Question

From the following receipts and payments account of Tenkasi Thiruvalluvar Manram, prepare income and expenditure account for the year ended 31^st March, 2019.

Receipts	₹	Payments	₹
To Balance b/d		By Salaries	20,000
Cash in hand	14,000	By Rent	24,000
To Interest received	5,000	By Travelling expenses	2,000
To Subscription	55,000	By Printing and stationery	6,000
To Legacies	48,000	By Investments made	50,000
To Entrance fees	7,000	By Sports equipment purchased	33,000
To Sale of furniture (Book value: ₹ 17,000)	16,000	By Balance c/d
		Cash in hand	10,000
	1,45,000		1,45,000

Answer 1

Dr.	Tenkasi Thiruvalluvar Manram Income and Expenditure Account for the year ended 31.03.19		Cr.
Expenses	₹	Income	₹
To Loss on sale of Furniture	1,000	By Interest received	5,000
To Salaries	20,000	By Subscription	55,000
To Rent	24,000	By Entrance fees	7,000
To Travelling expenses	2,000
To Printing and stationery	6,000
To Surplus (Excess of Income Over Expenditure)	14,000
	67,000		67,000