From the following information relating to a cricket club, prepare Income and Expenditure Account for the year ended 31st March, 2017 and a Balance Sheet on that date. An abstract of cash book is given below : (Cash column)
Assets with the club on 1 April, 2016 were as under :
Cash at bank Rs 6000, Stock of balls etc. Rs 3000, Stationery Rs 400, Subscription due Rs 1,000, Donation and surplus on account of tournament should be kept in reserve for a permanent pavilion. Subscription due at 31st March, 2017 amount to Rs 1,500, write off 50% of bats and balls account and 25% off stationery account. Admission fees is to be capitalised.
