From the following Receipts and Payments account of Sivakasi Pensioner’s Recreation Club, prepare income and expenditure account for the year ended 31st March 2018 and the balance sheet as on that date.
Receipts and Payments Account for the year ended 31st March 2018
Additional information:
1. The club had 300 members each paying Rs. 100 as an annual subscription.
2. The club had furniture Rs. 10,000 on 1.4.2017.
3. The subscription still due but not received for the year 2016 – 2017 is Rs. 1,000.
