An amusement club in a city prepared the following Receipts and Payment Account for the year ended on Dec 31, 2008 which showed a deficit of Rs 7,260:
|
Rs |
Rs |
|
|
Receipts: |
||
|
Subscriptions |
31,065 |
|
|
Fair Receipts |
3,600 |
|
|
Variety Show Receipts |
6,405 |
|
|
Interest |
345 |
|
|
Bar Collections |
11,175 |
|
|
Cash Spent more |
500 |
|
|
53,090 |
||
|
Payments: |
||
|
Premises |
15,000 |
|
|
Honorarium to Secretary |
6,000 |
|
|
Rent |
1,200 |
|
|
Rates and Taxes |
1,890 |
|
|
Printing and Stationery |
705 |
|
|
Sundry Expenses |
2,675 |
|
|
Wages |
1,260 |
|
|
Fair Expenses |
3,585 |
|
|
Bank Purchases and Payments |
8,655 |
|
|
Repairs |
480 |
|
|
New Moped (Less: Proceeds of old moped of Rs 4,500.00) |
18,900 |
60,350 |
|
Deficit |
7,260 |
|
|
Jan 1, 2008 |
Dec 31, 2008 |
|
|
Cash in Hand |
225 |
– |
|
Bank Balance as per Pass book |
12,345 |
5,220 |
|
Cheque issued not presented for Sundry Expenses |
135 |
45 |
|
Subscriptions Due |
1,800 |
1,470 |
|
Premises at Cost |
43,500 |
58,500 |
|
Accumulated Depreciation on Premises |
28,200 |
– |
|
Moped at Cost |
18,285 |
23,400 |
|
Accumulated Depreciation Moped |
15,435 |
– |
|
Bar Stock |
1,065 |
1,305 |
|
Creditors for Bar Purchases |
885 |
645 |
- Cash overspent represents honorarium to secretary not withdrawn due to cash deficit and his annual honorarium is Rs 6,000.
- Depreciations on premises and moped are to be provided at 5% and 20% on written down value.
Prepare the correct Receipts and Payments A/c, Income and Expenditure A/c and Balance Sheet (for Dec 31, 2008).