The Income and Expenditure Account of Chennai Club for the year ended Mar 31, 2009 is as follows:
|
Dr. Cr. |
|||
|
Expenditure |
Rs |
Income |
Rs |
|
To Salaries |
24,000 |
By Subscriptions |
65,000 |
|
To Rent |
6,000 |
By Entrance Fees |
10,000 |
|
To Printing and Stationery |
1,500 |
By Contribution for Annual Dinner |
8,000 |
|
To Traveling Expenses |
3,000 |
By Profit on Annual Sports |
1,000 |
|
To Annual Dinner Expenses |
7,000 |
||
|
To Secretary”s Honorarium |
6,000 |
||
|
To General Expenses |
3,000 |
||
|
10 Interest and I3ank Charges |
900 |
||
|
To Audit Fees |
1,000 |
||
|
To Books cind Periodicals |
1,500 |
||
|
-T-o-Berptei.ranun |
1,250 |
||
|
To Excess of Income ovei Experidituie |
28/850 |
||
|
84,000 |
84,000 |
The Income and Expenditure Account has been prepared after the following adjustments.
|
Rs |
||
|
Subscriptions outstanding on Mar 31, 2008 |
6,000 |
|
|
Subscriptions received in advance on Mar 3, 2008 |
4,500 |
|
|
Subscription outstanding on Mar 3, 2009 |
4,000 |
|
|
Subscription received in advance on Mar 31, 2009 |
7,000 |
Salaries outstanding at the beginning of the year and at the end of the year were Rs 2,000 and Rs 1,500, respectively. Audit fees for the year has not been paid. Previous years audit fees Rs 750 was paid during the year. The clubs assets on Mar 31, 2008 were as follows: Freehold land Rs 50,000; sports equipments Rs 13,000. At the end of the year, after the depreciations the equipments amounted to Rs 13,500. Bank loan of Rs 5,000 as on Mar 31, 2008 was still due at the end of current year. On Mar 31, 2009, Cash at Bank amounted to Rs 34,850. You are required to prepare the Receipts and Payments Account for the year ended Mar 31, 2009 and the Balance Sheet on that date.