Question

Pass necessary adjustment entry to rectify the above error. Give your full working notes clearly.
9
Receipts and Payments Account of Fort Club, Bombay is given below for the year ended 31st March 2020: -
Receipts
Amount (3
Payment
Amounts (
Balance b/d
5,000 Purchases of Balls
21,000
Subscriptions
1,20,000 | Tournament Expenses
10,000
Interest
3,000 Rent
12,000
Sale of Furniture
(Cost price 14,000)
10,000 Refreshment Expenses
25,000
Donation for Buildings
1,85,000 Salaries
36,000
Tournament Receipts
15,000 Investment @ 5% p.a.
2,00,000
Balance c/d
34,000
Total
3,38,000 Total
3,38,000
Prepare Income and Expenditure Account after taking the following items into account: -
1) Subscription include 8,000 for 2018-19 and 10,000 for 2020-21 and 15,000 are still owing for
subscription of 2019-20.
2) Salary outstanding is 2,000 for 2018-19 and 3,500 is for 2019-20.
3) Stock of Balls is 4,000 on 31st March 2020.​

Answer 1

Answer:

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Explanation:

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