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:

  1. The club had received Rs.20, 000 for Subscription in 2005 for 2006.
  2. Salaries had been paid only for 11 months.
  3. 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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