Question

From the following Receipts and Payments Account of Kolkata Sports Club for the year ended

31.3.2011, prepare Income and Expenditure Account. 

Receipts and Payments Account of Kolkat Sports Club              for the year ended 31.3.2011
Dr.			Cr.
Receipts	Amount Rs	Payments	Amount Rs
To Balance b/d	3,200	By Salary	1,800
To Subscription	22,500	By Rent (paid on 30.9.2010 for 12 months)	2,300
To Entrance Fees (including Rs 1,000 as capital income)	3,000	By Electricity	1,000
To Donations	750	By Taxes	2,200
To Rent of hall	1,750	By Printing and Stationery	400
To Accrued interest for the year 2009 – 2010	2,000	By Sundry Expenses	900
		By Books	7,500
		By 9% Fixed Deposit (on 1.4.2010)	15,200
		By Balance c/d	1,900
	33,200		33,200

 

Answer 1

Sports Club
Income & Expenditure A/c
Dr.					Cr.
Particulars			Amount Rs	Particulars	Amount Rs
Salaries			1,800	Subscription	22,500
Rent		2,300		Entrance Fees	2,000
Less: Advance		(1,150)	1,150	Donation	750
Electricity			1,000	Rent of Hall	1,750
Taxes			2,200	Interest on fixed deposits	1,368
Painting and Stationary			400
Sundry Expenses			900
Excess of income over Expenditure			20,918
			28,368		28,368