Question

# From the following information, prepare Receipts and Payments Account of Long-town Sports Club for the year ending 31st March, 2019:   Particulars (₹) Particulars (₹) Opening Balance:   Charity Given 10,000 Cash in Hand 50,000 Match Expenses 30,000 Cash at bank 60,000 Salaries 63,600 Subscription Received:   Honorarium 4,000 2017-18 4,000 12% Investment Purchased 60,000 2018-19 1,40,000 Entrance Fees 4,000 2019-20 8,000 Interest on 12% Investments 6,000 Furniture Purchased 70,000 Closing Balance:   General Donations 20,000 Cash in Hand 24,000 Donations for Tournament 40,000 Cash at Bank ?

Solution

## In the books of Longtown Sports Club Dr. Receipts and Payments A/c for the year ended 31st March, 2019 Cr. Receipts Amount (₹) Payments Amount (₹) To Opening Balance:   By Charity Given 10,000 Cash in Hand 50,000 By Match Expenses 30,000 Cash at Bank 60,000 By Salaries 63,600 To Subscriptions Received:   By Honorarium 4,000 2017-18 4,000 By 12% Investment Purchased 60,000 2018-19 1,40,000 By Furniture Purchased 70,000 2019-20 8,000 By Closing Balance   To Entrance Fees 4,000 Cash in Hand 24,000 To General Donations 20,000 Cash at Bank (WN1) (Bal. Fig.) 70,400 To Donations for Tournament 40,000     To Interest on 12% Investments 6,000               3,32,000   3,32,000         Working Notes: Calculation of closing balance of Cash: Total Receipts = ₹ 3,32,000 Total Payments = ₹ 2,37,600 Cash in Hand = ₹ 24,000 Cash at Bank = Total Receipts – (Total Payments + Closing Balance of Cash)   = ₹ [3,32,000 – 2,61,600] = ₹ 70,400 AccountancyTS Grewal Vol. I (2019)All

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