The treasurer of a charitable institution has prepared the following Receipts and Payment Account for the period ended on 30^th June, 2019.

Receipts	Amount (Rs.)	Payments	Amount (Rs.)
Balance Entrance fee (25 @ Rs.100) Annual subscription: 200 2,900 150 Legacies Miscellaneous receipts Sale of old furniture Donations	6,274 2,500 3,250 12,600 3,400 120 406	Grants to members Salaries Rent and rates Postage & telegram Repair to premises 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		28,550

The following further information is supplied to you.

(i) Annual subscription for each member is Rs. 120, Rs. 240 being in arrear for 2018.

(ii) The rent and rates prepaid to the 31^st December 2019.

(iii) Postage and telegram Rs. 56 related to 2018, still owing Rs. 76. One-half of the legacies are to be treated as income.

(iv) At 1^st July, 2018 the building and premises stood in the books at Rs. 35,000, investment Rs. 12,000 and furniture Rs. 3,000.

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

Required: Prepare Income & Expenditure Account and Balance Sheet.

Answer rating: 100% (QA)

INCOME AND EXPENDITURE ACCOUNT For the Year Ended 30th June 2019 Income ... View the full answer