Royal Club Receipts and Payments Account for the year ending 31 March 2020

Receipts
- Membership Fees Received: $50,000
- Donations Received: $5,000
- Interest Received on Bank Deposits: $2,000
- Sale of Tickets for Club Events: $15,000
- Sale of Merchandise: $3,000
- Total Receipts: $75,000

Payments
- Rent Paid: $10,000
- Salaries and Wages Paid: $25,000
- Club Events Expenses: $20,000
- Purchase of Merchandise: $4,000
- Bank Charges: $1,000
- Repairs and Maintenance: $5,000
- Total Payments: $65,000

Surplus for the Year
- Total Receipts: $75,000
- Total Payments: $65,000
- Surplus for the Year: $10,000

Explanation:
The above Receipts and Payments Account shows the financial transactions of the Royal Club for the year ending 31 March 2020. The Receipts section shows the various sources of income for the club during the year, including membership fees, donations, interest received on bank deposits, sale of tickets for club events, and sale of merchandise. The Payments section shows the expenses that the club incurred during the year, including rent paid, salaries and wages paid, club events expenses, purchase of merchandise, bank charges, and repairs and maintenance.

The surplus for the year is calculated by subtracting the total payments from the total receipts. In this case, the Royal Club had a surplus of $10,000 for the year ending 31 March 2020. This surplus can be used for various purposes, such as investing in new club facilities, organizing more events, or saving for future expenses. It is important for the club to maintain a surplus to ensure its financial stability and sustainability.

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