Question

Receipt and Payment A/c of Sports Club as on 31-3-2020
as follows.Prepare Income and Expenditure A/c and Balance Sheet
as on 31-3-2020
ReceiptAmtPaymentAmt
To Balance B/d20,000By Salary70,000
To Subscription
31-3-19.20,000
31-3-20. 1,20,000
31-3-21.60,000
2,00,000By match expenses60,000
To Rent(11 months)66,000By Telephone expenses8,000
To sale of Furniture
(Book Value 50,000)
56,000By Newspaper2,000
To Entrance Fee20,000By tournament
expenses
7,000
To Match fund 40,000 By Furniture18,000
To life Membership fee50,000 By Investment 20%70,000
To Interest on investment10,000 By Sports material80,000
By Building1,00,000
By Balance C/d47,000
4,62,000 4,62,000

Answer 1

Answer:

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