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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

    47,100   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
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