From the following Receipts and Payments Account of Krish Fitness and wellness Club for the year ended 31st March 2020, prepare Income and Expenditure Account.
Additional Information: Following opening balances appeared in the books on 1st April, 2019.
(a) Tournament fund Rs. 15,000.
(b) Medical Equipment Rs. 1,50,000.
(c) Outstanding Subscription was Rs. 8,000 and Advance Subscription Rs. 5,000 (for 2019-20).
During the year 2019-20 Depreciation on medical equipment was Rs. 25,000. There were 600 members each paying an annual subscription of Rs. 100.
