22,360
22,360
9: Following is the Receipts and Payments Account of Parnil Sports Club, Pune and
additional information given below you are required to prepare Income and Expenditure
Account.
Account for the year ended 31 March 2019 and a Balance Sheet as on that date.
Receipts and Payments Account
for the year ended 31" March 2019
Cr.
Receipts
Amount
Payments
To Balance b/d
To Subscriptions
2016-17
2017-18
2018-19
2,000
3,000
70,000
32.000
10,000
4,000
2.700
50.000
500
5,000 By Bank Overdraft (repaid)
By Salaries
By Electrical Charges
By Municipal Taxes
75,000 By Purchase of Sports Materials
15,000 By General Expenses
1,700 By Billiard Expenses
17,000 By Repairs to Ground
60,000 BY Tournaments Exp.
By Balance c/d
Cash in Hand
Cash at Bank
3.000
To Donations
To Entrance fees
To Life membership fees(Revenue)
To Tournament Receipts
500
50.000
1,73,700
1.73.700
Answers
-13333378
Explanation:
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Income and Expenditure Account
Income and Expenditure AccountFor the year ended 31 March 2019
Income and Expenditure AccountFor the year ended 31 March 2019Cr.
Income
Amount
Expenditure
Subscriptions
2016-17
2017-18
2018-19
2,000
3,000
70,000
75,000
Donations
Entrance fees
Life membership fees(Revenue)
Tournament Receipts
500
50,000
1,73,700
Salaries
Electrical Charges
Municipal Taxes
Purchase of Sports Materials
General Expenses
Billiard Expenses
Repairs to Ground
Tournaments Exp.
10,000
4,000
2,700
50,000
1,700
17,000
60,000
1,73,700
Balance Sheet as on 31 March 2019
Liabilities
Amount
Assets
Amount
Bank Overdraft (repaid)
5,000
Cash in Hand
3,000
Cash at Bank
3,000
Balance c/d
Balance b/d
2016-17
2017-18
2018-19
2,000
3,000
70,000
75,000
Note : The above Income and expenditure and balance sheet is based on the information provided in the question, It may not be accurate because the information provided is not enough for prepare accurate financial statements.
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