From the following Receipts and payments a/c of Rotary Sports Club, Prepare
Income and Expenditure a/c and Balance sheet for the year ended 31st March, 2019.
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Concept:
Solving adjustments as per the respected question.
Given:
It is given that respectively transactions took place as of 31st March 2019.
Find:
We have to prepare Income and Expenditure A/c and Balance sheet for the year ended on 31st March 2019 of a Rotary Sports club.
Solution:
- An organization's complete accounting of all its receipts and outlays for a given fiscal year is known as an income and expense account. This account, which is prepared on an accrual basis, captures all income and outlays for a specific year, whether they are clear or not.
- In contrast to expenditure, which refers to actual costs incurred, income refers to the earnings from non-trading foundations' income created over a given fiscal year.
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