Question

16. From the following Receipts and Payments Account of Bengal Youth Club, prepare Income and Expenditure Account for the year ending 31-12-2008 and a Balance Sheet as on that date : Receipts To Balance at Bank 4,160 To Entrance fees 1,860 1,280 To Subscriptions : 2007 250 ₹. Payments 1,020 By Salaries 1,000 By Rent By Electricity By Stationery By Insurance 3,650 By General Exps. 7,500 By Part payment for new furniture 330 2008 3050 180 2009 350 460 To Sale of investment To Loan from Raju on 1-7-08 at 10% 4,500 2,400 KALORIC By Balance at Bank interest P.a 2,000 15,170 15,170 The following information is also available: 1-1-08 31-12-08 ao ₹. ₹. 180 360 i) Rent Due ii) Electricity charge due 640 200 iii) Subscription due 250 400 iv) Prepaid insurance 50 70 v) The cost of investment sold was. 5,000. The surplus is to be treated as income. vi) Furniture was valued at 7. 3,000 on 1-1-08 on 30th June 2008, the club purchased additional new furniture at a cost of R. 5,200. Depreciation at the rate of 10% Pa is to be provided on all furniture, vii) Half of entrance fees are to be capitalised,​

Answer 1

Answer:

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