From the following receipts and payments account the year ended 31st March, 2017 and additional information of a society, prepare Income and Expenditure Account for the year ending 31st March, 2017 and the balance sheet for the same date.
Additional Information:
1. The society has 1800 members paying annual fees of Rs 100. Subscription amounting to Rs 900 were still in arrears for 2015-16.
2. Stock of stationery at the beginning Rs 1,250 and at the end Rs 870.
3. Salary of Rs 5,500 is outstanding at the end, miscellaneous expenses Rs 1,320 (Opening) outstanding. The society had paid Rs 5,000 in 2015-16 out of which Rs 1,250 related to 2016-17 for telephone expenses.
4. Building Rs 2,45,000 and investments Rs 65,000 at the beginning of the current year, depreciate fixed assets by 5%.
5. Entrance fees to be capitalised.
