From the following Receipts & Payments Account of Kolkata Art Club and additional information, prepare Income & Expenditure Account for the year ended 31st March, 2023 and Balance Sheet as at that date:
From the following Receipts & Payments Account of Kolkata Art Club and additional information, prepare Income & Expenditure Account for the year ended 31st March, 2023 and Balance Sheet as at that date:
| Receipts |  | ₹ | Payments | ₹ |
|
To Balance b/d To Subscriptions: 2021-22 2022-23 2023-24 To Donations To Proceeds of Drama Tickets To Sale of Newspapers (Old) |
400 20,500 600 |
10,250
21,500 5,400 9,500 450 |
By Salaries By Stationery By Drama Expenses By Newspapers By Municipal Taxes By Charity By Investments By Electricity Charges By Balance c/d |
6,000 750 4,500 1,500 400 3,500 20,000 1,450 9,000 |
| Â | Â | 47,100 | Â | 47,100 |
Additional Information:
(i) There are 500 members, each paying an annual subscription of ₹ 50 and ₹ 500 are still in arrears for the year ended 31st march, 2022.
(ii) Municipal Taxes amounted to ₹ 400 per year have been paid up to 30th June, 2023 and ₹ 500 are outstanding of salaries.
(iii) Building stands in the books at ₹ 50,000.
(iv) 6% interest has accrued on investments for five months.
(v) Donations are to be capitalised.
Anurag Pathak Changed status to publish February 7, 2024
