The following is the Receipts and Payments A/c of the Lions Club for the year ended 31.3.2005.
Additional Informations:
1. Salaries and wages outstanding Rs. 450, the figures on 1.4.2004 being Rs. 270.
2. Miscellaneous expenses outstanding on 31.3.2005 amounts to Rs. 720 and paid in advance on 1.4.2004 amounted to Rs. 110.
3. Subscription outstanding on 1.4.2004 were Rs. 600, subscription outstanding for the current year amounts to Rs. 900 as on 31.3.2005.
4. On 1.4.2004, there was furniture with a book value of Rs. 5,000 and is subject to a depreciation of 10%. Prepare Income and Expenditure Account for the year ended 31.3.2005 and a Balance sheet as on that date.
