As treasurer of your local tennis club you have just prepared a draft Receipts and Payments account, which is reproduced below.
The club committee decides, however, that it wishes its financial statements for 19_3 and subsequent years to be in the form of an Income and Expenditure account accompanied by a balance sheet and requests you to amend the 19_3 account accordingly.

You are required to prepare:

(a) the club’s Income and Expenditure account for the year ended 31st December, 19_3; and

(b) its balance sheets as at 31st December, 19_2, and as at 31st December, 19°35

Transcribed Image Text:

Receipts and Payments account for the year ended 31st December, 19_3 Receipts: Cash in hand at 1st January, 19 3 100 Cash at bank at 1st January, 19 3: Current account 1 160 Deposit account 2000 Member's subscriptions: 19_2 620 19_3 19_4 8 220 125 Interest on deposit account Entry fees for club championship Tickets sold for annual dinner/dance Bank overdraft at 31st December, 19_3 85 210 420 4.000 16 940 Payments: Groundsman's wages Purchase of equipment (on 30th June, 19_3) Rent for year to 30th September, 19_3 Rates for year to 31st March, 19_4 Cost of annual dinner/dance Secretarial expenses Prizes for club championship Miscellaneous expenses Cash in hand at 31st December, 19_3 4.000 8.000 2.000 1 800 500 400 90 100 50 16 940