On 1st April, 2022, King’s Club commenced operation with the following assets:
On 1st April, 2022, King’s Club commenced operation with the following assets:
|  | ₹ |
| Bank Balance | 1,800 |
| Cash in Hand | 150 |
| Club Premises | 65,000 |
| Record Players and Records | 6,400 |
| Other Equipment | 8,600 |
The summary of its receipts and payments during the year ended 31st March, 2023
Receipts & Payments Account for the year ended 31st March, 2023
| Receipts | ₹ | Payments |  | ₹ |
|
To Balance b/d: Bank Cash To Subscriptions To Receipts from Sponsored Walk To Collections at Functions To Competition Fees To Grant from Local Authority |
1,950 16,850 2,600 2,800 1,860 9,500 |
By Rates By Printing & Stationery By Postages By Electricity By Purchase of Television Set By Secretary’s Expenses By Insurance Premium By Competition Prizes By Balance c/d: Bank Cash |
12,400 100 |
600 2,160 570 1,240 12,800 1,650 240 3,800
12,500 |
| Â | 35,560 | Â | Â | 35,560 |
Additional information:
(i) On 31st March, 2023, ₹ 860 subscriptions were in arrears and ₹ 1,340 were paid in advance.
(ii) Provide the depreciation of 25% on all equipment.
(iii) Furniture worth ₹ 7,600 was purchased in March but the amount was not paid at the end of the year.
(iv) Three months’ rates ₹ 120 were paid in advance and ₹ 70 were due for electricity on 31st March.
(v) One-third of the insurance relates to the next year.
Prepare Income & Expenditure Account for the year ended 31st March, 2023 and the Balance Sheet as at that date.
Anurag Pathak Changed status to publish February 8, 2024
