The Receipts and Payments Account of Vandana Sports Club for the year ended 31st March, 2024 are as follows: Receipts Amount (₹) Payment Amount (₹)…

In the books of Vandana Sports club. Income and Expenditure Account for the year ending 31st March, 2024 Expenditure Amount (₹) Income Amount (₹) To Salaries (W.N.2) 1,57,200 By Subscription (WN.2) 2,95,500 To Rent & Electricity (W.N.2) 70,850 By Interest on Investments 8,000 To Magazines & Newspapers 16,600 By Misc. Income 19,850 To Sundry Expenses 71,050 By Entrance Fees 20,000 To Depreciation: Furniture 6,550 Sports Equipment 10,500 Library Books 2,500 To Excess of income over expenditure 8,100 3,43,350 3,43,350 Balance Sheet as on 31st March, 2024 Liabilities Amount (₹) Amount (₹) Assets Amount (₹) Amount (₹) Furniture Cost - 65,500 Less: Depreciation (6, 550) 58,950 Sports Equipment: Capital Fund: Opening balance 41,500 Opening balance (W.N.1) 2,66,700 Addition 28,500 70,000 Add: Excess of Income over exp 8,100 Less: Depreciation (10, 500) 59,500 Entrance fees (60%) 30,000 3,04,800 Library Books: Subscription received in advance 8,400 Opening Balance 22,000 Outstanding Expenses: Addition 10,500 Salaries 12,400 32,500 Rent & Electricity 7,600 20,000 Less: Depreciation (2, 500) 30,000 Investments (8% Bonds) 1,00,000 Cash in hand 8,750 Cash at Bank 53,400 Subscription Receivable 20,600 Interest accrued on Bonds 2,000 3,33,200 3,33,200 Alternatively, the capitalised portion of entrance fee of 30,000 may be shown separately in the liability side. Working Notes: 1. Balance Sheet as on 31st March, 2023 Liabilities Particulars ₹ Assets ₹ Outstanding expenses: Furniture 65,500 Salaries 10,200 Library Books 22,000 Rent & Electricity 6,500 16,700 Sports Equipment 41,500 Subscription received in advance 7,000 Investments 1,00,000 Capital Fund (Balancing figure) 2,66,700 Cash in hand 5,200 Cash at Bank 35,500 Subscription receivable 18,700 Interest accrued 2,000 2,90,400 2,90,400