Following is the receipt and payment Account of central club in respect of the year 31.03.2016.
Receipt and Payment Account for the year ending 31.3.2016
Additional Information:
1. There are 500 members, each paying an annual subscription of Rs. 50, Rs. 17500 being in arrears for 2014-2015 at the beginning of 2015-2016. During 2014-2015, subscriptions were paid in advance by 40 members for 2015- 2016.
2. Stock of stationary at 31/3/2015, was Rs.1500 and 31/3/2016 Rs. 2000.
3. At 31/3/2016, the rates and taxes were prepaid to the following January 31, the annual charge being Rs.1500.
4. A quarter’s charge for telephone is outstanding, the amount accrued being Rs.1500. There is no change in quarterly charge.
5. Sundry expenses accruing at 31.3.2015 were rs. 250 and at march 31,2016 Rs.300.
6. At march 31,2015 Building stood in the books at Rs. 2,00,000 and it is required to write o depreciation @ 10% p.a.
7. Value of 8% Govt, securities at march 31,2015 was Rs. 75,000 which were purchased at that date at par. Additional Govt, securities worth Rs. 25,000 are purchased on 31/3/2016.
You are required to prepare:
- An income and expenditure Account for the year ended 31/3/2016
- A balance sheet on the date.
