Following is the Receipts & Payments Account of Megha Amusement Club:
Following is the Receipts & Payments Account of Megha Amusement Club:
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 for Hall To Sale of Old Newspapers |
10,000 2,60,000 20,000 |
35,000
2,90,000 4,500 500 |
By Salaries By General Expenses By Electricity Charges By Sports Materials By Newspapers By 10% Investments (31st March, 2023) By Balance c/d |
45,000 10,000 15,000 1,00,000 2,000 1,00,000 58,000 |
| Â | Â | 3,30,000 | Â | 3,30,000 |
Additional Information:
(i) The club has 3,000 members, each paying an annual subscription of ₹ 100.
(ii) On 31st March 2023, salaries outstanding ₹ 5,000. Salaries paid also included ₹ 3,000 for 2021-22.
(iii) On 1st April, 2022, the club owned building valued at ₹ 1,00,000, furniture at ₹ 50,000 and books at ₹ 20,000.
(iv) Depreciation on building and furniture was provided @ 10% per annum.
Prepare the Income & Expenditure Account for the year ended 31st March 2023 and the Balance Sheet as on that date. 
Anurag Pathak Changed status to publish February 7, 2024
