Sweet Valley Sports Club gives you the following Receipts & Payments Account for the year ended 31st March, 2023.
Sweet Valley Sports Club gives you the following Receipts & Payments Account for the year ended 31st March, 2023.
Receipts & Payments Account for the year ended 31st March, 2023
| Receipts |  | ₹ | Payments |  | ₹ |
|
To Balance b/d: Cash Bank To Subscriptions To Tournament Receipts To Life Membership Fees To Entrance Fees To Donations for Pavilion |
3,000 30,000 |
33,000 65,000 20,000 30,000 6,000 25,000 |
By Rent By Salaries to Coaches By Tournament Expenses By Office Expenses By Sports Equipment Purchased By Mowing Machine Purchased By Balance c/d: Cash Bank |
16,000 70,000 |
6,000 30,000 10,000 20,000 15,000 12,000
86,000 |
| Â | Â | 1,79,000 | Â | Â | 1,79,000 |
Subscriptions include ₹ 5,000 for the year ended 31st March, 2022 and ₹ 4,000 were still due in respect of subscriptions for the current year.
Sports Equipment in hand on 31st March, 2022 were ₹ 10,000. The value of the equipments in hand on 31st March, 2023 was ₹ 21,000.
The Mowing Machine was purchased on 1st October, 2022 and is to be depreciated @ 10% p.a.
Income from Tournament should be credited to a newly opened Tournament Fund and the Entrance Fees are to be capitalised.
Prepare the Income & Expenditure Account of the Club for the year ended 31st March, 2023 and the Balance Sheet as at that date. 
Anurag Pathak Changed status to publish February 7, 2024
