The following particulars relate to the cosmopolitan club for the year ended Dec 31, 2008. You are required to prepare Income and Expenditure Account for the year ended Dec 31, 2008 and a Balance Sheet as on Dec 31, 2008.
|
Rs |
Rs |
|||
|
Balance from last year |
4,700 |
Salaries |
2,400 |
|
|
Entrance Fees |
600 |
Electricity |
240 |
|
|
Subscription Rs |
Newspapers and Journals |
1,050 |
||
|
2007 |
100 |
Utensils |
400 |
|
|
2008 |
7,000 |
Payments to Creditors |
2,000 |
|
|
2009 |
150 |
7,250 |
Balance Carried forward to next year |
2,300 |
|
Profits from Refreshments |
200 |
|||
|
Locker Rents |
400 |
|||
|
Sundry Income |
240 |
|||
|
13,390 |
13,390 |
|||
The assets and literalities on Jan 1, 2008 were as follows: Utensils: Rs 1,600, furniture Rs 5,000, consumable stores: Rs 700, Creditors: Rs 2,400.
On Dec 31, 2008 value of consumable stores was Rs 1,400 creditors amounted to Rs 1,100, the subscriptions outstanding were Rs 150; and the interest accrued on fixed deposit was Rs 50.