From the following Receipts and Payments Account of Delhi Club, prepare Income & Expenditure Account for the year ended 31.12.2023 and its…

(a) Delhi Club Income and Expenditure Account for the year ending 31 st December, 2023 Expenditure ₹ Income ₹ To Salary 3,000 By Subscription (W.N. - ii) 10,650 To Repairs expenses 500 By Donations (50%) 3,500 To Miscellaneous expenses 410 By Interest on investments* (₹ 100 +200) 300 To Insurance premium 380 By Entrance fees 1,500 To Paper, Ink etc 250 By Interest received from Bank 400 To Excess of Income over expenditure 12,810 By Sale of old newspaper 250 By Sale of drama tickets 1,250 Less: expenses 500 750 17,350 17,350 (b) Balance Sheet of Delhi Club as at 31 st December, 2023 Liabilities ₹ Assets ₹ Capital Fund: Furniture 7,000 Opening balance (W.N.1) 43,100 Investment 6,000 Add: Excess of income. over exp 12,810 Billiards table** 30,000 Add: Donations 3,500 Cash in hand 4,500 59,410 Cash at Bank 11,050 Insurance Premium payable 80 Prepaid Expenses - Misc exp 90 Subscription received in advance for2024 550 Subscription Receivable 1,200 Interest accrued on investments* 200 60,040 60,040 Working Notes: 1. Calculation of capital fund Balance Sheet of Delhi Club as at 31 st December, 2022 Liabilities ₹ Assets ₹ Capital Fund (Balancing figure) 43,100 Billiards table 30,000 Creditors for Billiard table 10,000 Cash in hand 8,100 Cash at Bank 15,000 53,100 53,100 2. Calculation of amount of subscription shown in Income and expenditure account Subscription received in cash during 2023 10,000 Add: Outstanding of2023 1,200 11,200 Less: Advance of2024 (550) 10,650 Alternatively, this working of calculation of amount of subscription can also be presented in the form of ledger A/c. * It may be interpreted that investments have been purchased during the year i.e.5 months prior to the reporting date. Accordingly, total amount of interest accrued on such investment shall be 200for the calendar year 2023. Out of which 100has been received and remaining - 100 (₹ 200 -100) is yet to be received (accrued). In that case, Interest on Investments in income and expenditure account shall be 200and Accrued Interest in Balance Sheet under asset side shall be - 100. ** Since in receipt and payment account - 10,000 has been shown as payment for Billiard table, it can also be assumed that this amount is utilised for fresh purchase of billiard table. In that case, the amount of Billiard Table at assets side in Balance sheet will be - 40,000 and unpaid amounts of billiard table shown at the liabilities side of balance sheet shall be - 10,000.