Prepare Income and Expenditure Account for the year ending on Mar 31, 2009 and Balance Sheet on that date from the following:
Receipts and Payments Account for the Year Ending on Mar 31, 2009
|
Dr. |
Cr. |
|||
|
Receipts |
Rs |
Payments |
Rs |
|
|
To Balance b/d |
1,000 |
By Rent |
9,000 |
|
|
Cash |
6,000 |
By Miscellaneous Expenses |
27,500 |
|
|
Bank |
200 |
By Postage Expenses |
1,000 |
|
|
Stamps |
By Furniture |
7,000 |
||
|
Rs |
By Creditors for Sports Materials |
13,000 |
||
|
To Subscriptions |
Rs |
By Cost of Prizes (to be awarded) |
3,000 |
|
|
2007 2008 |
4,000 |
By Cash Purchase of Sports materials |
4,500 |
|
|
2008 2009 |
70,000 |
By Match Expenses |
6,000 |
|
|
2009 2010 |
3,000 |
77,000 |
By Balance c/d |
|
|
To Entrance Fees |
10,000 |
Cash |
500 |
|
|
To General Donations |
5,000 |
Bank |
36,900 |
|
|
To Donations for Prize Fund |
3,500 |
Stamps |
100 |
|
|
To Sale of Old Sports Materials |
4,300 |
|||
|
To Interest on Prize Fund |
1,000 |
|||
|
Investments |
||||
|
To Miscellaneous Receipts |
500 |
|||
|
1,08,500 |
1,08,500 |
Information
|
Particulars |
Apr 1, 2008 |
Mar 31, 2009 |
|
Rs |
Rs |
|
|
Sports Materials |
5,000 |
6,000 |
|
Furniture |
70,000 |
– |
|
10% Prize Fund Investments (face value Rs 20,000) |
19,000 |
– |
|
Creditors for Sports Materials |
1,500 |
3,000 |
|
Subscriptions in arrears |
5,000 |
– |
|
Subscription in advance |
2,000 |
– |
|
Prize fund |
20,000 |
– |
|
Rent paid in advance |
– |
1,500 |
|
Outstanding Rent |
1,500 |
– |
|
Outstanding Miscellaneous Expenses |
2,500 |
4,500 |
|
Miscellaneous Expenses paid in Advance |
1,000 |
2,000 |
Additional Information
- There are 800 members, each paying an annual subscription of Rs 100.
- 50% of Entrance Fees is to be capitalised.
- Book value of Sports materials sold was Rs 4,000.
- Depreciation on Furniture is to be provided @ 10%.