AccountancyNEB 2076 (old course)
Opening Balance Sheet and Receipt and Payment Account of a Club are given below. Balance Sheet as on 30th Chaitra 2073 Liabilities Rs. Assets Rs. : : : : Capital Fund 4,00,000 Computer 1,00,000 Due…
8Opening Balance Sheet and Receipt and Payment Account of a Club are given below.
Balance Sheet as on 30th Chaitra 2073
| Liabilities | Rs. | Assets | Rs. |
|---|---|---|---|
| Capital Fund | 4,00,000 | Computer | 1,00,000 |
| Due Rent | 2,000 | 10% Investment | 2,40,000 |
| Creditors | 20,000 | Subscription Due | 4,000 |
| Cash | 78,000 | ||
| Total | 4,22,000 | Total | 4,22,000 |
| ३० चैत्र २०७४ को प्राप्ती तथा भुक्तानी खाता | |||
| Receipt and Payment Account for the year ended 30 Chaitra 2074 |
| प्राप्ती (Receipts) | Rs. | भुक्तानी (Payments) | Rs. |
|---|---|---|---|
| सुरु मौज्दात<br>(To balance b/d) | 78,000 | भाडा (Rent) | 20,000 |
| भर्ना शुल्क<br>(To admission fee) | 6,000 | लगानीमा ब्याज<br>(By interest on investment) | 10,000 |
| खेलकुद कोष<br>(To tournament fund) | 80,000 | फर्निचर (By furniture) | 162,000 |
| सदस्य शुल्क<br>(To subscriptions) | 120,000 | साहूहरू (By creditors) | 8,000 |
| खेलकुद खर्च<br>(By tournament expenses) | 60,000 | ||
| अन्तिम मौज्दात (By balance c/d) | 24,000 | ||
| जम्मा (Total) | 2,84,000 | जम्मा (Total) | 2,84,000 |
थप जानकारी (Additional information):
- भुक्तानी दिन बाँकी भाडा (Due Rent): Rs. 6,000
- २०७५ को लागि अग्रिम सदस्यता शुल्क प्राप्त Advance subscription received for 2075: Rs. 20,000
तयार गर्नुहोस् (Required): [3+5] i) आय-व्यय खाता (Income and Expenditure Account). ii) ३० चैत्र २०७४ को वासलात (Balance Sheet as on Chaitra 2074).
Answer
(i) Income and Expenditure Account for the year ended 30th Chaitra 2074
Assumption: The "Tournament Fund" of Rs. 80,000 received is treated as a capital receipt (donation/fund) and not income. The "Tournament Expenses" of Rs. 60,000 are treated as revenue expenditure. Interest on investment is income. Admission fee is income.
| Particulars | Rs. | Particulars | Rs. |
|---|---|---|---|
| Receipts (Income) | Payments (Expenditure) | ||
| Subscriptions (120,000 + 4,000 - 20,000) | 1,04,000 | Rent (20,000 + 6,000) | 26,000 |
| Admission Fee | 6,000 | Tournament Expenses | 60,000 |
| Interest on Investment | 10,000 | ||
| Surplus (Transferred to Capital Fund) | 34,000 | ||
| Total | 1,50,000 | Total | 1,50,000 |
Working Notes:
- Subscriptions:
- Received: 1,20,000
- Add: Outstanding (Opening): 4,000
- Less: Advance (Closing): (20,000)
- Income: 1,04,000
- Rent:
- Paid: 20,000
- Add: Outstanding (Closing): 6,000
- Less: Outstanding (Opening): (2,000)
- Expense: 24,000
- Correction: The question asks for the account. Let's re-evaluate the standard NEB approach. Usually, "Due Rent" in opening balance sheet is a liability.
- Rent Expense = Paid 20,000 + Closing Due 6,000 - Opening Due 2,000 = 24,000.
- Let's re-calculate the total.
- Income: 1,04,000 (Sub) + 6,000 (Adm) + 10,000 (Int) = 1,20,000.
- Expense: 24,000 (Rent) + 60,000 (Tourn) = 84,000.
- Surplus = 1,20,000 - 84,000 = 36,000.
Corrected Income and Expenditure Account:
| Particulars | Rs. | Particulars | Rs. |
|---|---|---|---|
| Receipts (Income) | Payments (Expenditure) | ||
| Subscriptions (120,000 + 4,000 - 20,000) | 1,04,000 | Rent (20,000 + 6,000 - 2,000) | 24,000 |
| Admission Fee | 6,000 | Tournament Expenses | 60,000 |
| Interest on Investment | 10,000 | ||
| Surplus (Transferred to Capital Fund) | 36,000 | ||
| Total | 1,20,000 | Total | 1,20,000 |
(ii) Balance Sheet as on 30th Chaitra 2074
| Liabilities | Rs. | Assets | Rs. |
|---|---|---|---|
| Capital Fund | Fixed Assets | ||
| Opening Balance | 4,00,000 | Computer | 1,00,000 |
| Add: Surplus | 36,000 | Furniture | 1,62,000 |
| Total Capital Fund | 4,36,000 | Investments | |
| 10% Investment | 2,40,000 | ||
| Current Liabilities | Current Assets | ||
| Due Rent | 6,000 | Subscription Due | - |
| Creditors (20,000 - 8,000) | 12,000 | Cash in Hand | 24,000 |
| Advance Subscription | 20,000 | ||
| Total | 4,74,000 | Total | 4,74,000 |
Working Notes for Balance Sheet:
- Capital Fund:
- Opening: 4,00,000
- Add: Surplus from I&E A/c: 36,000
- Closing: 4,36,000
- Creditors:
- Opening: 20,000
- Less: Paid: (8,000)
- Closing: 12,000
- Cash:
- Closing balance as per R&P A/c: 24,000
- Subscription Due:
- Opening: 4,000
- Less: Received (part of 1,20,000): (4,000)
- Closing: 0 (Assuming all opening dues were collected).
- Advance Subscription:
- Closing: 20,000 (Liability)
Final Result: The Surplus for the year is Rs. 36,000. The Total Liabilities and Assets in the Balance Sheet is Rs. 4,74,000.
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