the receipts and payments account and the income and expenditure account of a recrea 562177

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

Dr.

Cr.

Receipts

Rs

Payments

Rs

To Balance b/d

15,000

By Book Purchased

10,000

To Subscription

By Printing and Stationery

2,000

6,000

43,000

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

Dr.

Cr.

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

  1. As on Dec 31, 2007
  2. As on Dec 31, 2008

Submit a Comment