Reference no: EM13256976
The treasurer of a charitable institutionhas prepared the following Receipts and Payment Account for theperiod ended on 30th June, 1989.
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Receipts
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Amount
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Payments
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Amount
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Balance
Entrance fee([email protected])
Annual subscription:
1988 200
1989 2900
1990 150
Legacies
Miscellaneous Receipts
Sale of old furniture
Donations
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6,274
2,500
3,250
12,600
3,400
120
406
 28,550
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Grants to members
Salaries
Rent and rates
Postage & Telegram
Repair to promises
Investment
Furniture purchased
Cash in Office
Cash at bank
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1,320
675
1,266
136
425
13,000
1,700
3,528
6,500
28,550
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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 31stDecember 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 1st 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.
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