Question

Following is the Receipts and payments account of Virudhunagar Volleyball Association for the year ended 31^st December 2018. 

Receipts and Payments Account for the year ended 31^st December 2018

Additional information: 

1. On 1.1.2018, the association owned investments Rs. 10,000, premises, and grounds Rs. 40,000, stock of bats and balls Rs. 5,000. 

2. Subscription Rs. 5,000 related to 2017 is still due.

3. Subscription is due for the year 2018, Rs. 6,000.

Prepare income and expenditure account for the year ended 31^st December 2018 and the balance sheet as on that date.

Answer 1

Income and Expenditure Account for the year ended 31.12.18

Opening Balance Sheet as on 1.1.18

Balance Sheet as on 31.12.2109