Following is the Receipt and Payment Account of G-Men’s Club for the year ending 31 March 2003 :
G-Men’s Club
Receipts and Payments Account for the
year ended 31st March 2003
Receipt |
Amount |
Payment |
Amount |
To Balance
b/d |
5000 |
By Salaries |
1200 |
Subscription |
7500 |
Rent |
1400 |
Donations |
1500 |
Postage and telegram |
650 |
Entrance fees |
2500 |
Sundry expenses |
850 |
|
|
Stationery |
210 |
|
|
Entertainment expenses |
340 |
|
|
investment |
6000 |
|
|
Cash at bank |
5000 |
|
|
Cash in hand |
850 |
|
16500 |
|
16500 |
You are required to prepare an Income and Expenditure and Balance Sheet as on the above date after making the following adjustment:
a) Subscription outstanding during the year 2003 Rs. 700. Subscription received include Rs. 400 for the year 2002 and received in advance for the year2004 amounting Rs. 800.
b) Rent paid in advance Rs. 200.
c) 1/3 of the donation and 40% of the entrance fee should be capitalised.
d) On 1st April 2002 the club had sports equipment worth Rs. 4,000 and furniture Rs. 2,000.
e) Salaries unpaid on 1st April 2002 Rs. 200 and 31st March 2003 Rs. 300.
f) Stock of stationery on 31st March 2003 Rs. 60.