From the following Receipts and Payments Account of Stars Cricket Club, prepare Income and Expenditure Account for the year ending Dec 31, 2008 and the Balance Sheet as on that date.
|
Receipts |
Rs |
Payments |
Rs |
|
|
Balance b/d |
5,700 |
Salaries |
8,500 |
|
|
Subscription |
Printing |
4,900 |
||
|
2007 |
500 |
Purchase of Investments |
16,000 |
|
|
2008 |
17,900 |
Expenditure on Refreshment |
8,400 |
|
|
2009 |
1,100 |
19,500 |
Payment of Expenses of the last year |
680 |
|
Donations for Cricket Club |
12,000 |
Additions of Club Building |
8,000 |
|
|
Sale of Furniture |
600 |
Cost of Gold Medal |
350 |
|
|
Interest on Investments |
2,400 |
balance c/d |
4,570 |
|
|
Sale of Refreshments |
11,200 |
|||
|
51,400 |
51,400 |
In addition to the above, the following further details are available from the accounts of the club:
- The assets on Jan 1, 2008 include club building Rs 30,000; investments Rs 12,000; furniture Rs 4,000. The literalities on Jan 1, 2008 include an account styled Cricket Prizes Fund Account Rs 10,000.
- Of interest on investments, Rs 300 pertains to last year and Rs 640 is still owing.
- Stock of refreshments at the end of the year was valued at Rs 110.
- The Cricket Prize Fund was not separately invested. It was decided to set apart every year Rs 400 from the interest income of the club to be utilised for the purpose of awarding a gold medal to the best cricketer of the year.