Q. Following is the Receipt and Payment Account of Literacy Club for the year ended 31-3-2006.
ReceiptsAmount PaymentsAmount(Rs)(Rs)Balance b/d19,550Salary3,000Subscriptions :Newspapers2,0502004−051,200Electiricty Bill1,0002005−0626,500Fixed Deposits2006−07500––––28,200 (on 1−7−2005 @ 9% p.a)20,000Sale of old newspapers1,250Books10,600Government Grants10,000Rent6,800Sale of Old FurnitureFurniture10,500 (Book value Rs 7,000)5,700Balance c/d11,200Interest on Fixed Deposits 450¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯65,150¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯65,150
Additional information :
(i) Subscriptions outstanding as on 31-3-2005 were Rs 2,000 and on 31-3-2006 Rs 2,500.
(ii) On 31-3-2006 salary outstanding was Rs 600 and rent outstanding was Rs 1,200.
(iii) The club owned furniture Rs 15,000 and books Rs 7,000 on 1-4-2005.
Prepare Income and Expenditure Account of the Club for the year ended 31-3-2006 and ascertain 'Capital Fund' on 31-3-2005. Also prepare a Balance Sheet as on 31st March, 2006.