From the following Receipts & Payments Account and other information given, prepare the Income & Expenditure Account and the Balance Sheet of the Modern Social Club:
From the following Receipts & Payments Account and other information given, prepare the Income & Expenditure Account and the Balance Sheet of the Modern Social Club:
Receipts & Payments Account for the year ended 31st March, 2023
| Receipts | ₹ | Payments | ₹ |
|
To Balance b/d To Subscriptions To Profit on Dance Show To Collections (Matches) To Competition Fees To Sales of Refreshments |
7,000 24,000 14,800 2,500 1,800 8,200 |
By Prizes By Games Equipment By Rent By Rates By Printing By Stationery By Postages By Secretary’s Expenses By Repairs (Equipment) By Salary By Refreshments By Balance c/d |
2,200 2,000 10,500 3,000 1,600 2,200 1,900 1,400 2,700 12,000 5,100 13,700 |
| Â | 58,300 | Â | 58,300 |
The following matters should be taken into account:
(i) Capital Fund as at 1st April, 2022 ₹ 42,000.
(ii) Fixed Assets owned by the Club as at 1st April, 2022 – Furniture and Fittings ₹ 15,000; Games Equipment ₹ 20,000. These are to be depreciated @ 10% on opening values.
(iii) Amounts outstanding as at 31st March, 2023 – Printing ₹ 400; Refreshments ₹ 700.
(iv) On 31st March, 2023 – Rent paid in advance ₹ 1,500; Subscriptions due ₹ 1,200; Subscriptions in advance ₹ 500.
Anurag Pathak Changed status to publish February 7, 2024
