Question

how will be the following items dealt while preparing the final account of a club for the year ending 31st March 2020? prize fund 1,00,000 , 10% prize fund investment on 1st april ,2019 1,00,000 donation for prize received during the year 15,000 prizes awarded during the year 17,500 interest received on 10% prize fund investment 4500
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Answer 1

ANSWER:

Receipts and Payments A/c for the year ended 31st March, 2019

Cr.

Receipts

Amount

(₹)

Payments

Amount

(₹)

To balance b/d

4,390

By Electricity Charges

3,440

To Subscriptions

37,600

By Taxes Paid

490

To Donations

8,000

By Salaries

21,500

To Entrance Fees

4,300

By Honorarium to Secretary

2,500

To Rent Received for Club Halls

5,250

By Printing and Stationery

350

To Interest Received on Investments

2,950

By Petty Cash Expenses

900

 

 

By Insurance Premium Paid

310

 

 

By balance c/d

33,000

 

 

 

 

 

62,490

 

62,490