Following is the
Receipt and Payment Account of Indian Sports Club, prepared Income and
Expenditure Account, Balance Sheet as on December 31, 2006:
Receipt and Payment Account for the year ending December 31, 2006
|
Receipts
|
Amount
Rs
|
Payments
|
Amount Rs
|
Balance
b/d
|
7,890
|
Salary
|
11,000
|
Subscriptions
|
52,000
|
Electric
charges
|
5,500
|
Life
member ship fee
|
2,200
|
Billiard
Table
|
17,500
|
Entrance
fee
|
3,200
|
Office
expenses
|
4,100
|
Tournament
fund
|
26,000
|
Printing
and Stationery
|
2,300
|
Locker
Rent
|
1,250
|
Tournament
expenses
|
18,500
|
Sale
of old sports goods (Costing Rs 2,200)
|
2,500
|
Repair
of ground
|
2,000
|
Sale
of Old Newspaper
|
750
|
Furniture
purchased
|
7,700
|
Legacy
|
37,500
|
Sports
equipments
|
12,000
|
|
|
Cash
in Hand
|
12,690
|
|
|
Cash
at Bank
|
10,000
|
|
|
Fixed
Deposit (on 1.10.06 for 10% p.a)
|
30,000
|
|
|
|
|
|
1,33,290
|
|
1,33,290
|
|
|
|
|
Other
Information:
Subscription
outstanding was on December 31, 2005 Rs 1,200 and Rs 3,200 on December 31,
2006. Locker rent outstanding on December 31, 2006 Rs 250. Salary
outstanding on December 31, 2006 Rs 1,000.
On January 1, 2006,
club has Building Rs 36,000, furniture Rs 12,000, Sports equipments Rs 17,500.
Depreciation charged on these items @ 10% (including Purchase).