Please solve this question.

Solution:                                                               
                                                                                   BHARAT KABADDI CLUB

INCOME & EXPENDITURE ACCOUNT
for the year ended 31st March,2017

Expenditure	Amount (Rs.)	Income	Amount (Rs.)
To Honorarium To Coaches	12,000	By Subscription                               24,000
To Costumes	16,000	Add: Current Year o/s                        2,500
To Rent of Ground	6,000	Less: Previous Year o/s                  (2,000)
To Refreshment	8,000	Less: Current Year Pre-received    (1,800)	22,700
To Tournament Expenses	20,000	By Entrance Fee	1,000
To Fees of Referee	7,000	By Fee From Participants	6,000
To Office & Other Expenses	7,000	By Sale of Tickets	16,000
To Expenses on Prize Distribution Function	18,000	By Grant From Gram Panchayat	35,000
To Depreciation on Furniture (20,000 * 15%)	3,000	By Excess of Expenditure over Income (Deficit)	16,300
Total	97,000	Total	97,000

 

BALANCE SHEET
as at 31st March 2017

Liabilities	Amount (Rs.)	Assets	Amount (Rs.)
Capital Fund (W.N.1)                             58,000		Furniture                                            20,000
Less:Deficit                                           (16,300)	41,700	Less: Depreciation                             (3,000)	17,000
Legacy	20,000	Television	24,000
Life Membership Fees	4,000	Cash/ Bank Balance	24,000
Subscription Received In Advance	1,800	Outstanding Subscription	2,500
Total	67,500	Total	67,500

Note: Grant from Gram Panchayat is treated as Revenue Receipt.

Working Notes:

(1) Calculation of Capital Fund

BALANCE SHEET
as at 31st March 2016

Liabilities	Amount  (Rs.)	Assets	Amount (Rs.)
Capital Fund (Balancing Figure)	58,000	Furniture	20,000
		Television	24,000
		Cash/ Bank Balance	12,000
		Subscription Outstanding	2,000
Total	58,000	Total	58,000