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 Dr. RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019 Cr. Receipts Payments To Balance b+d 7,000 By Salaries 28,000 To Subscriptions By General Expenses 2017-18 6,000 5,000 By Electricity Charges 4,000 2018-19 20,000 By Books 10,000 2019-20 4,000 29,000 By Newspapers 8,000 To Hire of Ground 14,000 By Balance c+d 4,000 To Surplus from Entertainment Events 8,000 To Sale of Old Newspapers 2,000 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%. [Ans. Surplus-5,000; Capital Fund as at 1st April, 2018-2,47,000; Balance Sheet Total 2,58,000.]

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