Ownclasses

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

‘Income and Expenditure Account of 'Green Delhi Club'
for the year ended 31-3-2011 

Expenditure

Amount (Rs)

Income

Amount( Rs)

To

Salary                  2200

Add outstanding      200

 

Rent 

Electricity    

Takes  

Printing and stationery 

Loss on sale of investment

 

 

Excess of income over expenditure.

 

 

2400

 

800

3500

2600

800

500

 

 

                   

21,595

 

 

By

Subscriptions a/c

Entrance fee

Donations

Hall rent

Interest on fixed assets

(13000*9%)*2/12

 

25,500

2,000

2,000

2500

195

 

 

 

 

 

 

 

 

32,195

 

 

32,195