Income and expenditure account and balance sheet

Assignment Help Accounting Basics

Reference no: EM13257982

The treasurer of a charitable institution has prepared the following Receipts and Payment Account for the period ended on 30^th June, 1989.

Receipts

Amount

Payments

Amount

Balance

Entrance fee([email protected])

Annual subscription:

1988 200

1989 2900

1990 150

Legacies

Miscellaneous Receipts

Sale of old furniture

Donations

6,274

2,500

3,250

12,600

3,400

120

406

28,550

Grants to members

Salaries

Rent and rates

Postage & Telegram

Repair to promises

Investment

Furniture purchased

Cash in Office

Cash at bank

1,320

675

1,266

136

425

13,000

1,700

3,528

6,500

28,550

The following further information is supplied to you.

(1) Annual subscription for each member is Rs.120,Rs.240 being in arrear for 1998.

(2) The rent and rates prepaid to the 31^stDecember 1989.

(3) Postage and telegram Rs.56 related to 1998, stillowing Rs.76. One half of the legacies is to be treated asincome.

(4) At 1^st July, 1998 the building andpremises stood in the books at Rs.35, 000, investment Rs.12, 000and furniture Rs.3, 000.

(5) Depreciation is to be provided at the rate of 10%p.a on furniture and writing down investments by 5% (openingbalance only).

Required: Prepare Income & Expenditure Account and Balance Sheet.

Reference no: EM13257982

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