The Receipts and Payments account of Gold Smith Club prepared on 31st March, 2024 is as follows: Receipts and Payments Account Receipts Amount ₹…

Corrected Receipts and Payments Account of Gold Smith Club for the year ended 31st March, 2024 Receipts ₹ Amount ₹ Payments Amount ₹ To Balance b/d 9,000 By Expenses (₹ 1,26,000 - 54,000) 72,000 To Subscription Annual Income 91,800 By Sports Material 54,000 Less: Receivable as on 31.3.2024 5,400 By Balance c/d (Cash in Hand and at Bank) 18,14,400 Add: Advance received for the year 2024- 2025 1,800 Add: Receivable as on 31.3.2023 3,600 Less: Advance received as on 31.3.2023 1,800 90,000 To Other Fees 36,000 To Donation for Building 18,00,000 To Sale of Furniture 5,400 19,40,400 19,40,400 Income and Expenditure Account of Gold Smith Club for the year ended 31st March, 2024 Expenditure ₹ Amount ₹ Income Amount ₹ To Sundry Expenses 72,000 By Subscription 91,800 To Sports Material By Other fees 36,000 Balance as on 1.4.2023 1,33,200 By Interest on investment (5% on 5,40,000) 27,000 Add: Purchases 54,000 Less: Balance as on 31.3.2023 36,000 1,51,200 To Loss on sale of Furniture 3,600 By Deficit: Excess of Expenditure over Income 72,000 2,26,800 2,26,800 Balance Sheet of Gold Smith Club as on 31st March, 2024 Liabilities Amount (₹) Assets Amount (₹) Capital Fund (WN) 7,20,000 Furniture 36,000 Less: Excess of Expenditure over Income 72,000 Less: Sold 9,000 6,48,000 27,000 Building Fund 18,00,000 5% Investment 5,40,000 Interest Accrued on Investment 27,000 Subscription Received in advance 1,800 Sports Material 36,000 Subscription Receivable 5,400 Cash in Hand and at Bank 18,14,400 24,49,800 24,49,800 Working Note: Balance Sheet of Gold Smith Club as on 1st April, 2023 Liabilities Amount ₹ Assets Amount ₹ Subscription Received in Advance 1,800 Furniture 36,000 Capital Fund (Balancing Figure) 7,20,000 Investment 5,40,000 Sports Material 1,33,200 Subscription Receivable 3,600 Cash in Hand and at Bank 9,000 7,21,800 7,21,800