From the following income and expenditure account of a Educational Club for the year ending 31stMarch, 2026, you are required to prepare Receipt and…

Receipts and Payments Account of Club for the year ended 31st March, 2026 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 for 2024-25 10,000 By Honorarium 10,400 Less: Outstanding for 2025-26 (15,000) By Tournament Expenses 14,000 To Admission Fees 12,000 By Sports material (W.N.2) 14,000 To Entertainment Fees 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 Working Notes: 1. Stationary purchased during the year Stationary Account Particulars Amount (₹) Particulars Amount (₹) To Balance b/d 4,000 By Depreciation 1,500 To Cash -Purchases 2,000 By Balance c/d (bal. fig.) 4,500 6,000 6,000 Total Stationary during the year on which 25% depreciation was charged = 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. Sports material purchased during the year Sports Material Account Particulars Amount (₹) Particulars Amount (₹) To Balance b/d 30,000 By Bank (Sale 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 -purchases 14,000** By Balance c/d (bal fig) 22,000 46,400 46,400 **Total Sports Material during the year on which 50% of depreciation was charged = ₹ 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.