From the following Receipts and Payments account of Sivakasi Pensioner’s Recreation Club, prepare income and expenditure account for the year ended 31st March, 2018 and the balance sheet as on that date.
Dr. Receipts and Payments Account for the year ended 31st March, 2018 Cr
| Receipts |
Rs. |
Rs. |
Payments |
Rs. |
| To balance b/d |
|
|
By Rent and rates |
18,000 |
| Cash in hand |
10,000 |
|
|
|
| Cash at bank |
20,000 |
30,000 |
By Furniture purchased |
12,000 |
| To Subscription |
|
|
By Billiards table purchased |
70,000 |
| 2016 – 2017 |
5,000 |
|
By Repairs and renewals |
16,000 |
| 2017 – 2018 |
25,000 |
|
By Special dinner expenses |
4,000 |
| 2018 – 2019 |
6,000 |
36,000 |
By Sundry expenses |
2,000 |
| To Legacies |
|
40,000 |
By Balance c/d |
|
| To Rent from hall |
|
14,000 |
Cash in hand |
1,000 |
| To Collection for special dinner |
|
12,000 |
|
|
| To Balance c/d |
|
|
|
|
| Bank overdraft |
|
3,000 |
|
|
| |
|
1,40,000 |
|
1,40,000 |
Additional information:
(i) The club had 300 members each paying Rs.100 as annual subscription.
(ii) The club had furniture Rs.10,000 on 1.4.2017.
(iii) The subscription still due but not received for the year 2016 – 2017 isRs. 1,000.
