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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. |
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