From the following income and expenditure account of a Club for the year ending 31 st March, 2024, you are required to prepare receipt and payment…

Receipts and Payments Account of Club for the year ended 31 st March, 2024 Receipts Amount (₹) Payments Amount (₹) To Balance b/d 60,000 By Lawn maintenance 42,000 To Subscriptions as per Income & Expenditure Account 1,05,000 By General Expenses 13,000 Add: Outstanding for2022 -23 10,000 By Honorarium 10,400 Less: Outstanding for2023 -24 (15, 000) 1,00,000 By Tournament Expenses 14,000 To Admission Fees 12,000 By Sports material (W.N.2) 14,000 To Entertainment 14,000 By Stationary (W.N.1) 2,000 To Donation for Building 1,40,000 By By balance c/d (bal. fig) 2,53,000 To Tournament Income (₹ 6,000 +14,000) 20,000 To Sale of sports material (Refer Note) 2,400 3,48,400 3,48,400 Balance Sheet of Club as at 1 st April, 2023 Liabilities Amount (₹) Assets Amount (₹) Capital Fund (balancing figure) 1,04,000 Sports Material 30,000 Stationary stock 4,000 Subscriptions Outstanding 10,000 Cash at bank 60,000 1,04,000 1,04,000 Working Notes: 1. Calculation of Stationary Stationary Account Particulars Amount (₹) Particulars Amount (₹) To Balance b/d 4,000 By Depreciation 1,500 To Cash 2,000* By Balance c/d (bal. fig.) 4,500 6,000 6,000 * Total Stationary during the year = 1,500 /25% = 6,000. Since stationary worth - 4,000 is the opening stock, stationary of 2,000 (₹ 6,000 -4,000) would be considered as purchased during the year. 2. Calculation of Sports material Sports Material Account Particulars Amount (₹) Particulars Amount (₹) To Balance b/d 30,000 By Bank (Sales of Second hand sports material) 2,400 To Income and Expenditure A/c (Gain on sale of Second -hand material) 2,400 By Depreciation 22,000 To Cash 14,000** By Balance c/d (bal fig) 22,000 46,400 46,400 **Total Sports Material during the year = 22,000 /50% = 44,000. Since Sports Material worth - 30,000 is the opening stock, Sports Material of 14,000 (₹ 44,000 -30,000) would be considered as purchased during the year. Note: The Income and Expenditure account shows the gain of second -hand sports material for 2,400. In the absence of any further information, it is assumed that written down value of second -hand sports material is Nil, and it is not appearing in the opening balance of the Stock of the Sports Material as on 1 st April, 2023.