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Question

Following is the Receipts and Payments Account of You Bee Forty Club for the year ended 31st March, 2018:

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

Dr.

Cr.

Receipts

Payments

To Balance b/d (cash)
To Subscriptions
2016-2017
2017-2018

To Donations
To Entrance Fees

1,50,000

60,000
3,50,000
50,000
80,000

By Salaries and Wages
By Office Expenses
By Sports Equipments
By Telephone Charges
By Electricity Charges
By Travelling Expenses
By Balance c/d (Cash)

1,60,000
35,000
3,40,000
24,000
32,000
65,000
34,000

6,90,000

6,90,000


Additional information :
(a) Outstanding Subscriptions for the year ended 31st March, 2018​₹ 55,000.
(b) Outstanding Salaries and Wages​₹ 40,000.
(c) Depreciate Sports Equipments by 25%.
Prepare Income and Expenditure Account of the club from the above particulars.

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Solution

Books of You Bee Forty Club

Income and Expenditure Account

for the year ended March 31, 2018

Dr.

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Salaries and Wages

1,60,000

Subscriptions

3,50,000

Add: Outstanding

40,000

2,00,000

Add: Outstanding for 2017-18

55,000

4,05,000

Office Expenses

35,000

Donations

50,000

Telephone Charges

24,000

Entrance Fees

80,000

Electricity Charges

32,000

Travelling Expenses

65,000

Depreciation on Sports Equipments (34,0000 × 25%)

85,000

Surplus (Balancing Figure)

94,000

5,35,000

5,35,000


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