The accountant of Mamba Sports Club has extracted the following information from the books of account for the year ended 31 March 2016: Receipts Payments Sh. Sh. Balance brought forward 288,000 Salaries and wages 254,000 Subscriptions: New equipment 565,000 Year 2014 - 2015 249,000 Repairs & maintenance 124,000 2015 - 2016 2,050,000 Office expenses 415,000 2016- 2017 194,000 Printing and stationery 168,000 Dinner dance 723,000 Purchase of Beverages 197,000 Beverage sales 657,000 Dinner dance expenses 315,000 Investments income 400,000 Refund of subscriptions 45,000 Sports prizes 25,000 Transport 218,000 Investments 1,500,000 Balance carried forward 405,000 4,561,000 4,561,000 Balances as at 31 March 2015 31 March 2016 Sh. Sh. Furniture and fittings (net) 240,000 - Equipment (net) 690,000 - Investments at cost 3,500,000 - Subscriptions in arrears 300,000 375,000 Salaries accrued 68,000 72,000 Stock of beverages 162,000 184,000 Subscriptions in advance 85,000 - Additional information: Subscriptions in arrears are written off after twelve months. Depreciation is provided for on reducing balance method at 10% and 20% per annum on furniture, fittings and equipment respectively. Investments which had cost Sh.500,000 were sold on 30 March 2016 for Sh.625,000. No entries have been made in the books in this respect. Required: Income and expenditure account for the year ended 31 March 2016.
The accountant of Mamba Sports Club has extracted the following information from the books of account for the year ended 31 March 2016:
Receipts Payments
Sh. Sh.
Balance brought forward 288,000 Salaries and wages 254,000
Subscriptions: New equipment 565,000
Year 2014 - 2015 249,000 Repairs & maintenance 124,000
2015 - 2016 2,050,000 Office expenses 415,000
2016- 2017 194,000 Printing and stationery 168,000
Dinner dance 723,000 Purchase of Beverages 197,000
Beverage sales 657,000 Dinner dance expenses 315,000
Investments income 400,000 Refund of subscriptions 45,000
Sports prizes 25,000
Transport 218,000
Investments 1,500,000
Balance carried forward 405,000
4,561,000 4,561,000
Balances as at 31 March 2015 31 March 2016
Sh. Sh.
Furniture and fittings (net) 240,000 -
Equipment (net) 690,000 -
Investments at cost 3,500,000 -
Subscriptions in arrears 300,000 375,000
Salaries accrued 68,000 72,000
Stock of beverages 162,000 184,000
Subscriptions in advance 85,000 -
Additional information:
- Subscriptions in arrears are written off after twelve months.
Depreciation is provided for onreducing balance method at 10% and 20% per annum on furniture, fittings and equipment respectively.- Investments which had cost Sh.500,000 were sold on 30 March 2016 for Sh.625,000. No entries have been made in the books in this respect.
Required:
Income and expenditure account for the year ended 31 March 2016.
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