Question

From the following ‘Receipt and Payments Account’ of ‘Green Delhi Club’ for the year ended

31-3-2011, prepare ‘Income and Expenditure Account’. 

Receipts and Payments Account of 'Green Delhi Club'       for the year ended 31-3-2011
Dr.						Cr.
Receipts			Amount Rs	Payments	Amount Rs
To Balance b/d			13,200	By Salary (paid for 11 months)	2,200
To Subscriptions			25,500	By Rent	800
To Entrance Fee			2,000	By Electricity	3,500
To Donations (includes Rs 1,000 for Buildings)			3,000	By Takes	2,600
To Hall Rent			2,500	By Printing and Stationery	800
To Sale of Investments (Book value Rs 4,000)			3,500	By Books	10,000
				By 9% Fixed Deposits (on 31-1-2011)	13,000
				By Balance c/d	16,800
			49,700		49,700

 

Answer 1

Green Delhi Club                  Income and Expenditure Account                           as on March 31, 2011
Dr.			Cr.
Expenditure		Amount Rs		Income	Amount Rs
Salary	2,200			Subscription	25,500
Add: Outstanding	200	2,400		Entrance Fees	2,000
Rent		800		Donation (3,000 – 1,000)	2,000
Electricity		3,500		Hall Rent	2,500
Taxes		2,600		Interest on Fixed Deposit	195
Printing and Stationery		800
Loss on sale of Investments		500
Excess of Income over Expenditure (Balancing figure)		21,595
		32,195			32,195