the following is the receipts and payment account of eastern spots club for the year ending 31 dec 2012
receipts and payments account for the year ended 31 12 2012
receipts amount payments rs
to bal b/d 9000 by salaries and wages 15000
by sports material 36000
to subscriptions by furniture 112012 20000
2011 3000 by sundry expenses 3000
by bal c/d 5000
2012 39000
2013 6000 48000
to donations 20000
to sale of scrap 500
item
to interest on 1500
investment
79000 79000
the club has 450 members each paying annual subscription rs 100 subs of rs 5000 were outstanding for 2011
on jan 1 2012 the club assets and liabilities included
furniture rsss 30000 stock of sports material rs 9000
on 31 dec 2012 the club has sports material of rs 20000 in stock
depreciate furniture by 10%. prepare income and expenditure account for the year ended 31 dec 2012
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Income and Expenditure Account for the year ending March 31,2012 |
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Dr. |
|
Cr. |
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|
Expenditure |
Amount (Rs) |
Income |
Amount (Rs) |
|
|
Salaries and Wages |
15,000 |
Subscription |
45,000 |
|
|
Sundry Expenditure |
3,000 |
Interest on Investments |
1,500 |
|
|
Opening Stock of Sports Material |
9,000 |
|
General Donation |
20,000 |
|
Add: Purchases |
36,000 |
|
Sale of Scrap |
500 |
|
Less: Closing Stock of Sports Material |
(20,000) |
25,000 |
|
|
|
Depreciation on Furniture |
5,000 |
|
|
|
|
Surplus (Excess of Income over Expenditure) |
18,000 |
|
|
|
|
|
67,000 |
|
67,000 |
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|
|
|
|
|
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Working Notes:
