Following is the Receipts and Payments account of Neyveli Science Club for the year ended 31st December 2018.
Receipts and Payments Account for the year ended 31st December 2018
Additional information:
1. Opening capital fund Rs. 6,400
2. Subscription includes Rs. 600 for the year 2019
3. Science equipment as of 1.1.2018 Rs. 5,000
4. Surplus on account of exhibition should be kept in reserve for a new auditorium.
Prepare income and expenditure account for the year ended 31st December 2018 and the balance sheet as on that date.
