The Accountant of Diana Club furnishes you the following Balance Sheet as at 1st April, 2022 and Receipts & Payments Account for the year ended 31st March, 2023:
The Accountant of Diana Club furnishes you the following Balance Sheet as at 1st April, 2022 and Receipts & Payments Account for the year ended 31st March, 2023:
Balance Sheet as at 1st April, 2022
| Liabilities | ₹ | Assets | ₹ |
|
Capital Fund Expenses Due |
7,93,000 7,000 |
Electrical Fittings Furniture Books Investments in Securities Cash at Bank Cash on Hand |
1,50,000 50,000 4,00,000 1,50,000 25,000 25,000 |
| Â | 8,00,000 | Â | 8,00,000 |
Receipts & Payments Account for the year ended 31st March, 2023
| Receipts |  | ₹ | Payemnts | ₹ |
| To Balance b/d: Cash at Bank Cash in Hand To Legacies To Membership Subscription To Sale Proceeds of Old Papers To Hire of Lecture Hall To Interest on Securities |
25,000 |
50,000 |
By Electric Charges By Postage and Stationery By Telephone Charges By Books Purchaed (On 1.4.2022) By Outstanding Expenses Paid By Rent By Investment in Securities By Salaries By Balance c/d: Cash at Bank Cash on Hand |
7,200 20,000 |
| Â | Â | 3,09,500 | Â | 3,09,500 |
Prepare Income & Expenditure Account for the year ending 31st March, 2023 and Balance Sheet as at that date after taking the following adjustments:
(i) Membership subscriptions included ₹ 10,000 received in advance.
(ii) Provide for outstanding Rent ₹ 4,000 and Salaries ₹ 3,000.
(iii) Books to be depreciated @ 10% including additions. Electrical Fittings and Furniture are also to be depreciated at the same rate.
(iv) Interest on Securities is to be calculated @ 5% p.a. including purchase of investment made on 1st October 2022 for ₹ 40,000. 
Anurag Pathak Changed status to publish February 8, 2024
