Following is the Income and Expenditure Account of Hyderabad Club for the year ended on Mar 31, 2009.
|
Dr. |
Cr. |
||
|
Expenditure |
Rs |
Income |
Rs |
|
To Salaries |
31,500 |
By Subscriptions |
90,000 |
|
To Stationery |
2,500 |
By Donations |
15,000 |
|
To Postage |
1,600 |
By Sale of Furniture Profit |
2,000 |
|
To Sundry Expenses |
9,400 |
By Government Grant |
8,000 |
|
To Repairs and Maintenance Expenses |
7,200 |
By Interest on Fixed Deposit |
1,600 |
|
To Sport Expenses |
3,600 |
||
|
To Swimming Pool Expenses |
4,000 |
||
|
To Affiliation Fee |
1,000 |
||
|
To Electricity |
6,500 |
||
|
To Billiards Room Expenses |
2,500 |
||
|
To Periodicals |
2,400 |
||
|
To Audit Fees |
500 |
||
|
To Depreciation on |
2,000 |
||
|
To Sports Equipment Building |
5,000 |
||
|
Furniture |
900 |
||
|
To Surplus |
36,000 |
||
|
1,16,000 |
1,16,600 |
The above account is prepared after the adjustments from:
|
Mar 31, 2008 Rs |
Mar 31, 2009 Rs |
|
|
Building |
2,00,000 |
1,95,000 |
|
Sports Ground |
2,00,000 |
2,00,000 |
|
Sports Equipment |
12,000 |
18,000 |
|
Furniture |
10,000 |
— |
|
Fixed Deposits |
16,000 |
16,000 |
|
Bank A/c – savings |
— |
50,000 |
|
Subscriptions Outstanding |
10,000 |
4,000 |
|
Subscriptions received in advance |
6,000 |
2,000 |
|
Stock of Stationery |
500 |
1,000 |
|
Audit Fee Outstanding |
400 |
500 |
|
Salaries Outstanding |
1,000 |
2,000 |
|
Affiliation fee paid in Advance |
— |
500 |
Cash on hand on Mar 31, 2008 was Rs 2,500. New Furniture of Rs 18,000 has been purchased on credit but not entered in books. Depreciate the furniture @ 5%.
Prepare Receipts and Payments Account for the year ended on Mar 31, 2009 and the Balance Sheet on that date.