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From the following Receipts & Payments Account of City Club and additional information, prepare the Income & Expenditure Account for the year ended 31st March, 2023 and the Balance Sheet as at that date:

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 received from the Use of Hall

To Profit from Entertainment

To Sale of Old Newspapers

500

2,000

400

 

700

 

 

2,900

1,400

800

200

By Salaries

By General Expenses

By Electricity Charges

By Books

By Newspapers

By Balance c/d

2,800

600

400

1,000

800

400

    6,000   6,000

(i) The club has 50 members each paying an annual subscription of ₹ 50. Subscriptions Outstanding on 31st March 2022 were ₹ 600.

(ii) On 31st March 2023, Salaries Outstanding amounted to ₹ 200. Salaries paid in the year included ₹ 600 for the year 2023-24.

(iii) On 1st April, 2022, the Club owned Building valued at ₹ 20,000, Furniture ₹ 2,000 and Books ₹ 2,000.

(iv) Provide depreciation on Furniture at 10%.

Anurag Pathak Changed status to publish February 7, 2024
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