The Income and Expenditure Account of the Chennai Club for the year ending at Mar 31, 2008 is as follows:
|
Dr. |
Cr. |
||
|
Expenditure |
Rs |
Income |
Rs |
|
Salaries |
90,000 |
Subscriptions |
1,20,000 |
|
Printing and Stationery |
5,000 |
Entrance Fees |
5,000 |
|
Postage |
300 |
Contribution to Dinner |
27,000 |
|
Telephone |
1,200 |
||
|
General Expenses |
9,000 |
||
|
Interest and Bank Charge |
3,500 |
||
|
Audit Fees |
2,000 |
||
|
Annual Dinner Expenses |
15,000 |
||
|
Depreciation |
6,000 |
||
|
Surplus |
20,000 |
||
|
1,52,000 |
1,52,000 |
The account has been prepared after the following adjustments.
|
Mar 31, 2007 |
Mar 31, 2008 |
|
|
Rs |
Rs |
|
|
Subscription Outstanding |
10,000 |
12,000 |
|
Subscription received in Advance |
9,000 |
8,000 |
|
Salaries Outstanding |
4,000 |
6,000 |
|
Audit Fee Outstanding |
1,000 |
2,000 |
|
Land and Buildings |
1,50,000 |
1,50,000 |
|
Sports Equipments |
40,000 |
54,000 |
|
(after 10% Depreciation) |
||
|
Loan |
50,000 |
50,000 |
|
Cash in Hand |
– |
20,000 |
You are required to prepare Receipts and Payments Account of the Chennai Club for the year 2007–2008 and the Balance Sheet as on Mar 31, 2008.