The Receipts and Payments Account and the Income and Expenditure Account of a recreation club for the year ended Dec 31, 2008 were as follows:
Receipts and Payments Account
|
Receipts |
Rs |
Payments |
Rs |
|
To Balance bid |
15,000 |
By Book Purchased |
10,000 |
|
To Subscription |
43,000 |
By Printing and Stationery |
2,000 |
|
49,000 |
|||
|
To Interest |
5,000 |
By Salary |
15,000 |
|
To Donation for Special Fund |
3,000 |
By Advertisement |
2,000 |
|
To Rent |
By Electricity Charges |
4,000 |
|
|
1,500 |
|||
|
3,000 |
4,500 |
By Balance c/d |
43,500 |
|
76,500 |
76,500 |
Income and Expenditure Account
|
Receipts |
Rs |
Payments |
Rs |
|
To Salary |
18,000 |
By Interest |
4,000 |
|
To Tent Hire |
2,000 |
By Subscriptions |
48,000 |
|
To Electricity Charges |
4,000 |
By Rent |
3,000 |
|
To Depreciation on Building |
7,500 |
||
|
To Printing and Stationery |
2,000 |
||
|
To Advertisement |
1,500 |
||
|
To Surplus |
20,000 |
||
|
55,000 |
55,000 |
The club’ assets as on Jan 1, 2008 were as follows:
Building Rs 1,50,000, Books Rs 1,00,000
Furniture Rs 10,000, Investments Rs 1,00,000
Literalities as on the date were Rs 500 for advertisement and Rs 1,000 for salary
You are required to prepare the Balance Sheets
- As on Dec 31, 2007
- As on Dec 31, 2008