Required prepare income amp expenditure account and

Question

The treasurer of a charitable institution has prepared the following Receipts and Payment Account for the period ended on 30^th June, 1989.

Receipts	Amount	Payments	Amount
Balance Entrance fee([email protected]) Annual subscription: 1988             200 1989             2900 1990             150                   Legacies Miscellaneous Receipts Sale of old furniture Donations	6,274 2,500       3,250   12,600 3,400 120 406 28,550	Grants to members Salaries Rent and rates Postage & Telegram Repair to promises Investment Furniture purchased Cash in Office Cash at bank	1,320 675 1,266 136 425 13,000 1,700 3,528 6,500                28,550

The following further information is supplied to you.

(1) Annual subscription for each member is Rs.120,Rs.240 being in arrear for 1998.

(2) The rent and rates prepaid to the 31^stDecember 1989.

(3) Postage and telegram Rs.56 related to 1998, stillowing Rs.76. One half of the legacies is to be treated asincome.

(4) At 1^st July, 1998 the building andpremises stood in the books at Rs.35, 000, investment Rs.12, 000and furniture Rs.3, 000.

(5) Depreciation is to be provided at the rate of 10%p.a on furniture and writing down investments by 5% (openingbalance only).

Required: Prepare Income & Expenditure Account and Balance Sheet.