From the following Receipts & Payments Account of City Club and additional information, prepare the Income & Expenditure Account for the year ended 31st March, 2023
From the following Receipts & Payments Account of City Club and additional information, prepare the 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 Rent received from the Use of Hall To Profit from Entertainment To Sale of Old Newspapers |
500 2,000 400 |
700
2,900 1,400 800 200 |
By Salaries By General Expenses By Electricity Charges By Books By Newspapers By Balance c/d |
2,800 600 400 1,000 800 400 |
| Â | Â | 6,000 | Â | 6,000 |
(i) The club has 50 members each paying an annual subscription of ₹ 50. Subscriptions Outstanding on 31st March 2022 were ₹ 600.
(ii) On 31st March 2023, Salaries Outstanding amounted to ₹ 200. Salaries paid in the year included ₹ 600 for the year 2023-24.
(iii) On 1st April, 2022, the Club owned Building valued at ₹ 20,000, Furniture ₹ 2,000 and Books ₹ 2,000.
(iv) Provide depreciation on Furniture at 10%.
Anurag Pathak Changed status to publish February 7, 2024
