From the following Receipts and Payments Account of Bangalore Club, prepare Income and Expenditure Account for the year ended Dec 31, 2008 and its Balance Sheet on that date.
|
Receipts |
Rs |
Payments |
Rs |
|
|
Cash in Hand |
8,000 |
Salary |
4,000 |
|
|
Cash at Bank |
20,000 |
Repair Expenses |
1,000 |
|
|
Donations |
10,000 |
Purchase of Furniture |
12,000 |
|
|
Subscriptions |
24,000 |
Miscellaneous Expenses |
1,000 |
|
|
Entrance Fees |
2.000 |
Purchase of Investments |
12.000 |
|
|
Interest on Investments |
200 |
Insurance Premium |
400 |
|
|
Interest Received from Bank |
800 |
Billiard Table |
16,000 |
|
|
Sale of Old Newspaper |
300 |
Paper, etc. |
300 |
|
|
Sale of Drama Tickets |
2,100 |
Drama Expenses |
1,000 |
|
|
Cash in Hand (closing) |
5,300 |
|||
|
Cash at Bank (closing) |
14,400 |
|||
|
67,400 |
67,400 |
Information
- Subscriptions in arrears for 2008 Rs 1,800 and subscription in advance for 2009 Rs 700.
- Insurance premium outstanding Rs 80.
- Miscellaneous expenses pre-paid Rs 180.
- 50% of Donation is to be capitals.
- Entrance Fees are to be treated as revenue income.
- 8% interest has accrued on investment for five months.
- Billiard Table costing Rs 60,000 was purchased during last year and Rs 44,000 were paid for it.