23
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23. From the following Receipt & Payments Account of Mumbai Club. prepare Income
Expenditure Account for the year ended 31.12.2021 and its Balance Sheet as on that date
₹
Payments
Receipts
4,000 By Salary
To Cash in Hand b/d
10,000 By Payment for Billiard Tablo
To Cash at Bank b/d
5,000 By Repair Expenses
To Donations
12,000 By Purchase of Fumiture
To Subscriptions
1.000 By Miscellaneous Expenses
To Entrance Fees
100 By Purchase of investments
To Interest on Investments
400 By Insurance Premium
To Interest Received from Bank
To Sale of old Newspapers
150 By Paper, Ink, etc.
To Sale of Drama Tickets
1.050 By Drama Expenses
By Cash in Hand old
By Cash at Bank cd
33,700
Additional Information:
1. Subscriptions in arrear for 2021, 900 and subscriptions in advance for 2022.738
2. Insurance premium outstanding ? 40.
3. Miscellaneous expenses prepaid 90.
4.50% of donations to be capitalised.
S8interest has accrued on investments for five months
6. Emance fees are to be treated as revenue income.
Ward table costing 30,000 was purchased during the inst year and 22.000 e
the last year
Answers & Comments
Indian or Indians refers to people or things related to India, or to the indigenous people of the Americas, or Aboriginal Australians until the 19th century.