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.