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Following is the Receipts & Payments Account of Young India Sports Club for the year ended 31st March 2023:

Receipts Payments  

To Balance b/d

To Donation for Building

To Life Membership Fees

To Receipts from Matches

To Subscriptions

To Lockers Rent

To Interest on Investments

To Sale of Furniture (Book Value ₹ 800)

To Entrance Fees

10,000

50,000

4,000

8,000

5,200

400

240

1,000

3,000

By Building

By Match Expenses

By Furniture

By 20% Investments (Purchased on 1st July, 2022)

By Salaries

2021-22

2022-23

By Insurance

By Sundry Expenses

By Balance c/d (Bank)

 

 

 

2,000 5,000

54,000

450

2,550

16,000

 

 

7,000

350

970

520

  81,840     81,840
Additional Information:

(i) Subscriptions outstanding on 31st March, 2022 were ₹ 200 and on 31st March, 2023 were ₹ 300.

(ii) Outstanding Salaries for the year ended 31st March 2023 were ₹ 800 and outstanding bills for sundry expenses were ₹ 600.

(iii) Donations for Building includes ₹ 10,000 for general donations.

Prepare 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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