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Following is the Receipts & Payments Account of Leo 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 Donation for Building

To Life Membership Fees

To Match Fund

To Subscriptions

To Locker Rent

To Interest on Investments

To Sale of Furniture (Book Value ₹ 8,000)

To Entrance Fees

1,800

50,000

4,000

8,000

5,200

400

1,000

10,000

5,000

By Building

By Match Expenses

By Furniture

By 10% Investments (Purchased on 1st July, 2022)

By Salaries

By Insurance

By Sundry Expenses

By Balance c/d

40,000

9,000

12,100

16,000

7,000

350

470

480

  85,400   85,400

Additional Information:

(i) During the year 2022-23, the Club had 550 members and each paying an annual subscription of ₹ 10.

(ii) Donation for Building includes 10% general donations.

(iii) Salaries Outstanding as at 1st April, 2022 were ₹ 1,000 and as at 31st March, 2023, were ₹ 500.

Prepare the Income & Expenditure Account of the Club for the year ended 31st March 2023.

Anurag Pathak Changed status to publish February 7, 2024
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