`From the following Receipts and Payments Account of Samara Club prepare an Income and Expenditure Account for the year ended 31st March 2020. Receipts and Payments Account of Samara Club for the year ended 31st March 2020 Receipts Payments To Balance b/d 9 000 By Rent 29 000 To Subscription: By Investments 20.000 2018-19 10 000 By Honorarium 4 000 2019-20 52 000 By Machinery 40 000 2020-21 14.000 (Purchased on 1.12.2019) 66 000 By Balance c/d 14 600 To Sale of old furniture (Book value of 3 000) 3 600 To Government Grants 25 000 To Interest on Investments 4.000 1 07 600 1 07 600 Additional information: (1)The club had 60 members each paying an annual subscription of 1 000. Subscription of 35 000 was still in arrears for the year 2018-19. (i) On 31* March 2020 prepaid rent was 34 000. (iii)interest was accrued on investments amounting to 1 000. (iv)The Club had machinery amounting to +80 000 on 1* April 2019. Depreciate machinery @ 10%p.a. `.
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11
Answer:
Total subscriptions 21000×200 members =200000
T. subscription recived =2,05,000
(-) Subscriptions o/s (op) (30,000)
(-) Subscriptions rec. in adv (40,000)
(closing)
1,49,000
T. subscription (2,00,000)
o.s as on 31st, march 17
51,000
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1
Answer:
explain the futures and expenditure account
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