Question

From the following receipts and payment account, prepare income and expenditure account of Kumbakonam Basket Ball Association for the year ended 31^st March, 2018.

Receipts	₹	₹	Payments	₹	₹
To Balance b/d			By Rent of ground paid		12,000
Cash in hand	23,000		By Printing charges		5,000
Cash at bank	12,000	35,000	By Bank charges		1,000
To Rent of hall received		6,000	By Insurance for building		2,000
To Subscription received		9,000	By Tournament expenses		16,000
To Life membership fees		7,000	By Audit fees		3,000
To Locker rent received		2,000	By Sports materials purchased		4,000
			By Balance c/d
			Cash in hand	2,000
			Cash at bank	14,000	16,000
		59,000			59,000

Answer 1

Dr.	Kumbakonam Basket Ball Association Income and Expenditure Account for the year ended 31.03.19		Cr.
Expenses	₹	Income	₹
To Rent paid	12,000	By Rent of hall received	6,000
To Printing charges	5,000	By Subscription received	9,000
To Bank charges	1,000	By Locker rent received	2,000
To Tournament expenses	16,000	By Excess of Expenses over [Income (Deficit)]	26,000
To Audit fees	3,000
To Sports materials purchased	4,000
To Insurance for building	2,000
	43,000		43,000