Income and Expenditure Account and Balance Sheet for Roshan Club

Income and Expenditure Account:
The income and expenditure account is a summary of the club’s income and expenses for the year ending 31st March 2007. The format of the income and expenditure account is as follows:

Income:
- Membership fees
- Donations
- Interest on investments
- Other income

Expenses:
- Rent and rates
- Salaries and wages
- Repairs and maintenance
- Insurance
- Other expenses

Income and Expenditure Account for Roshan Club for the year ending 31st March 2007:

Income:
- Membership fees: $15,000
- Donations: $2,000
- Interest on investments: $500
- Other income: $1,000
Total Income: $18,500

Expenses:
- Rent and rates: $5,000
- Salaries and wages: $6,000
- Repairs and maintenance: $1,500
- Insurance: $500
- Other expenses: $1,000
Total Expenses: $14,000

Surplus for the year: $4,500

Balance Sheet:
The balance sheet is a statement showing the club’s assets and liabilities as at 31st March 2007. The format of the balance sheet is as follows:

Assets:
- Cash in hand and at bank
- Investments
- Furniture and fittings
- Other assets

Liabilities:
- Creditors
- Bank overdraft
- Other liabilities

Balance Sheet for Roshan Club as at 31st March 2007:

Assets:
- Cash in hand and at bank: $5,500
- Investments: $10,000
- Furniture and fittings: $3,000
- Other assets: $1,000
Total Assets: $19,500

Liabilities:
- Creditors: $1,500
- Bank overdraft: $2,000
- Other liabilities: $1,000
Total Liabilities: $4,500

Net Assets: $15,000

The surplus for the year of $4,500 is added to the net assets of $15,000, giving a total of $19,500, which is equal to the total assets. Similarly, the total liabilities of $4,500 are deducted from the total assets of $19,500, giving a net assets figure of $15,000.