Receipts and Payments Account of Shankar Sports Club is given below for the year ended 31st March 20...........

Receipts and Payments Account of Shankar Sports Club is given below for the year ended 31st March, 2019:

RECEIPTS AND PAYMENTS ACCOUNT

for the year ended 31st March, 2019

Dr. Cr.

Receipts		Payments
To Cash in Hand Opening	2,600	By Rent	18,000
To Entrance Fee	3,200	By Wages	7,000
To Donation for Building	23,000	By Billiard Table	14,000
To Locker Rent	1,200	By Furniture	10,000
To Life Membership Fee	7,000	By Interest	2,000
To Profit from Entertainment	3,000	By Postage	1,000
To Subscription	40,000	By Salary	24,000
		By Cash In Hand Closing	4,000
	80,000		80,000

Subscription outstanding on 31st March, 2018 is 1,200 and 2,300 on 31st March, 2019; opening stock of postage stamps is 300 and closing stock is 200; Rent 1,500 related to the year ended 31st March, 2018 and 1,500 is still unpaid. On 1st April, 2018 the club owned furniture 15,000, Furniture valued at 22,500 on 31st March, 2019. The club has a loan of 20,000 @10% which was taken, in year ended 31st March, 2018.

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