Fly high sports club had the following Income and Expenditure account for the year ended 31st Dec 2025. Income and Expenditure Account for the year…

Fly High sports club Receipts and Payments Account for the year ended 31st December, 2025 Receipts ₹ Payments ₹ To Balance b/d 1,08,000 By Salaries (W.N. 7) 2,30,000 To Subscriptions (W.N. 3) 2,24,000 By Stationery (W.N 2) 32,500 To Interest 90,000 By Rent & taxes 5,000 To Donation 40,000 By Insurances 2,000 To Misc. receipts 3,000 By Office expenses 8,000 By Furniture (W.N 5) 1,000 By Sports Equipment (W.N 6) 5,000 By Balance c/d (balancing figure) 1,81,500 4,65,000 4,65,000 Balance Sheet as on December 31, 2025 Liabilities ₹ Assets ₹ Opening capital (W.N.1) 40,24,000 Govt. securities 18,00,000 Add: Surplus for 2025 63,300 40,87,300 Subscription Outstanding 1,00,000 Advance subscription 6,000 Furniture 19,800 Salaries Outstanding 15,000 Land & building (WN.4) 19,62,500 Sports Equipment 39,000 Stationary stock 5,500 Cash/ Bank 1,81,500 41,08,300 41,08,300 Working Notes: 1. Balance Sheet as on 31st December, 2025 Liabilities ₹ Assets ₹ Opening capital (bal. fig.) 40,24,000 Govt. securities 18,00,000 Advance subscription 2,000 Subscription Outstanding 70,000 Salaries Outstanding 10,000 Furniture 20,000 Land & building 20,00,000 Sports Equipment 35,000 Stationary stock 3,000 Cash/ Bank 1,08,000 40,36,000 40,36,000 2. Stationery A/c ₹ ₹ To Balance b/d 3,000 By Income & exp 30,000 To Receipt & payment 32,500 By Balance c/d 5,500 35,500 35,500 3. Subscription A/c ₹ ₹ To Outstanding as on 31-12-24 70,000 By Advance as on 31-12-24 2,000 To Income & exp 2,50,000 By Receipt & payment (bal. fig) 2,24,000 To Advance as on 31-12-25 6,000 By Outstanding as on 31-12-25 1,00,000 3,26,000 3,26,000 4. Land and Building A/c ₹ ₹ To Balance b/d 20,00,000 By Depreciation 37,500 By Balance c/d 19,62,500 20,00,000 20,00,000 5. Furniture A/c. ₹ ₹ To Balance b/d 20,000 By Depreciation 1,200 To Bank (bal.fig.) 1,000 By Balance c/d 19,800 21,000 21,000 6. Sports Equipment A/c ₹ ₹ To Balance b/d 35,000 By Depreciation 1,000 To Bank (bal.fig.) 5,000 By Balance c/d 39,000 40,000 40,000 7. Salary A/c ₹ ₹ To Receipts & payment A/c 2,30,000 By Outstanding for 2024 10,000 To Outstanding for 2025 15,000 By Income and expenditure A/c 2,35,000 2,45,000 2,45,000