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Jayesh Gupta
Jayesh GuptaCurious
In: 1. Financial Accounting > Not for Profit Organizations

From the following Receipts and Payments Account of Krish Fitness and wellness Club for the year ended 31st March 2020 prepare Income and Expenditure Account?

Receipts Amt Payments Amt
To Balance b/d 85,000 By Doctors and Coaches Honorarium 25,000
To Subscription 68,500 By Medicines 15,500
To Entrance Fees 25,000 By Medical Equipment 30,000
To Life Membership Fees 30,000 By General Expenses 8,000
To Donations for tournament fund 20,000 By Furniture 20,000
To Sale of old Medical equipment (Book Value `15,000) 5,000 By Newspaper 8,000
To Miscellaneous Receipts 15,000 By Rent, Rates and Taxes 5,000
By Tournament expenses 60,000
By Balance c/d 77,000
248,500 248,500

Additional Information: Following opening balances appeared in the books on 1st April, 2019.

(a) Tournament fund Rs. 15,000.

(b) Medical Equipment Rs. 1,50,000.

(c) Outstanding Subscription was Rs. 8,000 and Advance Subscription Rs. 5,000 (for 2019-20).

During the year 2019-20 Depreciation on medical equipment was Rs. 25,000. There were 600 members each paying an annual subscription of Rs. 100.

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    1 Answer

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    1. Manvi Pursuing ACCA
      2021-08-25T12:47:11+00:00Added an answer on August 25, 2021 at 12:47 pm
      This answer was edited.

      In the books of Krish Fitness and Wellness Club

      Income & Expenditure A/c for the year ended 31 March 2020

      Expenditure Amt Income Amt
      To Doctors and Coaches Honorarium 25,000 By Subscription (600*100) 60,000
      To Medicines 15,500 By Entrance Fees 25,000
      To General Expenses 8,000 By Miscellaneous Receipts 15,000
      To Newspaper 8,000 By Deficit (excess of expenditure over income) 21,500
      To Rent, Rates and Taxes 5,000
      To Tournament Expenses (W.N.1) 25,000
      To Loss on Sale of Medical Equipment (W.N.2) 10,000
      To Depreciation on Medical Equipment 25,000
      1,21,500 1,21,500

       

      Working Notes:

      1.Calculation of Tournament Fund

      Tournament Fund as of 1 April 2019 15,000
      Add: Donations to Tournament Fund 20,000
      Less: Tournament Expenses -60,000
                     Tournament Expenses -25,000

       

      2. Calculation of Loss on Sale of Medical Equipment

      Book Value of Medical Equipment 15,000
      Less: Sold -5,000
                       Loss on Sale of Medical Equipment 10,000
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