Example o. The receipts and payments account of PT. Usha Club, Gwalior on 31 December, 2017 stood as under- Receipts Amount Payments Amount Cash Balance (1-1-2017) 6,000 Salaries 1.700 Subscription : 2016 80 Stationery 160 2017 14,000 Drama expenses 340 2018 240 General expenses 100 Donations 1,080 Newspapers 300 Income from Drama 1,800 Scholarships 1.000 Sale proceeds of old papers 120 Investment in shares 4.000 Interest on Investments 200 Electric charges 260 Income from tournaments 1,540 Balance of cash 17.200 25,060 25,060 Prepare the Income and Expenditure Account taking into consideration the following additional information on 31st December, 2017- (1) The club has 1,600 members who pay subscription @ 59 each. 2015 0 1 100 (2) Donation of 200 is yet to be received. (3) Municipal tax * 80 and salaries 140 were outstanding. (4) Interest on investment was accrued 70. (5) The cost of building was 10,000 which was to be depreciated by 5%. (6) On 1st January, 2017 stationary in hand was * 180 and on 31st December, 2017 30.
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