Following is the receipts and payments of a club prepared by an accounting aspirant.
Receipts and Payments Account
|
Dr. Cr. |
|||
|
Receipts |
Rs |
Payments |
As |
|
To Balance b/d Its |
100 |
By Expenses (including payment |
1,400 |
|
To Annual Income from 1,020 |
for sports material Its 600) |
||
|
Subscription |
By Loss on Sale of Furniture |
40 |
|
|
Add: 0/s of last year 40 |
(cost price Rs 1 00) |
||
|
Received this year 1,060 |
By Balance C/d |
20,100 |
|
|
Less: |
|||
|
Pre-paid of last year 20 |
1,040 |
||
|
To Other Fees |
400 |
||
|
To Donation for Building |
20,000 |
||
|
21540 |
21,540 |
Additional Information
Club had on Jan 1, 2008, furniture Rs 400, investments at 5% Rs 6,000, sports material Rs 1,480.
On Dec 31, 2008, subscription outstanding Rs 60, subscription pre-paid Rs 20, stock of sports material Rs 400. Prepare the correct Receipts and Payments Account, Income and Expenditure Account and Balance Sheet.