Ownclasses

From the following item of Receipts & Payments A/c. of Young Ladies Club, prepare an Income and Expenditure Account for the year ended 31-3-2010.

                                                                                                                                                                                                                                                                        Rs.

Salaries paid                                                                                              50,000

Lighting and Heating                                                                                 5000    

Printing and Stationery (including Rs. 500 for the previous year)             3500                  

Subscriptions received (including Rs. 2,000 received in advance
and Rs 5,000 for the previous year)                                                          40,000                            

Net proceeds of Refreshment Room                                                          45,000

Miscellaneous expenses                                                                            16,000

Interest paid on Loan for half year                                                            1,200                                    

Rent and Rates (including Rs. 1,000 prepaid)                                         7,5000                                                                                     

Locker rent received                                                                                  4,500                                                                                                                                 

Additional Information:

Subscriptions in arrears on 31-3-2010 were Rs. 8,000 and Half year's interest on loan was also outstanding. 

Answer

Expenditure

 

Amount (Rs)

Income

 

Amount (Rs)

 

To

Salary paid

Lighting and heating

Printing and Stationary

Less

 

Miscellaneous expenses

Interest paid on Loan for half year

Add outstanding                                                                    

 










Rent and Rates

Less prepaid

 

To surplus a/c

 

 

 

 

 

3,500

500

 

50,000

5,000

 

 

3,000

 

16,000

 

 

2,400

 

 










6,500

7,600

By

Subscription received

Less received in advance

Less previous year

 

Add arrears

 









Net proceeds of Refreshment Room 

Locker rent received                                                                                        

 

 

40,000

 

2,000

 

5,000

 

 

 

 

 

 

 






41,000

 

45,000

 

4,500

 

 

 

 

1200

1200

33,000

8,000

 

 

 

 

7,500

1,000

 

 

 

 

90,500

90,500