ILLUSTRATION 6 Following are the Receipts and Payment Account of the " Three Hundred Club" for the year ending 31st March, 2015: Receipts $ Payments Opening Balance Honoraria to Secretary and Treasurer 4,800 150 1,260 Cash in hand Balance as per Bank Pass Book 8,230 Rates and Taxes etc. Printing and Stationery Other Miscellaneous Expenses 470 1,530 8,380 840 Groundman's Wages Expenditure on Fetes 10,710 2,390 2,400 Payments for Bar Purchases 5,770 Subscriptions Receipts from Fetes Net Proceeds of Variety Entertainment Bank Interest 4,270 Repairs etc. 320 230 New Car (Less Sale Proceeds of Old Car $3,000) Bar Takings 7,450 12,600 Cash Over-spent 20 Closing Balance as per Bank Pass Book 3,480 33,460 33,460 90 You are given the following additional information: 1-4-2014 31-3-2015 $ $ (1) Subscription due 1,200 980 (2) Unpresented cheques being payment on printing 30 (3) Club Premises at cost 29,000 (4) Depreciation on Club Premises 18,800 (5) Car at cost 12,190 (6) Depreciation on Car 10,290 (7) Value of Bar Stock 710 870 (8) Amount due for Bar Purchases 590 430 (9) Cash overspent represents amount of honorarium to the treasurer not drawn due to shortage of funds. But the total salary payable to him for the year was already included in $ 4,800. (10) Depreciation is to be provided @ 5% p.a. on the written down value of the Club premises and at 15 per cent p.a. on car for the whole year. You are required to adjust bank balance according to Cash Book and prepare : (i) An income and expenditure account of the club for the year ending 31st March, 2015 and (ii) A Balance Sheet as at 31st March, 2015