The following is the Receipts and Payments Account of Super Time Club for the ended 31st Dec,2016:
You are required to compile the Income and Expenditure Account for the year ended 31 Dec, 2016 after taking into account the following information.
(1) On I st January, 2016, the club premises stood at Rs. 1,00,000 Investments at Rs. 24,000, furniture at Rs. 12,000 and Stock of stationery Rs. 360.
(2) The club had 720 members each paying an annual subscription of Rs. 100. Subscription amounting to Rs. 200 were still in arrears for the year 2015.
(3) Salaries for December 2016 amounting to Rs. 1,600 are outstanding,
(4) Entrance fee and surplus from Drama are to be kept in reserve for a swimming pool
(5) Write off 50% of printing and stationery.