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Given Below is the Receipts and Payments Account of a Mayur Club for the year ended 31st March, 2018: Prepare club’s Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheet as at that date after taking the following information into account: (i) There are 500 members, each paying an annual subscription of ₹ 500, ₹ 5,000 are still in arrears for the year ended 31st March, 2017. (ii) Municipal Taxes amounted to ₹ 4,000 per year is paid up to 30th June and ₹ 5,000 are outstanding of salaries. (iii) Building stands in the books at ₹ 5,00,000. (iv) 6% interest has accrued on investments for five months. |
| Answer» TION of SURPLUS:Surplus= INCOME - EXPENDITURE = 3,63,500- 1,41,000 = RS 2,22,500 | |