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On 1st April, 2022, King’s Club commenced operation with the following assets:

 
Bank Balance 1,800
Cash in Hand 150
Club Premises 65,000
Record Players and Records 6,400
Other Equipment 8,600

The summary of its receipts and payments during the year ended 31st March, 2023

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

Receipts Payments  

To Balance b/d:

Bank

Cash

To Subscriptions

To Receipts from Sponsored Walk

To Collections at Functions

To Competition Fees

To Grant from Local Authority

1,950

16,850

2,600

2,800

1,860

9,500

By Rates

By Printing & Stationery

By Postages

By Electricity

By Purchase of Television Set

By Secretary’s Expenses

By Insurance Premium

By Competition Prizes

By Balance c/d:

Bank

Cash

 

 

 

 

 

 

 

 

 

12,400

100

600

2,160

570

1,240

12,800

1,650

240

3,800

 

 

12,500

  35,560     35,560

Additional information:

(i) On 31st March, 2023, ₹ 860 subscriptions were in arrears and ₹ 1,340 were paid in advance.

(ii) Provide the depreciation of 25% on all equipment.

(iii) Furniture worth ₹ 7,600 was purchased in March but the amount was not paid at the end of the year.

(iv) Three months’ rates ₹ 120 were paid in advance and ₹ 70 were due for electricity on 31st March.

(v) One-third of the insurance relates to the next year.

Prepare Income & Expenditure Account for the year ended 31st March, 2023 and the Balance Sheet as at that date.

Anurag Pathak Changed status to publish February 8, 2024
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