From the following Receipts and Payments Account of Bangalore Club, prepare Income and Expenditure Account for the year ended Dec 31, 2008 and its Balance Sheet on that date.

Receipts

Rs

Payments

Rs

Cash in Hand

8,000

Salary

4,000

Cash at Bank

20,000

Repair Expenses

1,000

Donations

10,000

Purchase of Furniture

12,000

Subscriptions

24,000

Miscellaneous Expenses

1,000

Entrance Fees

2.000

Purchase of Investments

12.000

Interest on Investments

200

Insurance Premium

400

Interest Received from Bank

800

Billiard Table

16,000

Sale of Old Newspaper

300

Paper, etc.

300

Sale of Drama Tickets

2,100

Drama Expenses

1,000

Cash in Hand (closing)

5,300

Cash at Bank (closing)

14,400

67,400

67,400

Information

  1. Subscriptions in arrears for 2008 Rs 1,800 and subscription in advance for 2009 Rs 700.
  2. Insurance premium outstanding Rs 80.
  3. Miscellaneous expenses pre-paid Rs 180.
  4. 50% of Donation is to be capitals.
  5. Entrance Fees are to be treated as revenue income.
  6. 8% interest has accrued on investment for five months.
  7. Billiard Table costing Rs 60,000 was purchased during last year and Rs 44,000 were paid for it.