Question

Given Below is the Receipts and Payments Account of a Mayur Club for the year ended 31st March, 2018:
Prepare club’s Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheet as at that date after taking the following information into account:
(i) There are 500 members, each paying an annual subscription of ₹ 500, ₹​ 5,000 are still in arrears for the year ended 31st March, 2017.
(ii) Municipal Taxes amounted to ₹​ 4,000 per year is paid up to 30th June and ₹​ 5,000 are outstanding of salaries.
(iii) Building stands in the books at ₹​ 5,00,000.
(iv) 6% interest has accrued on investments for five months.

Answer 1

Calculation of Surplus:

Surplus= Income - Expenditure

           = 3,63,500- 1,41,000

           = Rs 2,22,500

Answer 2

Answer:

Explanation:...