The following is the Receipts and Payments A/c of Neelgiri club for the year ended 31.12.2007.
Receipts and payments Account:
The club has 100 members each paying an annual subscription of Rs.100. On 1.1.2007, Stock of stationery was for Rs. 75 and 31.12.07 stock is valued at Rs.125. On 1.1.2007, furniture was valued at Rs. 5,000. Provide depreciation on furniture @ 20% p.a. Prepare Income and Expenditure A/c for the year ended 31.12.2007.
