As at March 31, 2017 the following balances have been extracted from the books of the...

Transcribed Image Text:

As at March 31, 2017 the following balances have been extracted from the books of the Indian Chartered Accountants Recreation Club and you are asked to prepare (1) Trading Account for ascertaining gross profit derived from running restaurant and dining room and (2) Income and Expenditure Account for the year ended March 31, 2017 (3) and a Balance Sheet as at that date. Debit Balances Stock-in-hand Purchases Dining Room Rent Wages Rapairs Fuel and Light and Renewals Mise. Expenses Cash in hand Cash at bank Fixed Deposit Sundry Debtors China glass, cutlery and linen Billiard Table Fixtures and Fittings Furniture Club Premises Rs Credit Balances 1170 Receipts Dinning Room 24,660 Subscriptions 32,370 Billiard's Receipts 10,470 Sunday Receipts 18,690 5,400 5,280 4,050 560 2760 8,500 2,250 600 2,070 870 4,140 30,000 1,53,840 Interest on Fixed Deposit Sundry Creditors Grant from institute ( permanent) Income and Exp. A/c ( 1.4 1.6) Suspense Ale (see note) Rs. 87,660 9,450 7,300 410 270 5310 42,000 1380 60 1,53,840 On March 31, 2016 stock of restaurant consisted of Rs 900 and Rs 60 respectively. Provide depreciations Rs 60 on fixtures and fittings, Rs 390 on billiard table and Rs 560 on furniture. As at March 31, 2017 the following balances have been extracted from the books of the Indian Chartered Accountants Recreation Club and you are asked to prepare (1) Trading Account for ascertaining gross profit derived from running restaurant and dining room and (2) Income and Expenditure Account for the year ended March 31, 2017 (3) and a Balance Sheet as at that date. Debit Balances Stock-in-hand Purchases Dining Room Rent Wages Rapairs Fuel and Light and Renewals Mise. Expenses Cash in hand Cash at bank Fixed Deposit Sundry Debtors China glass, cutlery and linen Billiard Table Fixtures and Fittings Furniture Club Premises Rs Credit Balances 1170 Receipts Dinning Room 24,660 Subscriptions 32,370 Billiard's Receipts 10,470 Sunday Receipts 18,690 5,400 5,280 4,050 560 2760 8,500 2,250 600 2,070 870 4,140 30,000 1,53,840 Interest on Fixed Deposit Sundry Creditors Grant from institute ( permanent) Income and Exp. A/c ( 1.4 1.6) Suspense Ale (see note) Rs. 87,660 9,450 7,300 410 270 5310 42,000 1380 60 1,53,840 On March 31, 2016 stock of restaurant consisted of Rs 900 and Rs 60 respectively. Provide depreciations Rs 60 on fixtures and fittings, Rs 390 on billiard table and Rs 560 on furniture.

Answer rating: 100% (QA)

The detailed ... View the full answer