the following information was obtained from the books of chennai club as on mar 31 2 562175

The following information was obtained from the books of Chennai Club as on Mar 31, 2009 at the end of the first year of the club. You are required to prepare

  1. Receipts and Payments Account.
  2. Income and Expenditure A/c for the year ended Mar 31, 2009.
  3. The Balance Sheet as on Mar 31, 2009 on mercantile basis.
  1. Donations received for Building and Library Room.
  2. Other revenue income and actual receipts.

Revenue Income Rs.

Actual Receipts Rs.

Entrance Fees

8,500

8,500

Subscription

10,000

9,500

Locker Rents

300

300

Sundry Income

800

530

Refreshment Account

8,000

Other Revenue Expenditure and Actual Payments: Land (Cost Rs 5,000)

5,000

Furniture (Cost Rs 73,000)

65,000

Salaries

2,500

2,400

Maintenance of Play Grounds

1,000

500

Rent

4,000

4,000

Refreshment Account

4,000

Donations to the extent of Rs 12,500 were utilised for the purchase of library books, balance was still to be utilised. In order to keep it saber, 9% Govt. Bonds were purchased on Mar 31, 2009 for Rs 80,000. Remaining amount was put in the bank on Mar 31, 2009 under the term deposit. Depreciation @10% p.a. was to be provided for the whole year on furniture and library books.

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