From the following extract of Receipts and Payments Account and the Additional Information, prepare Income and Expenditure Account for the year ending on Dec 31, 2008 and the Balance Sheet on that date.
Extract of Receipts and Payments Account for the Year Ending on Dec 31, 2008
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Receipts |
Payments |
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Subcriptions |
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2007:Rs.10,000 |
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2008:Rs.95,000 |
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2009:Rs.7,500 |
Additional Information
Subscription outstanding as on Dec 31, 2007: Rs 11,000
Subscription received in advance as on Dec 31, 2007: Rs 5,400
There are 1,000 memberships each paying an annual subscription of Rs 100.