Question

: `12. The Receipt and Payment account for the year ended 31 March 2017 of Genesis Club as follows: Receipts Amount Payment Amount To balance b/a 50 000 By salaries 20 000 To subscription 1 00 000 By Rent 15 000 received By printing and 8 000 To sale of waste 2 000 stationary To interest 1 500 By water and supply 15 000 By news papers and 18 000 periodicals Ву 50 000 furniture(purchased on 1-04-2017) 2 000 By repairs 10 000 By refreshment 15 500 By balance c/d 1 53 500 1 53 500 (a) The member of the club was 500 members each paying a monthly subscription of Rs. 20. (b) The rent of the dub was Rs. 1 500 per month. lg There was a sports equipment at the beginning of the year worth Rs. 40 000. (d) Prepaid salary was Rs 2 000. (e) Depreciation is to be provided @ 10% p.a. on assets. Prepare income and expenditure and balance sheet. `​

Answer 1

Answer:

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