Modern Club’* Balance Sheet as at 1st April, 2017 was as under:
The Receipts and Payments Account for the year ended 31st March, 2018 was:
Subscriptions still to be received are Rs. 5,500 but subscriptions already received include Rs. 4,000 for next year. Salaries still unpaid are Rs. 6,000. Sports Equipments are now valued at Rs. 45,000. Prepare Income and Expenditure Account and the Balance Sheet, after charging 10% depreciation on Billiards Tables.
