You are the secretary of Western Sports Club. You are entrusted with the duty of preparation of final accounts of the Club. On 31st Dec. 2010 the books of the club has revealed the following receipts and payments.
The books of the club has also revealed the following additional information.
i) The club had a cash balance on 1/1/2010 Rs. 2,000.
ii) Subscription outstanding on 31/12/2010 Rs. 750 and on 1/1/2010 Rs. 500.
iii) Salary prepaid on 31/12/2010 Rs. 500 and locker rent received in advance on 31/12/2010 Rs. 250.
iv) On 31/12/2009 the Club had investment for Rs. 10,000/Furniture Rs. 5,000, Building Rs. 12,500 and Sports Equipments Rs. 5,000.
v) Depreciation is to be provided during the year as follows.
On Furniture 20%, Building at 10% and Sports and Equipment at 15%.
Prepare Receipts and Payment Account, Income and Expenditure Account and Balance Sheet of the Club for the year ended 31st December, 2010.