Given below is the Receipts and payments Account of Vinod Sports Club for the year ended 31.12.2008 Receipts Balance of Cash Balance of Bank Subscriptions Life Membership Fee Tournament Fund Locker Rent Sale of old sports material (costing 5,000) Sale of old newspapers Legacy Entrance Fee Additional information: Amount 400 3,600 8,000 15,000 2,000 3,000 2,000 10,000 5,000 60,000 Payments Salaries Billiard Table Office Expenses Stationery Tournament Expenses Fumiture purchased Sports equipment purchased FD on 1.1.2008 @ 12% pa. Balance of Cash Balance of Bank Amount 10,000 5,000 3,400 2,700 16,000 5,000 6,000 5,900 200 2,800 60,000 On 1.1.2008 subscriptions outstanding were Rs.800 and on 31 December 2008 Rs.900. On 1.1.2008 the club had Building Rs.50, 000; Furniture Ks.20,000 and Sports Equipment Rs.14,000. Charge depreciation @10%% on these items (including purchases). Prepare income and Expenditure Account:

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• 1 Nature and Significance of Management
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