The following receipts and payments account for the year ended 31st March 2015 for the Reserve Bank.

The following receipts and payments account for the year ended 31st March 2015 for the Reserve Bank Sports Club has been prepared by the treasurer, Md. Jafar Ali.

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Receipts

~

Payments

~

To Balance b/f on 1st April 2014 :

 

By Painting of club house

600

Cash in hand

200

By Maintenance of grounds

1,400

Bank current account

5,500

By Bar steward’s salary

6,000

To Members’ subscriptions :

 

By Insurance

240

Ordinary

1,600

By General expenses

1,200

Life

800

By Building society investment account

1,500

To Annual dinner ticket sales

500

By Secretary’s honorarium

200

To Bar takings

22,000

By Annual dinner                expenses

By New furniture and fittings By Bar purchases

By Rent of club house

By Balance c/d on 31st March, 2015 : Bank current account

Cash in hand

600

1,870

13,000

500

 

3,200

290

30,600

30,600

 

The following additional information has been given:

1.     Ordinary membership subscriptions received in advance at 31st March 2014 was ~ 200. The subscriptions received during the year ended 31st March 2015 included ~ 150 in advance for the following year.

2.     A life membership scheme was introduced on 1st April 2013. Under the scheme, life membership subscriptions are ~ 100 and are apportioned to revenue over a ten year period. Life membership subscriptions totalling ~ 1,100 were received during the first year of the scheme.

3.     The Club’s building society investment account balance at 31st March, 2014 was ~ 2,676; during the year ended 31st March, 2015 interest of ~ 278 was credited to the account.

4.     All the furniture and fittings in the Club’s account at 31st March, 2014 were bought in January, 2014 at a cost of ~ 8,000. It is the Club’s policy to provide depreciation annually on fixed assets at 10% of the cost of such assets held at the relevant year end.

5.     Other assets and liabilities of the club were :                                                                        As at 31st March

 

2014

2015

Bar stock

1,860

2,110

Insurance prepaid

70

40

Rent accrued

130

140

Bar purchase creditors

370

460

You are required to prepare: (a) the Bar Trading and Profit and Loss Account for the year ended 31st March 2015; and (b) Income and Expenditure Account for the same period and Balance Sheet as at 31st March 2015.

Preparation of Receipts and Payments Account