Question

Modern Club’s Balance Sheet as at 1st April, 2017 was as under:
The Receipts and Payments Account for the year ended 31st March, 2018 was:
Subscriptions still to be received are ₹ 5,500 but subscriptions already received include ₹ 4,000 for next year. Salaries still unpaid are ₹ 6,000. Sports Equipments are now valued at ₹ 45,000. Prepare Income and Expenditure Account and the Balance Sheet, after charging 10% depreciation on Billiards Tables.

Answer 1

Explanation:

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Answer 2

Calculation of Depreciation:

Depreciation= Value of the asset x rate of interest x period

                     = 60000 x 10% x 1

                      =Rs 6000