Question

From the following Receipts and Payments Account of City Club and additional information, prepare an Income and Expenditure Account for the year ending 31st March, 2020 and Balance on that date. [6] RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2020 Dr. Cr. Receipts Payments To Balance b/d Cash in Hand 10,000 Cash at Bank 40,000 To Subscription 2018- 19 5,000 2019-20 1,50,000 2020-21 10,000 To Life Membership Fees To Interest on Sports Fund Investment To Sale of Scrap 50,000 1,65,000 1,20,000 20,000 2,000 By Affiliation Fee to Pradesh Club By Furniture(1st Oct 2019) By Sports Expenses By Sundry Expenses By Balance c/d Cash in Hand 40,000 Cash at Bank 1,00,000 10,000 30,000 25,000 1,52,000 1,40,000 3,57,000 ======== 3,57,000 ====== Additional information: (1) The Club has 1,600members, each paying an annual subscription of 100. Subscription of 4,500 is still in arrears for 2019-20. (2) On 1st April 2019, the Club’s assets and liabilities included Furniture 20,000, Sports Fund and 10% Sports Fund Investment 3, 00,000 each. (3) Provide depreciation on Furniture at 20% p.a. (4) Capital fund (1st April 2019) 69,500.​

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