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

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

Receipts Payments

To Balance b/d (Cash)

To Balance b/d (Bank)

To Donations To Subscriptions

To Entrance Fees

To Interest on Investments

To Interest Received from Bank

To Sale of Old Newspapers

To Sale of Drama Tickets

4,000

10,000

5,000

12,000

1,000

100

400

150

1,050

By Salary

By Printing & Stationery

By Purchase of Furniture

By Miscellaneous Expenses

By Purchase of Investments

By Insurance Premium

By Billiards Table

By Drama Expenses

By Balance c/d (Cash)

By Balance c/d (Bank)

2,000

650

6,000

500

6,000

200

8,000

500

2,650

7,200

  33,700   33,700

Additional Information:-

(i) Subscription in arrear for 2022-23 ₹ 900 and subscription in advance for 2023-24 ₹ 350.

(ii) Insurance Premium outstanding ₹ 40.

(iii) Miscellaneous Expenses prepaid ₹ 90.

(iv) 50% of donation is to be capitalised.

(v) 8% interest has accrued on investments for five months.

(vi) Billiards Table costing ₹ 30,000 was purchased during last year and ₹ 22,000 were paid for it.

Anurag Pathak Changed status to publish February 7, 2024
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