Question

20 From the following Receipts and Payments Account of City Club and additional information, prepare an
Income and Expenditure Account for the year ending 31st March, 2018 and Balance Sheet as on the date
RECIEPTS AND PAYMENTS ACCOUNT
Dr.
for the year ending 31st March, 2018
Cr.
Receipts
₹ Payments
3 ₹
To Balance b/d:
By Affiliation Fee to Pradesh Club
10.000
Cash in hand
10,000
By Furniture (1st October, 2017)
30.000
Cash at Bank
40.000 50,000 By Sports Expenses
25,000
To Subscription:
By Sundry Expenses
1.52.000
2016-17
5,000
By Balance /d :
2017-18
1,50,000
Cash in Hand
53,500
2018-19
10,000 1,65,000 Cash at Bank
1,00,000 1,53,500
To Life Membership Fees
1,20,000
To Sale of Scrap
2,000
To Interest on Sports Fund Investments 20,000
To Interest on 9% Investments
13,500
3,70,500
3,70,500
Red Spa
Additional Information:
() The Club has 1,600 members each paying an annual subscription of 100. Subscriptions in Arrears on
March 2017 were 7,000. Subscriptions of 4,500 are still in arrears for 2017-18
(ii) On 1st April, 2107, the Club's assets and liabilities included Furniture 320,000; Sports Fund and
10% Sports Fund Investment 3,00,000 each, and 9% Investments 1,50.000
(iii) Provide deprecation on Furniture at 20% p.a.
(iv) Capital Fund on 1st April, 2017 is 32,21,500.
amends
eeds​

Answer 1

Answer:

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