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:
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 |
| Â | 33,700 | Â | 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
