Prepare Income and Expenditure Account for the year ending Dec 31, 2008 and a Balance Sheet on that date from the following Receipts and Payments Account and the Balance Sheet.
Receipts and Payments Account for 2008
|
Dr. |
Cr. |
||
|
Receipts |
Rs |
Payments |
Rs |
|
Balance (Jan 1. 2008) |
20,000 |
Expenses |
|
|
Subscriptions |
2007 |
1,500 |
|
|
2007 |
500 |
2008 |
4,000 |
|
2008 |
2,500 |
Furniture |
5,000 |
|
2009 |
800 |
Interest |
1,600 |
|
Entrance Fees |
1,200 |
Misc. Expenses |
5,400 |
|
Locket Rent |
100 |
Balance (Dec 31, 2008) |
17,500 |
|
Misc. Incomes |
9,000 |
||
|
35,000 |
35,000 |
Balance Sheet as on Dec 31, 2007
|
Liabilities |
Rs |
Assets |
Rs |
|
Capital Fund |
50,000 |
Buildings + Land |
50,000 |
|
Subscriptions received in advance |
2,000 |
Outstanding Subscription |
600 |
|
Outstanding Expenses |
3,000 |
Outstanding Locker Rent |
400 |
|
Loan |
16,000 |
Cash |
20,000 |
|
71,000 |
71,000 |