From the following particulars, which relate to a commercial and literacy society, prepare Receipts and Payments Account, Income and Expenditure Account and Balance Sheet as on Dec 31, 2008.
Balance Sheet as on Dec 31, 2007
|
Receipts |
Rs |
Payments |
Rs |
|
Outstanding Creditors |
4,250 |
Cash at Bank |
30,000 |
|
Capital Fund |
Govt. Securities |
1100,000 |
|
|
Excess of Income over Expenditure |
1,551750 |
||
|
Accrued Interest |
1,250 |
||
|
Accrued Subscriptions |
4,000 |
||
|
Library Books |
10,000 |
||
|
Furniture and Fittings |
14,750 |
The transactions for the year 2008 were as follows:
Received from subscriptions Rs 25,000, proceeds from entertainment and lectures Rs 10,000, received from interest on securities Rs 4,750, entrance fee received Rs 5,000, sale proceeds of old chairs Rs 750.
Paid for rent Rs 6,000, for printing Rs 1,500, for advertising Rs 2,000, for petty disbursements Rs 550 and for purchase of government securities Rs 25,000.
Paid for outstanding creditors Rs 4,250, for furniture Rs 4,000, for library books Rs 3,000; for cost of entertainment Rs 7,500.
On Dec 31, 2008, the following liabilities were outstanding for printing Rs 750 and for rent Rs 1,000.
There were also outstanding on account of interest on securities Rs 1,500 and subscriptions Rs 3,250.