The following is the Receipts and Payments Account of an Amusement Club, Mumbai Receipts and Payments NC for the year ended Dec 31, 2008
|
Receipts |
Rs |
Payments |
Rs |
|
|
Balance b/d |
Rs |
Salary of Secretary |
7,200 |
|
|
Cash |
120 |
Honorarium |
900 |
|
|
Bank |
6,000 |
6,120 |
Wage |
4,800 |
|
Subscription (including for 2007 Rs 300) |
18,000 |
Charities |
4,000 |
|
|
Sale of Old Furniture |
1,500 |
Printing and Stationery |
600 |
|
|
(on Jan 1,2008) |
Postage |
200 |
||
|
Sale of Newspapers |
100 |
Rents and Taxes |
2,400 |
|
|
Legacies |
6,000 |
Upkeep of the Land |
1,000 |
|
|
Interest on Investments |
2,400 |
Sports Materials |
5,000 |
|
|
(Cost of Investments Rs 40,000) |
Balance C/d |
29,700 |
||
|
Endowment Fund Receipts |
20,000 |
|||
|
Proceeds of Concerts |
1,600 |
|||
|
Advertisement in the Year Book |
80 |
|||
|
55,800 |
55,800 |
Current Assets and Liabilities:
|
Dec 31, 2008 Rs |
Dec 31, 2008 Rs |
|
|
Subscriptions in arrears |
400 |
900 |
|
Subscriptions in advance |
600 |
1,200 |
|
Furniture |
4,000 |
1,200 |
Depreciation was 10% p.a on the furniture left after selling a part of it.
50% of legacies may be capitalised. Prepare Income and Expenditure Account for the year ending on Dec 31, 2008 and the Balance Sheet on that date.