question_answer

Given below is the information related to Happy Club.

Assets (1st April, 2017)	Amt (Rs.)
Ground and Pavilion	50,000
Sports Equipment	30,000
Furniture	7,000
Stock of Stationery	1,000
Subscription Due	1,200

Receipts and Payments Account Dr                                             for the year ending 31st March, 2018                                                         Cr

Receipts		Amt (Rs.)	Payments	Amt (Rs.)
To Balance b/d		5,000	By Stationery	3,000
To Subscriptions			By Salaries	10,000
2016 - 17	900		By Audit Fees	1,000
2017 - 18	18,000		By Advertising	2,000
2018 - 19	500	19,400	By Fire Insurance	1,500
To Sale of Newspapers		300	By  furniture	2,000
To Rent Received		2,200	By Investments	18,000
To Entrance Fees		12,000	By Balance c/d	1,400
		38,900		38,900

Income and Expenditure Account Dr                                             for the year ended 31st March, 2018                                                         Cr

Expenditure		Amt (Rs.)	Income	Amt (Rs.)
To Salaries		11,000	By Subscription	19,000
To Stationery		2,800	By Entrance Fees	12,000
To Audit Fees		1,500	By Rent Received	2,400
To Advertising		3,000	By Sale of Newspapers	300
To Fire Insurance		1,200
To Depreciation
Sports Equipment	5,000
Furniture	800	5800
To Surplus, i.e. Excess of
Income over Expenditure		8,400
		33,700		33,700

Prepare the balance sheet as on 1st April, 2017 and 31st March, 2018.

Answer:

Balance sheet amount = Rs. 1,05,600