Question

Receipts and Payments Account of Shankar Sports Club is given below, for the year ended 31st March, 2018:
Prepare Income and Expenditure Account and Balance Sheet with the help of following information:
Subscription outstanding on 31st March, 2017 is ₹ 1,200 and ₹ 2,300 on 31st March, 2018; opening stock of postage stamps is ₹ 300 and closing stock is ₹ 200; Rent ₹ 1,500 related to the year ended 31st March, 2017 and ₹ 1,500 is still unpaid. On 1st April, 2017 the club owned furniture ₹ 15,000, Furniture valued at ₹ 22,500 on 31st March, 2018. The club has a loan of ​₹ 20,000(@ 10% p.a.) which was taken in year ended 31st March, 2017.

Answer 1

HEYA MATE YOUR ANSWER IS

Prepare Income and Expenditure Account and Balance Sheet with the help of following information:

Subscription outstanding on 31st March, 2017 is

HOPE THIS HELPS ❤️

Answer 2

Calculation of Deficit:

Deficit= Expenditure- Income

         = 54,600- 48,500

          = Rs 6,100