Subscriptions received in cash during the year Rs. 5,000, the amount received in advance for the next year is Rs. 300. Amount outstanding for the current year was Rs. 400. The amount to be credited to the Income and Expenditure Account is-

Subscription received in cash during the year amounted to Rs. 40,000; subscription outstanding at the end of the previous year was Rs. 1,500 and outstanding at the end of the current year was Rs. 2,000. Subscription received in advance for next year was Rs. 800. The amount credited to Income and Expenditure Account will be:

Subscription received in cash during the year amounted to Rs. 60,000; subscription received in advance for next year was Rs. 3,000 and received in advance during the previous year was Rs. 2,000. Subscription in arrear at the end of the current year was Rs. 5,400. The amount credited to Income and Expenditure Account will be:

From the following Receipts and Payments Account of Mumbai Club, prepare Income and Expenditure Account for the year ended 31-12-2012 and its balance Sheet as on that date.

RECEIPTS AND PAYMENT ACCOUNT

for the year ending on 31st December, 2012

$\begin{matrix} Receipts & Amount & Payments & Amount (Rs) & (Rs) Cash in Hand & 4, 000 & Salary & 2, 000 Cash at Bank & 10, 000 & Repair Expenses & 500 Donations & 5, 000 & Purchase of Furniture & 6, 000 Subscriptions & 12, 000 & Miscellaneous Expenses & 500 Entrance Fees & 1, 000 & Purchase of Investments & 6, 000 Interest on Investments & 100 & Insurance Premium & 200 Interest Received from Bank & 400 & Billiard Table & 8, 000 Sale of Old Newspapers & 150 & Paper, Ink, etc. & 150 Sale of Drama Tickets & 1, 050 & Drama Expenses & 500 Cash in Hand (Closing) & 2, 650 Cash at Bank (Closing) & 7, 200 ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 33, 700 & ¯ ¯¯¯¯¯¯¯¯¯¯¯¯¯¯ ¯ 33, 700 \end{matrix}$

Information :

(a) Subscriptions in arrears for 2012 Rs 900 and subscription in advance for 2013 Rs 350.

(b) Insurance premium outstanding Rs 40.

(e) Entrance fees are to be treated asrevenue income.

(f) 8 $%$ interest has accrued on investment for five months.

(g) Billiard table costing Rs 30,000 was purchased during the last year and Rs 22,000 were paid for it.

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