Q. Following is the Receipts and Payments Account of Citizen Club for the
year ended 31st March. 2018 :
|To Balance b/d
To Subscriptions (including
Rs 10,000 for 2018-19)
To Life Membership Fee
To Interest on Investments
7% p.a. for full year)
(paid for 11 months)
By Stationery purchased
By Balance c/d
Prepare Income and Expenditure Account for the year ending 31st March, 2018
and the Balance Sheet as at that date after considering the following information :
(i) Subscription in arrear on 31st March, 2017 were Rs. 30,000 and on 31st March 2018 were Rs. 48,000.
(ii) Stock of stationery on 31st March, 2017 was 5,000 and on 31st March, 2018
(iii) Insurance was paid on 1st January 2018 to run for one year.