Prepare Income and Expenditure Account and Balance Sheet of Iqra Foundation from the following Receipts and...

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Prepare Income and Expenditure Account and Balance Sheet of Iqra Foundation from the following Receipts and payment Account for the period ended on 30th June, 2017. Payments Grants to members Salaries Receipts Balance Entrance fee (25 Rs.100) Annual subscription: 2016 2,000 2017 29,000 2018 1,500 Legacies Miscellaneous receipts Sale of old furniture Donations Amount (Rs.) 62,740 25,000 Rend and rates Postage & telegram Repair to premises Investment Furniture purchased 32,500 126,000 Cash in office 34,500 Cash at bank 15,000 4,060 299,800 Amount (Rs.) 13,200 6,750 12,660 1,360 4,250 130,000 17,000 35,780 7,800 299,800 Additional information: i) Annual subscription for each member is Rs. 1200, Rs. 2400 being in arrear for 2016. ii) Prepaid rent and rates Rs. 3000. iii) Postage and telegram Rs. 560 related to 2016, One-half of the legacies are to be treated as income. iv) At 1 July, 2016 the building and premises stood in the books at Rs. 350,000, investment Rs. 120,000 and furniture Rs. 30,000. v) Depreciation is to be provided at the rate of 10% p.a. on furniture and writing down investments by 5% (opening balance only). Prepare Income and Expenditure Account and Balance Sheet of Iqra Foundation from the following Receipts and payment Account for the period ended on 30th June, 2017. Payments Grants to members Salaries Receipts Balance Entrance fee (25 Rs.100) Annual subscription: 2016 2,000 2017 29,000 2018 1,500 Legacies Miscellaneous receipts Sale of old furniture Donations Amount (Rs.) 62,740 25,000 Rend and rates Postage & telegram Repair to premises Investment Furniture purchased 32,500 126,000 Cash in office 34,500 Cash at bank 15,000 4,060 299,800 Amount (Rs.) 13,200 6,750 12,660 1,360 4,250 130,000 17,000 35,780 7,800 299,800 Additional information: i) Annual subscription for each member is Rs. 1200, Rs. 2400 being in arrear for 2016. ii) Prepaid rent and rates Rs. 3000. iii) Postage and telegram Rs. 560 related to 2016, One-half of the legacies are to be treated as income. iv) At 1 July, 2016 the building and premises stood in the books at Rs. 350,000, investment Rs. 120,000 and furniture Rs. 30,000. v) Depreciation is to be provided at the rate of 10% p.a. on furniture and writing down investments by 5% (opening balance only).

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To prepare the Income and Expenditure Account and Balance Sheet of Iqra Foundation for the period ended on 30 June 2017 we need to analyze the given i... View the full answer