Question: The books of the Brownstone Old Boys' Social Club at 31st December 1962, showed the following balances:
£
Buildings Extension and Renovation Fund 2,500
Accumulated Fund 5,945
Re-printed by courtesy of the Royal Society of Arts (R.S.A.).
Re-printed by courtesy of the Society of Incorporated Accountants (S.A.A.).
Entrance Fees 180
Annual Subscriptions 1,072
Crockery, Glassware, Plate, etc. 765
Printing, Stationery, Postages and Telephone 250
Library Books 300
Furniture, Fixtures and Fittings 1,500
Hire of Hall (Credit) 451
Games Room Receipts 379
Rates and Insurance 225
Balances at Bank-Current Account 600
Deposit Account 500
Cash in Hand 45
Repairs and Replacements 455
Profit on Bar and Catering 1,265
Receipts-Annual Outing 450
Entertainments 290
Creditors 781
Honorarium, Secretary 200
Salaries and Wages 873
Heating, Lighting and Cleaning 305
Deposit, Exton Building Society 2,000
Audit Fee 52
Club Premises (Freehold) 4,000
Cost of Annual Outing 363
Interest on Investments-Building Society Deposit 50
Bank Deposit 11
Newspapers and Magazines 121
Stocks of Wines, Spirits, Tobacco, etc. 810
Cost of Entertainments 210
Donations to Building Extension Fund 200
Subscriptions amounting to £104 have been paid in advance, and there were arrears of £24. Insurances paid in advance amounted to £15. Depreciation is to be provided at the following rates per annum:
Library Books 25 per cent.
Furniture etc. 10 per cent.
Crockery etc. 10 per cent.
Club Premises 2 per cent.
A sum of £500 is to be transferred to Buildings Extension and Renovation Fund. The charge for Repairs and Replacements included cost of a Television Set, £120. Prepare Income and Expenditure Account for the year ended 31st December, 1962 and Balance Sheet at that date.