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Question
How are the following items dealt with while preparing Income and Expenditure Account of a club for the year ended 31st March, 2019?
| 1st April, 2018 (₹) |
31st March, 2019 (₹) | |
| Outstanding Locker Rent | 4,600 | 6,300 |
| Advance Locker Rent | 3,000 | 4,000 |
Locker Rent received during the year ended 31st March, 2019 – ₹ 52,000.
Ledger
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Solution
|
Income and Expenditure Account |
||||||
|
Dr. |
for the year ended 31st March, 2019 |
Cr. |
||||
|
Expenditure |
Amount (₹) |
Income |
Amount (₹) |
|||
|
|
|
Locker Rent Received |
52,000 |
|
||
|
|
|
Add: Outstanding at the end |
6,300 |
|
||
|
|
|
Add: Advance in the beginning |
3,000 |
|
||
|
|
|
Less: Outstanding in the beginning |
4,600 |
|
||
|
|
|
Less: Advance at the end |
4,000 |
52,700 |
||
shaalaa.com
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