the following are the items of receipts and payment of the bengal club as sum marrie 620292
The following are the items of Receipts and Payment of the Bengal Club as sum married from the books of account maintained by the secretary.
|
Dr. |
|||
|
Receipts |
Rs |
Payments |
Rs |
|
Opening Balance clan 1,2008) |
4,200 |
Manager”s Salary |
1,000 |
|
Entrance Fees (2007) |
1,000 |
Printing and Stationery |
2,600 |
|
Entrance Fees (2008) |
10,000 |
Advertising |
1800 |
|
Subscriptions (2007) |
600 |
Fire Insurance |
1,200 |
|
Subscriptions (2008) |
15,000 |
Investments Purchased |
20,000 |
|
Interest Received on Investments |
3,000 |
Closing Balance Dec 31, 2008 |
7,600 |
|
Subscriptions (2009) |
400 |
||
|
34,200 |
34,200 |
It was ascertained from enquiry that the following represented a fair picture of Income and Expenditure of the club for the year 2008 for audit purpose.
|
Expenditure |
Rs |
income |
its |
|
Manager”s Salary |
1,500 |
Entrance Fees |
10,500 |
|
Printing and Stationery |
Subscription |
15,600 |
|
|
2,000 Add:Accrued 400 |
2,400 |
||
|
Advertising |
1,600 |
Interest on Investments |
4,000 |
|
Audit Fees |
500 |
||
|
Fire Insurance |
1,000 |
||
|
Depreciation |
4,440 |
||
|
Excess of Income over Expenditure |
18,160 |
||
|
30,100 |
30,100 |
Value of fixed assets as on Dec 31, 2007 were building Rs 44,000; cricket equipments Rs 25,000 and furniture Rs 4,000. The rates of depreciation are on building 5%, cricket equipments 10% and furniture 6%. You are required to prepare the Balance Sheets of the club as on Dec 31, 2007 and Dec 31, 2008.