From the following Receipts and Payments account of Renu club. Prepare Income an Expenditure account For the year ended 31st Dec. 2012. Receipts and Payments Account. Receipts Amt. Payments Amt. Cash balance 550 General Expenses 228 Subscription 450 salaries 210 Entry fee 900 furniture 1000 Rent 112 Interest on Investment 120 Investment 310 Sundry receipt 240 cash balance_400 2260 2260 Adjustments (i). Subscription outstanding at the end of the year Rs.150 while Rs.50 had been received in advance (i) Depreciation charged on furniture Rs. 30 (iii). Accrued interest on Investment Rs. 50 (iv) Entrance fees is to he capitalized.
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Explanation:
Receipts Amount (Rs.) Payments Amount (Rs.)
To Donations received 14,000 By Salaries 3,300
To Subscriptions 6,500 By Furniture 11,700
To Life Memberhip fee 6,000 By Games expenses 2,500
To Tournment fund 8,000 By Printing 3,100
To Entrance fee 1,200 By Tournment expenses 3,000
To Donations for
Computer 5,000 By Sports Equipment 14,000
To Sale of Old Newspaper
500 By Balance c/d 2,600
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