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From the following Receipts & Payments Account and other information given, prepare the Income & Expenditure Account and the Balance Sheet of the Modern Social Club:

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

Receipts Payments

To Balance b/d

To Subscriptions

To Profit on Dance Show

To Collections (Matches)

To Competition Fees

To Sales of Refreshments

7,000

24,000

14,800

2,500

1,800

8,200

By Prizes

By Games Equipment

By Rent

By Rates

By Printing

By Stationery

By Postages

By Secretary’s Expenses

By Repairs (Equipment)

By Salary

By Refreshments

By Balance c/d

2,200

2,000

10,500

3,000

1,600

2,200

1,900

1,400

2,700

12,000

5,100

13,700

  58,300   58,300

The following matters should be taken into account:

(i) Capital Fund as at 1st April, 2022 ₹ 42,000.

(ii) Fixed Assets owned by the Club as at 1st April, 2022 – Furniture and Fittings ₹ 15,000; Games Equipment ₹ 20,000. These are to be depreciated @ 10% on opening values.

(iii) Amounts outstanding as at 31st March, 2023 – Printing ₹ 400; Refreshments ₹ 700.

(iv) On 31st March, 2023 – Rent paid in advance ₹ 1,500; Subscriptions due ₹ 1,200; Subscriptions in advance ₹ 500.

Anurag Pathak Changed status to publish February 7, 2024
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