Following is the Receipts and Payments Account of Queen's Club for the year ended 31st March, 2018: Following addittional information is provided: (i) Sibscriptions include Rs12,000 for 2016-17 and Rs18,000 for 2018-19. (ii) Stock of stationery on 31st March, 2017 and 2018 was Rs7,200 and Rs5,400 respectively. (iii) Stock of sports material in the begining and at the end of the year was Rs12,000 and Rs21,000 respectively. (iv) Rent included Rs4,000 paid for March, 2017 Rent for March, 2018 is outstanding (v) Telephone expenses include Rs3,000 as quarterly rent up to 31at May, 2018. (vi) The value of Building on 31st March, 2017 was Rs8,00,000 and you are required to write off depreciation at 10% (vii) The value of Investment on 31st March, 2017 was Rs10,00,000 and the club made similar additional Investments during the year on 1st October, 2017 You are required to prepare the Income and Expenditure Account of the club for the year ended 31st March, 20108

Following is the Receipts and Payments Account of Queen's Club for the

1.	Following is the Receipts and Payments Account of Queen's Club for the year ended 31st March, 2018: Following addittional information is provided: (i) Sibscriptions include Rs12,000 for 2016-17 and Rs18,000 for 2018-19. (ii) Stock of stationery on 31st March, 2017 and 2018 was Rs7,200 and Rs5,400 respectively. (iii) Stock of sports material in the begining and at the end of the year was Rs12,000 and Rs21,000 respectively. (iv) Rent included Rs4,000 paid for March, 2017 Rent for March, 2018 is outstanding (v) Telephone expenses include Rs3,000 as quarterly rent up to 31at May, 2018. (vi) The value of Building on 31st March, 2017 was Rs8,00,000 and you are required to write off depreciation at 10% (vii) The value of Investment on 31st March, 2017 was Rs10,00,000 and the club made similar additional Investments during the year on 1st October, 2017 You are required to prepare the Income and Expenditure Account of the club for the year ended 31st March, 20108
Answer» Solution : `{:("Calculate of interest on INVESTMENTS:",Rs),(Rs10","00","00xx6//100,"60,000"),("Rs"5","00","000xx6//100xx6//12,underline("15,000")),("TOTAL interedt Due","75,00"),("Less, interest RECEIVED during the YEAR","65,000"),("Interest accrued but not received",underline underline overline ("10,000")):}` 2. Donations being not for specific purpose, are credited to Income and Expenditure Account.

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