Receipts and Payments Account of Shankar Sports club is given below, for the year ended March 31,2015
Prepare Income and Expenditure Account and Balance Sheet with help of the following Information:
Subscription outstanding on March 31, 2014, is Rs. 1,200 and Rs. 2,300 on March 31, 2015, opening stock of postage stamps is Rs. 300 and closing stock is Rs. 200, Rent Rs. 1,500 related to 2005 and Rs. 1, 500 is still unpaid.
On April 1,2014 the club owned furniture Rs. 15,000, Furniture valued at Rs. 22,500
On March 31,2015. The club took a loan of Rs. 20,000 (@ 10% p.a) in 2014.
