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Discussion

Preparation for CA - CPT - Accounting
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The Income and Expenditure of a club for the year 2018 is given below:

Expenditure Rs. Income Rs.
To salaries 4000 By subscription 10,000
To depreciation 300 By entrance fees 350
To audit fees 500 By annual sports meet fees 375
To general expenses 600
To surplus 5325

Salaries outstanding at the beginning and at the end of the year 2018 are Rs. 1500 and Rs. 750, respectively.
General expenses include insurance prepaid to the extent of Rs. 100.
Audit fees for the year 2018 is still outstanding.
The club has sports equipment of Rs. 6000 at April 1, 2017.
At the end of the year after depreciation, the equipment amounted to Rs. 8500 for the year 2018 is outstanding.

Prepare the Receipt and Payment Account for the year 2018 and find out the cash balance at the end.

 
Rs. 3275
Rs. 3075
Rs. 4425
None of the above
N.A

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Sai Tej

It is given in the question that the value of sports equipment is 8500 after charging depreciation.So,we need to record it as 2800 in receipts and payments account under the head sports equipment.