The following is the Receipts and Payments Account of Silver Streek Cricket Club for the year ended 31.12.2014. You are to prepare the Income and Expenditure Account for 2014 and Balance Sheet as at 31.12.2014 of the Club:
Subscriptions : For 2013 (due as at 31.12.2013, ~ 1,500) received ~ 1,000; For 2015 advance ~ 1,200; Due for 2014
~ 800; Expenses outstanding : Salaries ~ 1,200; Electricity ~ 100; Telephones ~ 100; Postage ~ 100; Provide depreciation on Building @ 5%.