prepare Income and Expenditure Account for the year ending 31st December 2010 and the Balance…
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From the following Receipts and Payment Account of Sonic Club and from the given additional information; prepare Income and Expenditure Account for the year ending 31st December, 2010 and the Balance Sheet as on that date:
Receipts |
Rs. |
Payments |
Rs. |
To Balance b/d To Subscriptions To Interest on Investments @ 8% p.a for full year |
1,90,000 6,60,000 40,000 |
By Salaries By Sports Equipment By Balance c/d |
3,30,000 4,00,000 1,60,000 |
8,90,000 |
8,90,000 |
Additional Informations:
- The club had received Rs.20, 000 for Subscription in 2005 for 2006.
- Salaries had been paid only for 11 months.
- Stocks of Sports Equipment on 31st December,2011 was Rs. 3,00,000 and on 31st December, 2012 Rs.6,50,000. (6)
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