The following is the Receipts and Payments Account of the Jolly Makers Club in respect of...

 

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The following is the Receipts and Payments Account of the Jolly Makers Club in respect of the year ending March 31,1998: Receipts To Balance b/d 1.4.97 March 31, 1998 " Subscription 1996-97 1997-98 1998-99 "Profit on sports meeting "Interest on Investment Sundry receipts 80 4,220 160 $ 2,050 4,460 2,850 2,000 250 11,610 Payments March 31, 1998 By Salaries "Rates and Taxes Stationery Telephone "" Investments Govt. Securities Sundry expenses " Balance c/d The following additional facts are ascertained: $ 4,160 1,200 800 200 2,500 1,850 900 11,610 (1) Stock of stationery on April 1, 1997, was $ 100 and on March 31, 1998, $ 180 (2) Rates and taxes were prepared to the extent of $ 400. (3) Telephone charges outstanding amounts to $ 75. (4) In 1996-97 subscription received in advance amounting to $ 200 for current year and $ 180 were due on March 31, 1998 for 1997-98. (5) On March 31, 1997, the Building stood in the books at $ 20,000 and it is required to write off depreciation at 5%. Investments at March 31, 1997, were $ 40,000. You are required to prepare Income and Expenditure Account for the year ended March 31, 1998. The following is the Receipts and Payments Account of the Jolly Makers Club in respect of the year ending March 31,1998: Receipts To Balance b/d 1.4.97 March 31, 1998 " Subscription 1996-97 1997-98 1998-99 "Profit on sports meeting "Interest on Investment Sundry receipts 80 4,220 160 $ 2,050 4,460 2,850 2,000 250 11,610 Payments March 31, 1998 By Salaries "Rates and Taxes Stationery Telephone "" Investments Govt. Securities Sundry expenses " Balance c/d The following additional facts are ascertained: $ 4,160 1,200 800 200 2,500 1,850 900 11,610 (1) Stock of stationery on April 1, 1997, was $ 100 and on March 31, 1998, $ 180 (2) Rates and taxes were prepared to the extent of $ 400. (3) Telephone charges outstanding amounts to $ 75. (4) In 1996-97 subscription received in advance amounting to $ 200 for current year and $ 180 were due on March 31, 1998 for 1997-98. (5) On March 31, 1997, the Building stood in the books at $ 20,000 and it is required to write off depreciation at 5%. Investments at March 31, 1997, were $ 40,000. You are required to prepare Income and Expenditure Account for the year ended March 31, 1998.

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Answer In come and Expend iture Account For the Year Ended March 31 1998 In come Sub s... View the full answer