From the following information of a club, prepare Income and Expenditure Account for year ending Mar 31, 2008 and Balance Sheet as on that date.
|
Dr. |
Cr. |
||
|
Receipts |
Rs |
Payments |
Rs |
|
To Member’s Subscriptions |
10,000 |
By Upkeep of Pavilion |
5,000 |
|
To Member’s Admission Fees |
1,000 |
By Expenses regarding |
|
|
To Sale of old balls, bat, etc. |
200 |
Tournaments |
1,000 |
|
To Hire of Ground |
1,000 |
By Rates and Insurance |
500 |
|
To Subscription for Tournament |
1,800 |
By Telephones |
500 |
|
To Drawn from Bank |
5,000 |
By Printing and Stationery |
1,000 |
|
To Donations |
16,000 |
By General Charges |
300 |
|
By Secretary’s Honorarium |
2,000 |
||
|
By Grass Seeds |
200 |
||
|
By Bats, Balls, etc. |
I,500 |
||
|
By Deposit in Bank |
23,000 |
||
|
35,000 |
35,000 |
||
|
Rs |
|
|
Assets on Apr 1, 2007 |
|
|
Cash at Bank |
5,000 |
|
Stock of balls, bats, etc. |
3,000 |
|
Printing and Stationery (stock) |
500 |
|
Subscription Due |
1,000 |
Information
- Surplus on account of tournaments and donations should be kept in reserve for a permanent pavilion.
- Subscription due on Mar 31, 2008 Rs 1,500.
- Write off 50% of balls, Bats Account and Printing and Stationery Account.
- Treat Admission Fees as of Revenue Nature.