Receipt and Payment Account of Shankar Sports club is given below, for the year ended March 31, 2017
Receipt and Payment Account
for the year ending March 31, 2017

Prepare Income and Expenditure Account and Balance Sheet with help of following Information:
Subscription outstanding on March 31, 2016 is Rs.1, 200 and Rs.2, 300 on March 31, 2017, opening stock of postage stamps is Rs.300 and closing stock is Rs. 200, Rent Rs.1, 500 related to 2015 and Rs.1, 500 is still unpaid. On April 1, 2016 the club owned furniture Rs.15, 000, Furniture valued at Rs. 22,500
On March 31, 2017, the club took a loan of Rs.20,000 (@ 10% p.a) in 2017.

Answer

Deficit Rs.6,100, Opening Capital fund Deficit Rs.2,400, Total of Closing Balance Sheet Rs. 44,500