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Following is the Receipts & Payments Account of Semond Football Club:

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

Receipts Payments

To Balance b/d

To Subscriptions

To Tournament Fund

To Interest (Investments)

To General Donations

To Sale – Concert Tickets

1,82,000

1,80,000

1,64,000

65,000

1,12,000

2,47,000

By Salaries paid to Coaches

By Printing and Stationery

By Rent

By Telephone Expenses

By Sports Material

By 6% Investments

By Miscellaneous Expenses

By Concert Expenses

By Balance c/d

1,66,000

32,000

48,000

8,000

78,000

5,00,000

24,000

58,000

36,000

  9,50,000   9,50,000

Additional Information:

(i) Subscriptions include ₹ 12,000 for 2021 – 22 and ₹ 18,000 for 2023 – 24.

(ii) Stock of Stationery on 31st March, 2022 and 2023 was ₹ 7,200 and 5,400 respectively.

(iii) Stock of Sports material at the beginning and end of the year was ₹ 12,000 and ₹ 21,000 respectively.

(iv) Rent includes ₹ 4,000 paid for March, 2022. Rent for March, 2023 is outstanding.

(v) Telephone expenses include ₹ 3,000 as quarterly rent up to 31st May, 2023.

(vi) The value of Building as on 31st March, 2022, was ₹ 8,00,000 and you are required to write off depreciation at 10%.

(vii) The value of investments on 31st March, 2022 was ₹ 10,00,000 and the club made similar additional investments during the year on 1st October, 2022.

Prepare the club’s income & Expenditure Account for the year ending on 31st March, 2023.

Anurag Pathak Changed status to publish February 8, 2024
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