Question

Following is the Receipts and Payments Account of the Mumbai Club for the year ended 31^st March 2016:

Receipts and Payments Accounts for the year ended 31^st March 2016

Additional Information: 

1. Stationery Expenses, etc Rs. 3,120 related to 2014 – 15 still owing Rs. 3,640. 

2. Subscription unpaid for 2015 – 16 Rs. 8,680; Special subscriptions for Governor’s party outstanding Rs. 5,500. Governor’s party is to be held in April 2016.

3. The Club owned sports materials of the value Rs. 1,60,000 on 1^st April, 2015. This was valued at Rs. 1,35,000 on 31^st March 2016, stock includes sports materials of Rs. 5,000, which is to be written off is not usable. The club took a loan of Rs. 2,00,000 in 2014 – 15.

Prepare Income and Expenditure Account for the year ended on 31^st March, 2016 and Balance Sheet as on that date.

Balance Sheet as on 1^st April 2015

Answer 1

Mumbai Club Income And Expenditure Account for the year ended 31^st March, 2016

Balance Sheet as on 31^st March, 2016