from the following prepare the income and expenditure for the year ended dec 31 2008 562176

From the following prepare the Income and Expenditure for the year ended Dec 31, 2008 and a balance sheet as on that date:

Dr.

Cr.

Receipts

Rs

Payments

Rs

To Balance b/d

15,000

By Salaries

15,000

To Subscriptions

By Entertainment Expenses

6.000

2007

1,000

2008

20,000

2009

2,000

To Entertainment Receipts

10,000

By Electric Charges

2,000

To Sale of Old Furniture (cost Ps 1,000)

600

By General Expenses

3,000

To Sale of Newspapers

400

By Investments

10,000

By Stationery and Printing

2,000

By Newspapers

3,000

By Garden Expenses

2,000

By Furniture

3,000

By Balance c/d

3,000

49,000

49,000

The club has 250 members each paying an annual subscription of Rs 100. Rs 500 is still in arrears for subscriptions for 2007. Ten members had paid their subscriptions for 2008 as well.

Salaries paid included Rs 1,000 for 2007 and Rs 1,500 for 2009. Outstanding salaries for 2008 amounted to Rs 2,000.

On Jan 1, 2008, the club owned land and building valued at Rs 1,00,000 and furniture valued at Rs 11,000.

Interest for 3 months @6% p.a. as accrued on investments.

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