Financial Accounting-11 Final Accounts of Charitable Trusts 2.24 Working Notes: [SHOITARTEU LIE i) The Sports Equipment purchased during the year 2019, can be found out with the help of following formulae and then are to be credited to Receipts and Payments Account. Closing Balance as on 31st December, Add: Depreciation for the year Less: Opening Balance as on 1st January Sports Equipment Purchased ILLUSTRATION 2 Dr. The Young Men's Gymkhana, Mumbai has prepared following statements for the year 2019. Income and Expenditure Account for the year ended 31st December, 2019 Ct. Incomes Expenditures To Upkeep of Ground To Wages To Ground Rent To Printing To Stationery To Postage To Depreciation on Furniture Liabilities. Capital Fund Add: Entrance Fees (+) Less: Deficit (-) Outstanding Printing Str 14,400 By Subscriptions 10,000 By Interest on Investment 336 By Concerts 1,424 By Rent 4,976 304 1,024 32,464 Balance Sheet as on 31st December, 2019 1,06,288 832 1,07,120 736 By Deficit C/D*