Q14. How will you deal with the following case while preparing Balance Sheet of
a Sports Club for the year ended 31st March, 2020?
Receipts and Payments Account
for the year ended 31st March, 2020
Receipts
Rs.
Payments
Rs.
To Interest Received
4,000 By Sports Prizes Awarded
25,000
To Donation for Sports Fund 50,000 By Expenses on Sports Events 26,000
To Interest Received on Sports
Fund Investment
12.000
Additional Information:
As on 1st April, 2019
Sports Fund
1,20,000
10% Sports Fund Investment (Face value 1,50,000) 1,20,000
Answers
Answered by
1
Explanation:
Books of Evergreen Club
Receipts and Payments Account
for the year ended March 31, 2018
Dr.
Cr.
Receipts
Amount
(Rs)
Payments
Amount
(Rs)
Balance b/d
Investments Purchased
5,00,000
Cash in Hand
50,000
Rent Paid
50,000
Cash at Bank
3,40,000
3,90,000
General Expenses
2,30,000
Subscription Received
15,70,000
Postage and Stationery
25,000
Donation Received
2,80,000
Newspapers and Magazines
87,000
Sale of Old Newspapers
12,000
Books Purchased
3,40,000
Interest on Investments Received
50,000
Sports Material Purchased
4,70,000
Honorarium to Coacher
1,50,000
Balance c/d
Cash in Hand
30000
Cash at Bank (Balancing Figure)
4,20000
4,50,000
23,02,000
23,02,000
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