Question

Following is the Receipts and Payments Account of Delhi Football Club for the year ended 31st March, 2018:
Additional Information:
(i) During the year ended 31st March, 2018, the club had 550 members and each paying an annual subscription of ₹ 100.
(ii) Salaries Outstanding as at 1st April, 2017 were ₹ 10,000 and as at 31st March, 2018 were ₹ 5,000.
Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2018.

Answer 1

HEYA MATE YOUR ANSWER IS

1) During the year ended 31st March, 2018, the club had 550 members and each paying an annual subscription of ₹ 100

2) Salaries Outstanding as at 1st April, 2017 were ₹ 10,000 and as at 31st March, 2018 were ₹ 5,000.

HOPE THIS HELPS ❤️

Answer 2

Calculation of Surplus:

Surplus= Total income- Total expenditure

           =1,91,000- 83,200

            =1,07,800

Accrued interest:

Interest = investment×Rate×no. of months

           =1,60,000×10%×9/12

           =12,000

Accrued interest= 12000- 10000(interest received)

                         = 2000