Following is the Receipt and Payment Account of Women's Welfare Club for the year ended 31st March, 2018:

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2018

Dr.

Cr.

Receipts

₹

Payments

₹

To Cash in Hand
To Cash at Bank
To Subscriptions
To Donations
To Government Grant
To Sale of Newspapers
To Proceeds of Charity Show
To Interest on Investments @ 10% for full year
To Sundries Income

22,500
50,000
8,17,500
30,000
1,50,000
3,000
1,65,000
70,000
4,000

By Salary
By Stationery
By Electric Charges
By Insurance
By Equipments
By Petty Expenses
By Expenses on Charity Show
By Newspapers
By Lectures Fee
By Honorarium to secretary
By Cash in Hand
By Cash at Bank

1,25,000
17,000
95,500
75,000
3,00,000
5,000
1,29,000
10,000
1,65,000
1,20,000
20,500
2,50,000

13,12,000

13,12,000

Particulars

1st April, 2017
(₹)

31st March, 2018 (₹)

Outstanding Salaries 12,000 18,000

Insurance Prepaid 7,000 3,000

Subscription Outstanding 37,500 25,000

Subscription received in advance 17,500 10,000

Electricity Charges outstanding ... 12,500

Stock of Stationery 22,500 7,000

Equipments 2,56,000 5,02,000

Building 12,00,000 11,40,000

Prepare Income and Expenditure Account for the year ended 31st March, 2018,and Balance Sheet as on that date.

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Solution

Income and Expenditure Account

for the year ending March 31, 2018

Dr.

Cr.

Expenditure

Amount

(₹)

Income

Amount (₹)

Stationery
32,500
Donation
30,000

Electricity Charges
95,500

Government Grant
1,50,000

Add: Outstanding
12,500

1,08,000
Sale of Old Newspapers
3,000

Salary
1,25,000

Proceeds of Charity Show (Net)
36,000

Add: Current O/s
18,000

Interest on Investments
70,000

Less: Previous O/s
12,000

1,31,000
Sundries Income
4,000

Insurance
75,000

Subscription
8,17,500

Add: Previous
7,000

Add: Current O/s
25,000

Less: Current
3,000

79,000
Add: Previous Adv.
17,500

Petty Expenses
5,000
Less: Previous O/s
37,500

Newspaper
10,000
Less: Current Adv.
10,000

8,12,500

Lectures Fees
1,65,000

Honorarium to Secretary
1,20,000

Depreciation on Equipment
54,000

Depreciation on Building
60,000

Surplus
3,41,000

11,05,500
11,05,500

Balance Sheet

as on March 31, 2018

Liabilities

Amount
(₹)

Assets

Amount
(₹)

Capital Fund

Prepaid Insurance
3,000

Opening Balance
22,66,000

Subscription Outstanding
25,000

Add: Surplus
3,41,000

26,07,000
Investments
7,00,000

Outstanding Salary
18,000
Equipment
2,56,000

Subscription Received in Advance
10,000
Add: Purchases
3,00,000

Electricity Charges Outstanding
12,500
Less: Depreciation
54,000

5,02,000

Cash
20,500

Bank
2,50,000

Building
12,00,000

Less: Depreciation
60,000

11,40,000

Stock of Stationery
7,000

26,47,500

26,47,500

Working Notes

WN1: Ascertainment of Capital Fund

Balance Sheet

as on March 31, 2017

Liabilities

Amount

(₹)

Assets

Amount (₹)

Outstanding Salary
12,000
Prepaid Insurance
7,000

Subscription Received in Advance
17,500
Subscription Outstanding
37,500

Capital Fund
22,66,000
Stock of Stationery
22,500

Equipment
2,56,000

Building
12,00,000

Cash
22,500

Bank
50,000

Investments
7,00,000

22,95,500

22,95,500

Suggest Corrections

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RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2018
Dr.				Cr.
Receipts	(₹)	Payments	(₹)
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Other information:
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RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2018
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Receipts	₹	Payments	₹
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Dr.				Cr.
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RECEIPTS AND PAYMENTS Account for the year ended March 31, 2018
Dr.					Cr.
Receipts		₹	Payments	₹
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To Entrance Fees:			(including ₹15,000 for 2016-17)
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Join BYJU'S Learning Program

Particulars	1st April, 2017 (₹)	31st March, 2018 (₹)

Outstanding Salaries	12,000	18,000
Insurance Prepaid	7,000	3,000
Subscription Outstanding	37,500	25,000
Subscription received in advance	17,500	10,000
Electricity Charges outstanding	...	12,500
Stock of Stationery	22,500	7,000
Equipments	2,56,000	5,02,000
Building	12,00,000	11,40,000

Income and Expenditure Account for the year ending March 31, 2018
Dr.					Cr.
Expenditure		Amount (₹)	Income		Amount (₹)
Stationery		32,500	Donation		30,000
Electricity Charges	95,500		Government Grant		1,50,000
Add: Outstanding	12,500	1,08,000	Sale of Old Newspapers		3,000
Salary	1,25,000		Proceeds of Charity Show (Net)		36,000
Add: Current O/s	18,000		Interest on Investments		70,000
Less: Previous O/s	12,000	1,31,000	Sundries Income		4,000
Insurance	75,000		Subscription	8,17,500
Add: Previous	7,000		Add: Current O/s	25,000
Less: Current	3,000	79,000	Add: Previous Adv.	17,500
Petty Expenses		5,000	Less: Previous O/s	37,500
Newspaper		10,000	Less: Current Adv.	10,000	8,12,500
Lectures Fees		1,65,000
Honorarium to Secretary		1,20,000
Depreciation on Equipment		54,000
Depreciation on Building		60,000
Surplus		3,41,000
		11,05,500			11,05,500

Balance Sheet as on March 31, 2018
Liabilities		Amount (₹)	Assets		Amount (₹)
Capital Fund			Prepaid Insurance		3,000
Opening Balance	22,66,000		Subscription Outstanding		25,000
Add: Surplus	3,41,000	26,07,000	Investments		7,00,000
Outstanding Salary		18,000	Equipment	2,56,000
Subscription Received in Advance		10,000	Add: Purchases	3,00,000
Electricity Charges Outstanding		12,500	Less: Depreciation	54,000	5,02,000
			Cash		20,500
			Bank		2,50,000
			Building	12,00,000
			Less: Depreciation	60,000	11,40,000
			Stock of Stationery		7,000
		26,47,500			26,47,500

Balance Sheet as on March 31, 2017
Liabilities	Amount (₹)	Assets	Amount (₹)
Outstanding Salary	12,000	Prepaid Insurance	7,000
Subscription Received in Advance	17,500	Subscription Outstanding	37,500
Capital Fund	22,66,000	Stock of Stationery	22,500
		Equipment	2,56,000
		Building	12,00,000
		Cash	22,500
		Bank	50,000
		Investments	7,00,000
	22,95,500		22,95,500