Ask Experts Questions for FREE Help !
    tmsjos's Avatar
    tmsjos Posts: 1, Reputation: 1
    New Member

    Mar 18, 2012, 05:40 AM
    Not for profit accounting homework free help?
    Q.) From the following Receipts and Payments a/c of Stars Cricket Club,prepare an Income & Expenditure a/c for the year ending 31st March,2008 and the Balance Sheet as at that date:
    RECEIPT & PAYMENT A/C 31-March,2008

    Balance b/d -2,850
    2006-'07 - 250
    2007-'08 -8,950
    2008-'09 - 550 -9,750
    Donation for Cricket Pavilion -6,000
    Sale of Furniture - 300
    Interest on Investment -1,200
    Sale of Refreshment -5,600

    Salaries -4,250
    Printing -2,450
    Purchase of Investments -8,000
    Expenditure on Refreshments -4,200
    Payment of Expenses of the last year - 340
    Additions to Club building -4,000
    Cost of Gold medal - 175
    Balance c/d -2,285

    1)The assests on 1st April,2007 include Club building Rs.15,000,Investments Rs.6,000 and Furniture Rs.2000.The liabilities as on!st April,2007 include an accountstyled"Cricket Prizes Fund Account"Rs.5,000.
    2)of interest on Investment Rs.150 pertains to last year AndRs.320 is still owing.
    3)stock of Refreshments at the end of the year was valued at Rs.55.
    4)The Cricket Prize fund was not separately invested.It was decided to set apart every year Rs.200 from the interest income of the club to b e utilised for the purpose of awarding a gold medal to the best Cricketer of the year.
    Sariss's Avatar
    Sariss Posts: 1,471, Reputation: 244
    Ultra Member

    Mar 18, 2012, 05:42 AM
    And what have you come up with?

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

Free accounting homework help? [ 3 Answers ]

Question 1. Affleck Company accumulates the following adjustment data at December 31. 1. Services provided but not recorded total $750. 2. Store supplies of $300 have been used. 3. Utility expenses of $225 are unpaid. 4. Unearned revenue of $260 has been earned. 5. Salaries of $900 are unpaid....

Free accounting homework help? [ 0 Answers ]

Kenny Corp. a capital goods manufacturing Business that started on January 4, 2007, and operates on a calendar-year basis, uses the installment-sales Method of profit recognition in accounting for all its sales. The following data were taken from the 2007 And 2008 records. 2007 2008...

Free homework help for accounting? [ 1 Answers ]

On November 1, an institute agreed to do a special four-month course for a client. The contract calls for a $600 monthly fee, and the lient paid the first two months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The last two month's fees will be...

Accounting homework help free? [ 2 Answers ]

Just before Lewis Laboratories opened for business, Rosa Damon, the owner, had the following assets and liabilities. Determine the totals that would appear in the firm's fundamental accounting equation (Assets= Liabilities + Owners equity). Cash $36,000 Laboratory equipment ...

View more questions Search