the accounts set out below are submitted to you for audit pass comments and prepare 562178

The accounts set out below are submitted to you for audit. Pass comments and prepare corrected and proper final accounts for the year ending Dec 31, 2008.

Income and Expenditure Account as on Dec 31, 2008

Dr.

Cr.

Receipts

Rs

Payments

Rs

Entrance fees (21 @ 100)

2,100

Salary and Wages

6,700

Fees for Life Membership

2,600

Secretary’s Salary

3,500

(5 @ Rs 520)

Annual Subscription

16,300

Rent, Wages, etc.

12,650

15,650.

Add: Paid in Advance 650

700

Printing and Postage

420

Interest on G.P Notes

Sundry Receipts

600

Repairs to Premises

1,240

Balance from last year

12,380

Interest on Bank Loan

570

Balance c/d

9,600

34.680

34,680

Treasurers Note

Subscriptions in arrears amount to Rs 1,200. Sundry traduces bills Rs 420 were outstanding on Dec 31 but have since been paid. The secretary’s salary has not yet been paid. The 3½12; % G.P. notes of the face value of Rs 20,000 were purchased at Rs 960 the lease of the club premises costs Rs 21,240, the balance of the bank loan now outstanding is Rs 10,000, secured by mortgage on the leasehold premises.

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