Inauguration | Reliable Papers

1.       2014 subscriptions in arrears are ~ 1,400 and 2013 subscriptions received during the year are ~ 480. 2.       The monthly rent is ~ 1,500. 3.       Fixed deposits in Banks were made: ~ 15,000 on 1st April 2014; ~ 30,000 on 1st September, 2015 and the balance on 1st October, 2014. Interest on these deposits for the current year has not been received and is at 8% p.a. 4.       Depreciation at the rate of 15% on Library, 10% on Furniture and Fittings and 30% on Sports Equipments is to be provided. 5.       In connection with the inauguration of the tennis court, the club on its own brought out a souvenir. Printing expenses on this came to ~ 1,000 and these remain unpaid on 31st December. Amounts due from the advertisers are ~ 1,500. These figures have not been taken into account by the accountant. 6.       Salaries and wages of ~ 30,000 include salary of ~ 9,000 to the managers of the club. Manager’s salary is to be distributed between Pantry, General and Tennis court in the ratio of 3:2:1 and the rest among the departments in the ratio 5:4:1. 7.       Bills of supplies of provisions to the Pantry in December 2014 amounting to ~ 1,750 have not been paid and taken into account. 8.       Pantry stock on hand on 31st December, 2014 is valued at cost of ~ 250. 9.       Subscriptions to periodicals to the extent of ~ 3,950 have been paid in advance. You are required to prepare the Income and Expenditure Account in columnar form for the year ended 31st December, 2014 and the Balance Sheet on that date.

Is this the question you were looking for? If so, place your order here to get started!