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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

    3,30,000   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
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