Following is the Receipt and payment A/c of Mumbai sports club for the year ending 31-12-09 :
Other information:- On 31-12-09 Subscription outstanding was Rs 1000 and on 31-12-08 Subscription outstanding was Rs 1500. Salary outstanding on 31-12-09-was Rs 1000.
On1.1.09 the club had building Rs. 40,000 furniture Rs . 9,000, 12% investment Rs. 15,000 and sports equipments Rs. 15,000. Depreciation charged on furniture and sports equipments including purchases was 10%.
Prepare Income and Expenditure Account of the club for the year 31-12-09 ascertain the capital fund on 31.12.08