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

Income and Expenditure Account 

for the year ending March 31,2012

Dr.

 

Cr.

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

 

 

 

 

 

Working Notes:

  • -2
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