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Following particulars relate to Queen’s Club for the year ended 31st March, 2023:

Receipts & Payments Account for the year ended 31st March, 2023

Receipts   ₹ Payments ₹

To Balance b/d

To Subscriptions:

Arrear

Current

Advance

To Profit from Canteen

To Miscellaneous Receipts

To Sale of Old Newspapers

To Dividends

 

 

240

12,660

480

 

6,000

 

 

13,380

9,000

450

1,120

4,850

By Salaries

By Stationery

By Insurance Premium

By Telephone

By Investments

By Advertisements

By Postage

By Sundries

By Balance c/d

12,450

2,400

3,600

600

7,500

1,050

1,000

3,500

2,700
    34,800   34,800

You are required to prepare the Income & Expenditure Account for the year ended 31st March, 2023 and the Balance Sheet as on that date after making the following adjustments:

(i) There are 450 members each paying an annual subscription of ₹ 30 and ₹ 270 being in arrears for 2021-22 in the beginning of this year.

(ii) Stock of Stationery on 31st March, 2022 was ₹ 300 and on 31st March, 2023 was ₹ 540.

(iii) Cost of Building is ₹ 60,000. Depreciate is at 5%.

Anurag Pathak Changed status to publish February 7, 2024
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