Question

Expenditure Q. 41. Prepare an Income and Expenditure Account for the year ended 31st March 2016 and the Balance Sheet as at that date from the following Receipts and Payments Account of a Club and from the information supplied Payments flere 2500 By Salaries 12.000 By General Expenses 3.000 2 500 By Electric Charges 2.000 10,000 By Books 1.000 2,000 By Newspapers 4.000 By Postage 500 600 By Furniture 2.500 7,400 By Balance cd 5.000 4.000 1.000 30,000 30.000 To Balance hd To Subscriptions for 2014-15 for 2015-16 for 2016-17 To Sale ofold furniture (Costing 1,000) To Rent received for the use of Hall To Entrance Fres To Sale of Newspapers Informations : The club has 50 members, each paying annual subscription of 3250 Subscriptions outstanding on 1st April, 2015 were 13,000 in On 31st March, 2016, Salaries outstanding amounted to 31,000 Salaries paid included 1,000 for the year 2014-15. (m) General Expenses include Insurance which is prepaid to the extent of 100 (iv) On 31st March, 2015, the club owned Land and Building valued at 1,00,000, Furniture 6,000 and Books 5,000.​

Answer 1

Answer:

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