Accounting Non Trading Concern Questions

Q.1      Following is the Receipts and Payments A/c of Chenab Club for the year ended on 31^st December, 2002:

	Rs.		Rs.
Opening balance Subscription 2001 2002 2003 Entrance Fees Sale of Old Magazines Interest on Investments Other Receipts	8000 2000 18000 1500 1300 50 500 800	Salaries Stationery Telephone Charges Insurance Miscellaneous Expenditure Subscription to Newspapers Purchase of Sports Material Closing Balance	3600 350 400 1200 480 640 6000 19480
	32150		32150

2001 December, 31^st ---balance of investment Rs. 10000, furniture Rs. 5000, Buildings Rs. 25000; Subscription due Rs. 3000, Subscription Received in advance of 2002 Rs. 2000; Stock of sports material Rs. 4000; Stock of stationery Rs. 200. The balance as on 31^st December, 2002 are ----Subscription due Rs. 2500; Stock of sports material Rs. 3000 and Stock of stationary Rs. 150 Depreciate furniture by 10% and buildings by 5%. Interest was due on investments Rs. 500.

REQUIRED:             Prepare Income and Expenditure A/c & Balance sheet.                                                                                       (Annual 2009)

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Q.2      Given below is the Receipts & Payment A/ of the Metro Recreational Club for the year ending 31^st December, 2004.

	Rs.		Rs.
Donation A/c being donation received Reserve Fund-being life members fees and entrance fees received Quadrangular match fund-being prescribed matches fees received REVENUE RECEIPTS: Subscription (including Rs. 100 of 2005) 1600 Locker’s rent                                                 50 Interest on securities                                    50 Cricket                                                        200 Sundries                                                        25 Tennis                                                         175 Billiards                                                       100	25000 2000 5000 2200	Buildings Expenses incurred on quadrangular matches Furniture REVENUE RECEIPTS: Salaries 900 Cricket 300 Tennis 270 Insurance (paid for the year ending 30th Sept. 2005) 180 Gardening 85 Printing etc. 15 Telephone 125 Sundries 75 Investment at cost Balance c/d	20000 450 1050 1950 9000 1750
	34200		34200

Subscription receivable for the year 2004 were Rs. 150, salaries outstanding for the month of December 2004 were Rs. 85

REQUIRED:             From the above particulars you are required to prepare Income & Expenditure A/c for the year ending 31^st December, 2004 and a Balance Sheet                                                                                                                                                        (Annual 2008)

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Q.3      The following particulars are obtained from the books of Young Men’s Association, for the year ended on December, 31 2006.

            Receipts & Payments A/c for the year ended on December 31, 2006:

RECEIPTS	Rs.	PAYMENTS	Rs.
Balance b/d Subscription: 2005 500 2006 9000 2007 1000 Entrance Fees Life Membership Annual Dinner Hall Rent Miscellaneous Income	7000 10500 1000 5000 6000 3000 600	Subscription         9000 Add: Receivable  1000 Annual Dinner Receipts Hall Rent Misc. Incomes Deficiency	10000 6000 3000 600 7100
	33100		33100

On 1^st January, 2006 the Association had a building worth Rs. 200000, cutlery worth Rs. 6000 and kitchenware worth Rs. 8000. There is a deposit with The Telephones Department under the “Own Your Telephone Scheme” amounting to Rs. 8000. Entrance Fees and Life Membership Fees are to be capitalized. You are required to depreciate building by 5%, cutlery by 40% and kitchenware by 25%. The annual subscription of Association members is Rs. 10 and 100 members are in arrears during this year. Municipal taxes were paid up to March 31, 2007.

REQUIRED:             Prepare an Income & Expenditure A/c for the year ended on December 31, 2006 and a Balance Sheet as on that date, after making the necessary adjustments.                                                                                                                                   (Supplementary 2007)

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Q.4      From the following particulars relating to Wasim Akram Cricket Club, prepare Income & Expenditure A/c for the year ending 31^st March, 2003 and Balance Sheet as at that date:

	Rs.		Rs.
Subscription Admission fee Sale of old balls etc. Hire of ground Subscription for tournament Bank Drawn Donations	20000 1200 200 1200 4000 16000 40000		8000 2800 800 200 600 680 2920 66600
	82600		82600

Assets on 1^st April, 2002:

	Rs.
Cash at Bank	12000
Stock of balls etc.	6000
Printing and Stationary	800
Subscription due	2000
Liabilities on 1st April, 2002	Nil

Donations and surplus on A/c of tournament should be kept in reserve for a permanent pavilion. Subscription was due on 31^st March 2003, Rs. 3000. Write off 50% of bats and balls A/c and 25% of Printing and Stationary A/c.                                                                        (Supplementary 2004)

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Q.5      Give below is the Receipts & Payment A/ of the Star Club for the year ending 31^st December, 1994.

	Rs.		Rs.
Balance b/d Subscription 1994 1995 1996 Donations Proceeds from drama tickets Sale of waste paper	20500 800 41000 1200 10800 19000 900	Salaries G. Expenses Drama Expenses Newspaper etc. Municipal Taxes Charity Investment Electricity charges Balance c/d	12000 1500 9000 3000 800 7000 40000 2900 18000
	94200		94200

Prepare the club’s income and expenditure A/c for the year ended 31^st December, 1994 and its balance Sheet on that date. After taking following information into A/c.

(a)There are 500 members each paying an annual subscription of Rs. 100. Rs. 1000 being in still receivable for 1993.

(b)Municipal taxes amounting to Rs. 800 p.a. have been paid up to 31^st March 1995 and salaries Rs. 1000 are outstanding.

(c)Building stood in the books at Rs. 100000 and it is required to write off depreciation at 5%.

(d)There 6% interest has accrued on investment for 5 months.                                                                                                         (Annual 2003)

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Q.6      Following is the Receipts and Payments A/c of Lahore Football Club for the year ended on 31^st December, 2002:

	Rs.		Rs.
Balance 1-1-1996 Subscription received for 1995(Arrears) 1996 1997 (in advance) Sales from Tickets Donation Received	524 55 1236 40 5628 120	Payment for Supplies Wages ground men & assistants Other expenses Repair to stands Ground upkeep Secretary’s expenses Transport expenses Balance 31-12-1996	3962 1563 .234 119 229 138 305 1053
	7603		7603

The other information regarding the club is as under. Subscription owing by members was amounting to Rs. 66 and expenses owing for transport Rs. 65.

REQUIRED:             Prepare Income and Expenditure A/c as on 31^st December, 1996 for Lahore Football Club.                              (Annual 2009)