriage Inwards
200
-
Lighting
250
-
200
-
Rates and Insurance (including premium of $ 150 p.a. paid up to 30 June 1997) Stock at 31.12.1996
30,625
Cash in hand and Bank
875
-
Discount earned
-
300
Plant and Machinery
15,000
-
Discount allowed
50
-
Debtors and Creditors
3,000
10,000
Furniture
4,000
-
Dividends
4,14,700
4,14,700
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Solution: Shri Goyal Trading and Profit Loss Account For the Year On 31 December 1996 $ Purchases Less : Drawings Wages Add : Contribution to National Insurance : by Employer by Employers
3,49,600 2,000 10,450
$ 3,70,000
Sales 3,47,600
75 75 10,600
Add : Rental value of the housing facilities
250
10,850 200 11,350
Carriage Inwards Profit and Loss Account (Gross Profit)
3,70,000 250 300
Carriage outwards Lighting Rates and Insurance Less : Prepaid Discount allowed
200 75
125 50
Depreciation on : Plant and Machinery Furniture Manager’s Commission Commission (See Working Note) Net Profit transferred to Capital Account
3,70,000 Trading Account 11,350 (Gross Profit)
Discount earned 150 Dividends received 300 Rent earned (Rental Value of housing facilities) faciliti es)
250
2,250 400 1,446
7,229 12,050
12,050
Balance Sheet As on 31 December 1996 Liabilities
Capital Capital 15,000
$
$
34,250
Add : Net Profit 2,250 12,750
Plant and Machinery
7,229
41,479 Less : Drawings 3,600
(Goods to son)
Asset
Less : Depreciation
Furniture
4,000
Less : Depreciation 400
2,000 39,749
Stock in Trade
30,625
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Sundry Creditors 3,000
10,000
Outstanding Outstandin g Commission to Manager
Sundry Debtors
Prepaid Insurance 50,925
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75 50,925