The following is the receipts and payments account of Entertainment Club for the year ended 31st March, 2011:

Receipt and Payment Entries of Entertainment Club
The following additional information is provided to you:
(i) On 31st March, 2011, apart from cash in hand and at Bank as shown in receipts and payments account, the club held the following assets:
Furniture Rs 1,80,000; Equipment’s Rs 1,20,000; Fixed Deposits with Bank Rs 3,00,000; Entertainment Material Rs 49,000; Stock of Stationery Rs 1,000; Subscriptions in Arrear Rs 15,000 and Unexpired Insurance Rs 5,600.
The club had no liability on that date.
(ii) The club has 220 members, each paying Rs 3,000 as yearly subscription.
(iii) On 31st March, 2011 stock of entertainment material was valued at Rs 52,000. Stock of stationery with the club on that date was Rs 2,100. Rent amounting to Rs 9,000 for March, 2011 was outstanding on that date.
A Sample Income and Expenditure Account
A Sample Balance Sheet
Working Notes:
(i) Calculation of capital fund in the beginning of the year:
Calculation of Capital Fund
Calculation of Capital Fund

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