Problem 1

1 (Preparation of Receipts & Payments Account) From the following information, prepare Receipts and Payments Account of Michal Recreational Club, Houstan for the year ended 31st March, 2012. Particulars Cash in hand (1.4.2011) 37,000 Cash at Bank (1.4.2011) 50,000 Donations Received 2,500 Subscriptions Received by Cheque 2,000 Electricity and Water Charges Paid 500 Salary to Natiq (Accountant) 25,000 Salary to Rahat (Manager) 10,000 Honorarium to Lecturer Paid by Cheque 16,000 Purchase of Computer (Paid by Cheque) 28,000 Advances to Petty Cashier 200 Purchased Furniture 1,000 Cash in hand (31.3.2012) 2.800 Cash at Bank (31.3.2012) 8.000