the following is the income and expenditure account of the pals tennis club for the 562173

Dr.

Cr.

Expenditure

Rs

Income

Rs

To Salaries

48,000

By Subscriptions

1,40,000

To Rent

21,600

By Entrance Fees

16,000

To Rates and Taxes

1,200

By Surplus on Publication

9,000

To Postage and Telephone

1,440

of Brochures

To Affiliation Fees to all India Lawn

2,400

By Profit on Sale of Old

2,400

Tennis Association

Sports as Sets

To Sports Materials

31,500

By Interest on 496 Investment

1,200

To Electricity Charge

2,400

By Miscellaneous Income

450

To Repairs and Maintenance of Court

19,200

To Depreciation on Assets e 10% of gross book value at the end of the year

9,600

To Surplus

35,710

1,73,050

1,73,050

Balances

Balances

As on Mar 31, 2008

As on Mar 31, 2009

Rs

Rs

(i)

Sundry Assets

88,000

–

Bank Balance

9,600

–

Subscriptions in arrear

9,500

7,000

Subscription received in advance

2,800

5,200

4% Investments (Face value Rs 30,000)

24,000

24,000

(ii)

Expenses Outstanding

Salaries

1,200

2,400

Rent

1,800

3,600

Rates and Taxes

Nil

1,200

Tennis Court Maintenance

1,560

640

(iii)

Outstanding for Purchase of Sports Materials

2,800

5,900

(iv)

Prize Fund

9,200

6,500

(v)

The book value, as on Apr 1, 2008 of Sports Goods sold in the year was

8,000

(vi)

Prize fund is separately maintained.

5,600

All receipts are credited to it directly and expenditure is met out of the fund directly.

During the year, credits to the account amounted to

(vii)

Interest received in the year was only for two quarters

(viii)

The club was admitted as a member of all India Lawn

Tennis Federation on Oct 1, 2008 when it paid subscription fi ll Sep 30, 2009.

(ix)

Advertisement charges on brochure yet to be collected

900

(x)

A fi xed deposit was made on Mar 31, 2009 for

50,000