24. From the following Receipts and Payments of Defence Club and from the information supplied, prepare the Income and Expenditure Account for the year ended 31st December 2009 and the Balance Sheet as at that date:
Receipts and Payments Account for the year ended 31st December , 2009
| Receipts | Rs. | Payments | Rs. |
| To Balance as at 1st January 2010 | 3,500 | By salaries | 14,000 |
| To Subscriptions: | By general expense | 3,000 | |
| 2008 | 2,500 | By Electricity charges | 2,000 |
| 2009 | 10,000 | By books | 5,000 |
| 2010 | 2,000 | By Newspaper | 4,000 |
| To received from the use of Hall | 7,000 | B Balance(as at 31st Dec 2010) | 2,000 |
| To profit from entertainment | 4,000 | ||
| To Sale Of old newspaper | 1,000 | ||
| 30,000 | 30,000 |
(i) The club has 50 members each paying an annual subscription of Rs. 250. Subscription outstanding on 31 st December 2008 was to the value of Rs. 3,000.
(ii) On 31 st December 2009 salaries outstanding amounted to Rs. 1,000. Salaries paid in 2009 included Rs. 3,000 for the year 20!8.
(iii) On 1st January, 2009, the club owned Building valued at Rs. 1,00,000. Furniture worth Rs. 10,000 and Books Rs. 10,000.
Dear Student
Regards
| Income and Expenditure A/c | |||||||
| Date | Particulars | Amount | Date | Particulars | Amount | ||
| (Rs) | (Rs) | ||||||
| Salaries | 14000 | ||||||
| Less : Paid for 2008 | (3,000) | ||||||
| Add : Outstanding for current Year | 1000 | 12000 | Subscription : | ||||
| General Expense | 3,000 | 50 x 250 | 12,500 | ||||
| Electricity charges | 2,000 | ||||||
| News Paper | 4,000 | Received From use of Hall | 7,000 | ||||
| Profit from Entertainment | 4,000 | ||||||
| Sale of Old Newspaper | 1,000 | ||||||
| Surplus Transferred to balancesheet | 3,500 | ||||||
| 24,500 | 24,500 | ||||||
| Balancesheet - Dec 2009 | |||||||
| Date | Liabilities | Amount | Date | Assets | Amount | ||
| (Rs) | (Rs) | ||||||
| Capital Fund : | |||||||
| Opening | 123,500 | Cash A/c | 2000 | ||||
| Add : Surplus | 3,500 | 127,000 | |||||
| Subscriptions Receivable : | |||||||
| 2008 | 500 | ||||||
| Advance Subscriptions Received | 2,000 | 2009 | 2500 | 3,000 | |||
| Outstanding Salary | 1,000 | Building | 100,000 | ||||
| Furniture | 10,000 | ||||||
| Books | 15,000 | ||||||
| 130,000 | 130,000 | ||||||
| Opening Balancesheet - Dec 2008 | |||||||
| Date | Liabilities | Amount | Date | Assets | Amount | ||
| (Rs) | (Rs) | ||||||
| Cash | 3500 | ||||||
| Subscriptions Receivable : | |||||||
| Salary Outstanding | 3,000 | 2008 | 3,000 | ||||
| Capital Fund (B.Fig) | 123,500 | Building | 100,000 | ||||
| Furniture | 10,000 | ||||||
| Books | 10,000 | ||||||
| 126,500 | 126,500 | ||||||
Regards