From the following Receipts and Payments Account of Social Club and the information supplied prepare...........

From the following Receipts and Payments Account of Social Club and the information supplied, prepare Income and Expenditure Account for the year ended 31st March, 2019 and Balance Sheet as at that date:

RECEIPTS AND PAYMENTS ACCOUNT

for the year ended 31st March ,2019

Dr. Cr.

Receipts			Payments
To Balance b/d To Subscriptions: 2017-18	5,000	7,000	By Salaries By General Expenses By Electricity Charges	28,000 6,000 4,000
2018-19 2019-20	20,000 4,000	29,000 14,000 8,000 2,000	By Books By Newspapers By Balance c/d	10,000 8,000 4,000
To Hire of Ground To Surplus from Entertainment Events To Sale of Old Newspapers
		60,000		60,000

a The club has 50 members each paying an annual subscription of 500. Subscriptions Outstanding on 31st March,2018 were 6,000.

b On 31st March, 2019, Salaries Outstanding amounted to 2,000. Salaries paid in the year ended 31st March, 2019 included 6,000 for the year ended 31st March, 2018.

c On 1st April, 2018, the club owned Building valued at 2,00,000; Furniture 20,000 and Books 20,000.

d Provide depreciation on Furniture at 10%.

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