Illustration 45: The following information was obtained from the books of Young Bengal Club as on 31-03-2013 at the end of first year of the club. Prepare the receipts & Payments A/C, Income & Expenditure A/c and Balance sheet of the club (1) Donations received for Building & Books - + 2,00,000 028 (2) Other revenue incomes and receipts were: Rev. Income (3) Actual Receipts (5) Entrance fees 17,000 17,000 Subscription 20,000 19,000 Locker rent 600 600 Sundry Income 1,600 1,060 Refreshment account Nil 16,000 (3) Other revenue expenditure and actual payments were Rev. Exp (3) Actual Payment () Land cost 310,000) Nil 10,000 Furniture (cost * 146,000) 130,000 Salaries 5,000 4,800 Maintenance of play ground 2,000 1,000 Rent 8,000 8,000 Refreshment account Nil 8,000 Nil Donations were utilized to the extent of 725,000 for buying books, balance were unutilized. In order to keep it safe. 9% Govt. Securities were purchased on 31-3-2013 for 1, 60,000. Remaining amount was put in bank as term deposit on 31-3-2013. Depreciate Furniture and books @ 10% for the whole year