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From the following Receipts & Payments Account of Young Ladies Club, prepare Income & Expenditure Account for the year ended 31st March, 2023 and the Balance sheet as at that date:

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

Receipts   ₹ Payments ₹

To Balance b/d

To Subscriptions

2021-22

2022-23

2023-24

To Profit on Sports Meet

To Income from Investments

 

 

4,500

2,11,000

7,500

1,02,500

 

 

 

2,23,000

1,55,000

1,00,000

By Salaries

By Stationery

By Rent

By Telphone Expenses

By Investments

By Sundry Expenses

By Balance c/d

2,08,000

40,000

60,000

10,000

1,25,000

92,500

45,000
    5,80,500   5,80,500

Additional Information:-

(i) There are 450 members each paying an annual subscription of ₹ 500.

(ii) On 31st March, 2022:

(a) Outstanding subscription was ₹ 5,000.

(b) Outstanding Sundry Expenses were ₹ 7,000.

(c) Stock of Stationery was ₹ 5,000.

(d) Building was valued at ₹ 10,00,000 and it was subject to depreciation @ 5% p.a.

(e) Investments were of ₹ 20,00,000.

(iii) On 31st March, 2023, income accrued on the investments purchased during the year was ₹ 3,750.

(iv) Stock of stationery was valued at ₹ 9,000 and outstanding telephone expenses were ₹ 3,000 on 31st March, 2023.

Anurag Pathak Changed status to publish February 8, 2024
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