Question

Following is the summary of cash transactions of the Royal Club for the year ended 31st March, 2018:
In the beginning of the year, the club possessed Books of ₹ 2,00,000 and Furniture of ₹ 85,000. Subscriptions in arrears in the beginning of the year amounted to ₹ 3,500 and at the end of the year ₹ 4,500 and six months Rent ₹ 6,000 was due both in the beginning of the year and at the end of the year.
​Prepare Income and Expenditure Account of the club for the year ended 31st March, 2018 and ist Balance Sheet as at that date after writing off ₹ 5,000 and ₹ 11,300 on Furniture and books respectively.

Answer 1

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due both in the beginning of the year and at the end of the year.

Prepare Income and Expenditure Account of the club for the year ended 31st March

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Answer 2

Explanation:

Accrued interest on FD = Amount X Rate of Interest X No.of months                                                                  

                                       = 80,000 X 3% X 6/12

                                       = 1,200