Question

Following is the Receipts and Payments Account of City Youth Association
for the year ended 31 st March 2017:

Receipts and Payments Account

Receipts Rs. Payments Rs.
To Balance b/d
To Subscription
To Entrance Fees
To Tournament Fund
To Sale of Old News
Papers
To Legacy

10,000
52,000
5,000
26,000
1,000
37,000

By Salaries
By Billiard Table
By Office Expenses
By Tournament Exp.
By Sports Equipment
By Balance c/d

15,000
20,000
6,000
31,000
40,000
19,000
1,31,000 1,31,000

Additional Information:
On 31 st March , 2017Subscription outstanding was Rs.2,000 and on 31 st
March ,2016Subscription outstanding was Rs.3,000. Salary Outstanding
on 31 st March, 2017 was Rs.1,500. On 1 st April 2016 the club had Building
Rs.75,000 furniture Rs.18,000,12% InvestmentsRs.30,000 and Sports

EquipmentRs.30,000. Depreciation charged on these items including
purchases was 10% p.a.
Prepare Income and Expenditure Account of the Association for the year
ended 1 st March,2017 and also their Balance Sheet as at that date.

Answer 1

Explanation:

balance sheet 2019, income and expenditure account, and balance sheet2020