Question

The Receipts and Payments Account of Rotary Club for the year ended 31" March, 2021 is given below:
Receipts
Amount
Payments
Amount
To Balance b/d
To Subscriptions:
2019-20
1,500
2020-21
45,000
2021-22
750
To Donations
To Receipts from Drama
To Sale of Old Furniture (B.V. 3,000)
20,500 By Salary
By Drama Expenses
By Newspapers and Magazines
By General Expenses
47,250 By Municipal Tax
6,500 By 10% Investments (on 1.10.2020)
10,250 By Balance c/d
2,250
86,750
16,500
6,250
2,250
3,500
1,200
20,000
37,050
86,750
Additional information:
10 The Club has total 400 members each paying 150 towards annual subscription
(6) Salary has been paid for 10 months only.
(1) Prepaid Municipal Tax is * 200.
fiv) The book value of Building as on 1.4.2020 * 50,000 and depreciation is charged @ 5% p.a.
Prepare Income and Expenditure Account for the year ended 31" March, 2021

Answer 1

Answer:

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