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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RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019
Dr.				Cr.
Receipts	₹	Payments	₹
To Balance b/d (cash)	1,50,000	By Salaries and Wages	1,60,000
To Subscriptions		By Office Expenses	35,000
2016-2017	60,000	By Sports Equipments	3,40,000
2018-2019	3,50,000	By Telephone Charges	24,000
To Donations	50,000	By Electricity Charges	32,000
To Entrance Fees	80,000	By Travelling Expenses	65,000
		By Balance c/d (Cash)	34,000

	6,90,000		6,90,000

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March ,2018
Dr.				Cr.
Receipts		Amount (₹)	Payments	Amount (₹)
To Balance b/d		7,000	By Salaries	28,000
To Subscriptions:			By General Expenses	6,000
2016-17	5,000		By Electricity Charges	4,000
2017-18	20,000		By Books	10,000
2018-19	4,000	29,000	By Newspapers	8,000
To Rent		14,000	By Balance c/d	4,000
(Received from the Use of Hall)
To Profit from Entertainment		8,000
To Sale of Old Newspapers		2,000

		60,000		60,000

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019
Dr.				Cr.
Receipts	₹	Payments	₹
To Balance b/d (Cash)	18,000	By Building	4,00,000
To Donations for Building	4,50,000	By Project Expenses	90,000
To Donations	50,000	(Young Talent Search and Development)
To Government Grant	1,00,000	By Match Expenses	90,000
(Young Talent Search and Development)		By Furniture	1,21,000
To Life Membership Fees	40,000	By 10% Investments	1,60,000
To Match Fund	80,000	(Purchased on 1st July, 2018)
To Subscriptions	52,000	By Salaries	70,000
To Locker Rent	4,000	By Insurance	3,500
To Interest on Investments	10,000	By Sundry Expenses	4,700
To Sale of Furniture	1,00,000	By Closing c/d (Cash)	4,800
(Book value ₹ 80,000)		By Bank (Young Talent	10,000
To Entrance Fees	50,000	Search and Development


	9,54,000		9,54,000

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March ,2019
Dr.				Cr.
Receipts		(₹)	Payments	(₹)
To Balance b/d		7,000	By Salaries	28,000
To Subscriptions:			By General Expenses	6,000
2017-18	5,000		By Electricity Charges	4,000
2018-19	20,000		By Books	10,000
2019-20	4,000	29,000	By Newspapers	8,000
To Hire of Ground		14,000	By Balance c/d	4,000
To Surplus from Entertainment Events		8,000
To Sale of Old Newspapers		2,000

		60,000		60,000

RECEIPTS AND PAYMENTS Account for the year ended March 31, 2018
Dr.					Cr.
Receipts		₹	Payments	₹
To Balance b/d		2,00,000	By Rent	60,000
To Entrance Fees:			(including ₹15,000 for 2016-17)
2016-17	10,000		By Insurance Premium	60,000
2017-18	50,000	60,000	(including ₹15,000 for 2018-19)
To Subscriptions:			By Sports Equipments	50,000
2016-17	10,000		By Furniture	60,000
2017-18(90%)	90,000		(Purchased on 31st March,2018)
2018-19	5,000	1,05,000	By 8% Fixed Deposit	1,20,000
To Life Membership Fees		20,000	(made on 1st October, 2017)
To Donations		1,20,000	By Tournament Expenses	10,000
To Donation for Tournament		50,000	By Books	20,000
To Subscription for Governor's Party		15,000	By Newspapers	1,000
To Interest on 8% Fixed Deposit		2,400	By Printing and Stationery	19,000
To Sale of Old Newspapers		300	By Balance c/d	1,80,000
To Sale of Old Sports Materials		500
(Book Value ₹ 1,200)
To Locker Rent		6,800
(including ₹ 600 for 2016-17)

		5,80,000		5,80,000

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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