Question

Prepare Income and Expenditure Account for the year ended 31st March, 2019 from the following

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019
Dr.					Cr.
Receipts		₹	Payments	₹
To Balance b/d (cash)		1,80,000	By Salaries	4,80,000​
To Subscriptions		9,00,000	By Rent	50,000
To Sale of Investments		2,00,000	By Stationery	20,000
To Sale of Old Furniture  (Book Value ₹ 40,000)		30,000	By Defence Bonds	3,00,000
To Donations		10,000	By Furniture	2,00,000
			By Bicycles	30,000
			By Balance c/d (Cash)	2,40,000
		13,20,000		13,20,000

Answer 1

Income and Expenditure Account
Dr.	for the year ended 31st March, 2019				Cr.
Expenditure		Amount (₹)	Income	Amount (₹)
Salaries		4,80,000	Subscriptions	9,00,000
Rent		50,000	Donation	10,000
Stationery		20,000
Loss on Sale of Old Furniture		10,000
Surplus (Balancing Figure)		3,50,000
		9,10,000		9,10,000