The Income and Expenditure Account of Adithya Club for the year ending 31.12.2006 is given below.
Income and Expenditure Account for the year ending 31.12.2006
The accounts has been prepared after the following adjustments.
The club owned a building since 2005 Rs. 20,000. On 31.12.2005 the club had furniture worth Rs. 1000. At the end of the year 2006, the firm had furniture worth Rs. 1,800 after providing depreciation. Cash in hand on 31.12.2006 is Rs. 15,500.
You are required to prepare receipts and payments account of the club for 2006 and the Balance sheet as on 31.12.2006.