you are required to prepare receipts and payments account from the following income 567602

You are required to prepare Receipts and Payments Account from the following Income and Expenditure A/c for the year 2008.

Dr.					Cr.
Expenditure		Rs	Income		Rs
To Rent	Rs		By Subscription	Rs
Paid	9,000		Received	20,000
Add: O/s at end	1,000		Add: O/s at end	5,000
Less: O/s In beg	2,000	8,000	Add: Advance in the	2,000
To Insurance Premium			beginning	3,000
Paid	5,000		Less: O/s in the beg	1,000	23,000
Add: Pre paid in the beginning	1,000		Less: Advance at the end
Less: Pre paid in the end	2,000	4,000	By Entrance Fees (40%		12,000
To Sports Materials	6,000		capitalised)
Add: Opening Stock	1,000		By Life Membership Fees		4,000
Less: Closing Stock	2,750	4,250	(60% capitalised)
To Newspaper and Periodicals		1,000	By General Donations		5,000
To Depreciation010%0n old			By Locker Rent	Rs
Bulding		7,000	Received	3,000
To Depreciation ek10% on		3,000	Add: 0/s at end	500
furniture bought on Jan 1, 2008			Less: Advance end	600	2,900
To loss on sale of Sports		750	By Interest @ 10% on
Materials			General Fund investment
(Book value: As 1000)			Received	5,000
To Salaries		4,000	Add: Accrued	1,000	6,000
To Surplus		27,000	By Sale of Newspapers		100
			By Income from Charity Show
			Show income	11,000
			Less: Show Expenses	5,000	6,000

		59,000			59,000

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