From the following Receipt and payment Account of a club, prepare income and expenditure account for the year ended 31st December 2016 and Balance Sheet as on that date:
Receipt and payment Account for the year ending December 31’s, 2016
Additional Information:
a) The club has 100 members each paying an annual subscription of Rs.900. Subscriptions outstanding on December 31/8/2015 were Rs. 3,800.
b) On December 31st, 2016, salary outstanding amounted to Rs. 1,000, salary paid included Rs.1,000 for the year 2015.
c) On January 1,2016 the club owned land and building Rs.25,000, furniture Rs.2600 and books Rs.6,200.