Glaxo Club 39 s Balance Sheet as at 1st April 2018 was as under Liabilities Assets Capital...........

Glaxo Club's Balance Sheet as at 1st April, 2018 was as under:

Liabilities		Assets
Capital Fund	2,00,000	Sports Equipments	50,000
Tournament Fund	60,000	Grounds	1,20,000
Subscriptions in Advance	6,000	Billiards Tables	60,000
Salaries Unpaid	11,000	Subscriptions Outstanding	8,000
		Cash and Bank Balances	39,000
	2,77,000		2,77,000

Receipts and Payments Account for the year ended 31st March, 2019 was: RECEIPTS AND PAYMENTS ACCOUNT

for the year ended 31st March, 2019

Dr. Cr.

Receipts		Payments
To Opening Balance	39,000	By Wages and Salaries	60,000
To Subscriptions	1,81,000	By Upkeep of Grounds	10,000
To Sale of Old	1,500	By Stationery	15,000
Materials
To Sale of Sports	6,000	By Audit Fee	2,000
Equipment
Bookvalue 10, 000		By Expenses on Tournament	65,000
To Entrance Fees	2,000	By Sports Equipments	20,000
To Life Membership	50,000	By 5% Investments	40,000
Fees
To Donations for	20,000	On1stOctober, 2018
Tournament

	By Cash and Bank Balances	87,500
2,99,500		2,99,500

Subscriptions still to be received are 5,500 but subscriptions already received include 4,000 for next year. Salaries still unpaid are 6,000. Sports Equipments are now valued at 45,000. Prepare Income and Expenditure Account and the Balance Sheet, after charging 10% depreciation on Billiards Tables.

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