Profit loss ac loss 18300 18300 dr k account cr

" Profit & Loss A/c (Loss)
18,300 18,300

Dr. K Account Cr.
Particula
rs
Amoun
t
`
Particula
rs
Amoun
t
`
To Consignment to Kanpur A/c
To Damage in Transit A/c
(Sale of Damaged Goods)
1,00,800
6,000
By Bills Receivable A/c
By Consignment to Kanpur
A/c Expenses 5,800
Commission 10,680
Bank (Balance)
60,000
16,480
30,320
1,06,800 1,06,800
1. Damage in Transit
No. of
Package
s
Amount (`)
Goods Sent 400 1,20,000
Add: Consignor’s Expenses 2,000
400 1,22,000
60
1, 22, 000×
60
=18,
300
400
2.Stock on Consignment [Qty = 400 – (60+280) = 60]
Particula
rs
`
Value excluding Consignee’s Expenses 18,300
Add: Non-recurring Expenses of Consignee
[Consignee paid `3,400 as clearing charge for 340 packages.
So for 60 packages it should be 60 × `10]
600
18,900
*Actual Loss on Consignment
Loss as per Consignment A/c `480
Abnormal loss to be written of ` 11,900
`12,380
3. The following is the Income and Expenditure Account of Gama Club for
the year ended 31st March, 2017:
Income and Expenditure Account for the year ended 31st March, 2017
` `
To Salaries 19,500 By Subscription 68,000
To Rent 4,500 By Donation 5,000
To Printing 750
To Insurance 500
To Audit Fees 750
To Games & Sports 3,500
To Subscriptions written off 350
To Miscellaneous Expenses 14,500
To Loss on sale of Furniture 2,500
To Depreciation:
Sports Equipment 6,000
Furniture 3,100
To Excess of income over
expenditure
17,050
73,000 73,000
Additional information:
31-03-
2016
31-03-
2017

` `

Subscription in arrears
Advance Subscriptions
Outstanding expenses:
Rent
Salaries
Audit
Fee
Sports Equipment less depreciation
Furniture less depreciation
Prepaid Insurance
2,600
1,000
500
1,200
500
25,000
30,000
—
3,700
1,500
800
350
750
24,000
27,900
150
Book value of furniture sold is ` 7,000. Entrance fees capitalized ` 4,000. On
1st April, 2016 there was no cash in hand but Bank Overdraft was for
15,000. On 31st March, 2017 cash in hand amounted to ` 850 and the rest
was Bank balance.
Prepare the Receipts and Payments Account of the Club for the year ended
31st March, 2017.
`
[15]
Answe
r:
Receipts and Payments
Account for the year
ended 31.3.2017
Dr. Cr.
Particulars ` Particula
rs
` `
To Subscription A/c
(W.N.1)
67,050 By Balance b/d
(Bank overdraft)
15,000
To Donation A/c 5,000 By Salary 19,500
To Entrance Fees A/c 4,000 Add: Outstanding of last year 1,200
To Furniture A/c (Sale of
furniture)(7,000 -2,500)
4,500 Less: Outstanding of this year (350) 20,350
By Rent 4,500
Add: Outstanding of last year 500
Less: Outstanding of this year (800) 4,200
By Printing 750
B y I n su ran c e 500
Add: Prepaid in this year 150 650
By Audit Fees 750
Add: Outstanding of last year 500
Less: Outstanding of this year (750) 500
By Games & Sports 3,500
By Miscellaneous Expenses 14,500
By Sports Equipment(Purchased)(W.N.
2)
5,000
By Furniture (Purchased)(W.N.3) 8,000
By Balance c/d
Cash 850
Bank (bal. fig.) 7,250
80,55
0
80,55
0
Working Notes:
1. Calculation of subscription received during the year 2016-2017
Particula
rs
` `

S u b scri p t i o n a s p er I n c o me & E xp en di t u re A / c 68,000
Less: Arrears of 2016-2017 3,700
Advance in 2015-2016 1,000 (4,700)
63,300

Add: Arrears of 2015-2016 2,600
Advance for 2017-2018 1,500 4,100
67,400
Less: Written of during 2016-2017 (350)
67,050
2. Calculation of Sports Equipment purchased during 2016-2017
Sports Equipment Account
Dr. Cr.
Particula
rs
`
Particula
rs
`
To Balance b/d 25,000
B y I n c o me & E xp en di t u re A / c
(Depreciation)
6,000
To Receipts & Payments A/c
(Purchases) (bal. fig.)
5,000 By Balance c/d 24,000
30,000 30,000
3. Calculation of Furniture purchased during
2016-2017
Furniture Account
Dr. Cr.