The following are the items of Receipts and Payment of the Bengal Club as sum married from the books of account maintained by the secretary.
|
Dr. |
|||
|
Receipts |
Rs |
Payments |
Rs |
|
Opening Balance clan 1,2008) |
4,200 |
Manager”s Salary |
1,000 |
|
Entrance Fees (2007) |
1,000 |
Printing and Stationery |
2,600 |
|
Entrance Fees (2008) |
10,000 |
Advertising |
1800 |
|
Subscriptions (2007) |
600 |
Fire Insurance |
1,200 |
|
Subscriptions (2008) |
15,000 |
Investments Purchased |
20,000 |
|
Interest Received on Investments |
3,000 |
Closing Balance Dec 31, 2008 |
7,600 |
|
Subscriptions (2009) |
400 |
||
|
34,200 |
34,200 |
It was ascertained from enquiry that the following represented a fair picture of Income and Expenditure of the club for the year 2008 for audit purpose.
|
Expenditure |
Rs |
income |
its |
|
Manager”s Salary |
1,500 |
Entrance Fees |
10,500 |
|
Printing and Stationery |
Subscription |
15,600 |
|
|
2,000 Add:Accrued 400 |
2,400 |
||
|
Advertising |
1,600 |
Interest on Investments |
4,000 |
|
Audit Fees |
500 |
||
|
Fire Insurance |
1,000 |
||
|
Depreciation |
4,440 |
||
|
Excess of Income over Expenditure |
18,160 |
||
|
30,100 |
30,100 |
Value of fixed assets as on Dec 31, 2007 were building Rs 44,000; cricket equipments Rs 25,000 and furniture Rs 4,000. The rates of depreciation are on building 5%, cricket equipments 10% and furniture 6%. You are required to prepare the Balance Sheets of the club as on Dec 31, 2007 and Dec 31, 2008.