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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

  8,00,000   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
25,000

 

50,000
30,000
2,00,000
1,500
20,000
8,000

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
5,000
5,000
60,000
7,000
88,000
40,000
66,000

20,000
11,300

    3,09,500   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
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