Prepare Income and Expenditure Account and Balance Sheet for the year ending 31-03-2015 from the following information:
Receipts and Payments Account for the year ending 31-03-2015.
Additional Information:
1). There are 1, 800 members each paying an annual subscription of Rs. 200. Rs.8,000 were in arrears for 2013-14asonApril 1,2014.
2). On 31-03-2015 the rates were prepaid to June 2015, the charge paid every year being Rs.24,000
3). There was an outstanding telephone bill for Rs.1400 on 31-3-2015
4) Outstanding sundry expenses as on 31-2- 12014 totalled Rs.2800
5) Stock of stationery 31-03-2014 was Rs. 2,000 on 31-03-2015 it was Rs.3,600.
6) On 31-03-2014, Building stood at Rs.4,00,000 and it was subject to depreciation @ 2.5% p.a.
7) Investment on 31-03-2014 stood at Rs.8,00,000.
8) On 31-03-2015, income accrued on investments amounted to Rs.1,500.
