Q. 43. Following is the Receipts and Payments Account of Chennai Sports Club :
RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019
Receipts
Amount
Payments
Amount
₹
34,000
Municipal Taxes
₹
Balance b/d
Subscriptions
2,00,000
Charity
75,000 Rent
20,000
45,000
Govt. Grant
1,50,000
30,000
Legacies
1,00,000
Fixed Deposit with Bank
(on 1.07.2018 @ 10% p.a.)
Donations
50,000 Meeting expenses
25,000
Donations for Tournament Sale of Defence Bonds
40,000
T.V. Set
40,000
Interest on Defence Bonds
6,000
Tournament Expenses
60,000
15,000
Interest received on F.D.
15,000
Furniture Balance c/d
1,35,000
6,70,000
6,70,000
Prepare Income and Expenditure Account for the year ended 31st March, 2019 and a Balance Sheet as at that date after the following adjustments :
(i) Subscriptions received during the year included 10,000 from a life member and a Donation of ₹50,000 received for Building Fund.
(ii) Book value of Defence Bonds sold was 30,000; 60,000 of the Defence Bonds were still in hand.
(iii) Municipal Taxes amounted to 20,000 per year is paid upto 30th June.
(iv) Rent ₹5,000 is related to the year ended 31st March 2018 and 2,500 is still owing.
(v) It was decided to treat 40% of the amount received on account of Legacies and Donations as income.
(vi) On 1st April 2018, the club owned furniture 1,10,000; Furniture is valued at 1,05,000 on 31st March, 2019,
at Total
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