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Answers
Explanation:
Receipt and Payment Account
For the year ending March 31, 2020
Receipt Amount Payment Amount
Cash in hand 6800 Salaries 22000
Subscription 60200 Travelling expenses 8000
Donation 3000 Stationery 2300
Sale of furniture (book
value Rs 6000
4000 Rent 16000
Entrance fee 800 Repairs 700
Life membership fee 7000 Books Purchased 6000
Interest on investment
@5% for full year
5000 Building Purchased 30000
Cash in hand 1800
86800 86800
Additional information:
(i) Subscription received included Rs.2000 for 2018-19 and Rs.3200 for 2020-21
(ii) Subscription amounting to Rs.800 is still in arrears for 2018-19 and subscription
of Rs.4000 is in arrears for 2019-20
(iii) Three months rent Rs.4000 was due both in the beginning and end of the year
(iv) One month salary is outstanding at the end of the year
(v) On 1-4-2019 club owned books valued at Rs.13500 and Furniture Rs.