Question

Prepare Income and Expenditure Account and Balance Sheet for the year ended March 31, 2015 from the following information. Receipt and Payment Account for the year ending March 31, 2015 Receipts Amount Payments Amount (Rs.) (Rs.) Balance b/a 41,000 Salaries and Wages: Subscriptions: 2013-14 4.800 2013-14 7.200 2014-15 83,200 88,000 2014-15 3,37.600 Sundry expenses 37.000 2015-16 12.000 3,56,800 Freehold land 60,000 Entrance fees 16.000 Stationery 16.000 Locker rent 58,000 Rates 24,000 Revenue from refreshment 48.000 Refreshment expenses 37,500 Income from investments 56,000 Telephone charges 4.000 Investments 2.50.000 Audit fee 6,000 Balance c/a 53,300 5,75,800 5,75,800 blish The following additional information is provided to you: 1. There are 1800 members each paying an annual subscription of Rs. 200. Rs. 8,000 were in arrears for 2013-14 as on April 1. 2014. 2. On March 31, 2015 the rates were prepaid to June 2015; the charge paid every year being Rs. 24,000. 3. There was an outstanding telephone bill for Rs. 1.400 on March 31, 2015. 4. Outstanding sundry expenses as on March 31, 2014 totaled Rs. 2.800. 5. Stock of stationery as on March 31, 2014 was Rs. 2000; on March 31, 2015, it was Rs. 3,600 6. On March 31, 2014 Building stood at Rs. 4,00,000 and it was subject to depreciation @ 2.5% p. a. 7. Investment on March 31, 2014 stood at Rs. 8,00,000 8. On March 31, 2015. income accrued on investments purchased during the year amounted to Rs. 1.500