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  • Mar 18, 2012, 05:40 AM
    tmsjos
    Not for profit accounting homework free help?
    Q.) From the following Receipts and Payments a/c of Stars Cricket Club,prepare an Income & Expenditure a/c for the year ending 31st March,2008 and the Balance Sheet as at that date:
    RECEIPT & PAYMENT A/C 31-March,2008

    Receipts
    Balance b/d -2,850
    Subscriptions
    2006-'07 - 250
    2007-'08 -8,950
    2008-'09 - 550 -9,750
    Donation for Cricket Pavilion -6,000
    Sale of Furniture - 300
    Interest on Investment -1,200
    Sale of Refreshment -5,600

    Payments
    Salaries -4,250
    Printing -2,450
    Purchase of Investments -8,000
    Expenditure on Refreshments -4,200
    Payment of Expenses of the last year - 340
    Additions to Club building -4,000
    Cost of Gold medal - 175
    Balance c/d -2,285

    ADJUSTMENTS
    1)The assests on 1st April,2007 include Club building Rs.15,000,Investments Rs.6,000 and Furniture Rs.2000.The liabilities as on!st April,2007 include an accountstyled"Cricket Prizes Fund Account"Rs.5,000.
    2)of interest on Investment Rs.150 pertains to last year AndRs.320 is still owing.
    3)stock of Refreshments at the end of the year was valued at Rs.55.
    4)The Cricket Prize fund was not separately invested.It was decided to set apart every year Rs.200 from the interest income of the club to b e utilised for the purpose of awarding a gold medal to the best Cricketer of the year.
  • Mar 18, 2012, 05:42 AM
    Sariss
    And what have you come up with?

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