16 From the following Receipts and Payments Account of Krish Fitness and wellness Club for the year ended 3151
March 2020, prepare Income and Expenditure Account.
Receipts and Payments Account
Dr.
For the year ending 31st March, 2020
Receipts
Amount
Payonents
Amount
To Balance b/d
85,000 By Doctors and Coaches Honorarium
25,000
15,500
To Subscription
68,500 By Medicines
30,000
To Entrance Fees
25,000 By Medical Equipment
8.000
To Life Membership Fees
30,000 By General Expenses
20,000
To Donations for tournament fund
20,000 By Furniture
By Newspaper
8.000
To Sale of old Medical equipment
(Book Value 15,000)
To Miscellaneous Receipts
5,000
5,000 By Rent, Rates and Taxes
15,000 By Tournament expenses
60,000
77,000
By Balance c/d
24850g
248500
Additional Information:
Following opening balances appeared in the books on 1st April, 2019.
(a) Tournament fund '15,000.
(b) Medical Equipment 1.50,000
(c) Outstanding Subscription was 8.000 and Advance Subscription 5.000 (for 2019-20)
During the year 2019-20 Depreciation on medical equipment was 25,000.
There were 600 members each paving an annual subscription of 100
Answers
Answer:
hope helpful u dear..............................
Answer:
Bills receivable book
Date: In this column, the date of the acceptance of the bill is recorded.
From whom received: In this column, the name of the debtor, who has accepted the bill and promised to make its payment, is recorded. ...
Term or period: The bill is drawn for a specified period.
Explanation:
When the drawee (customer) accounts the bill and sends it back to the drawer (vendor), it becomes a bill receivable for the drawer as the money is receivable for him. On the other hand, accounts becomes a bill payable for the drawer as it is a liability for him
Receipt & Payment A/c is a real account, which records cash transactions and events of a Not for Profit Organisation. It is a classified summary of Cash Book maintained on cash basis of accounting categorising receipts and payments under appropriate heads of accounts
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