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From the following Receipts and Payments Account of Golden Cricket Club, New Delhi, prepare the Income and Expenditure Account for the year ended March 31, 2017:

           ReceiptsRs               PaymentsRs    Cash in hand as onPrinting and Stationery38,750    April 1, 201620,000 Lighting26,250Cash at Bank as onRates and Taxes17,000    April 1, 201635,000Telephone charges2,600SubscriptionsPostage and Courier2,000    201516           30,000Wages and Salaries88,000    201617        2,25,000Insurance Premium15,000    201718           10,000––––––2,65,000Purchase of Funiture2,00,000 Donation for building60,000Cash in hand as on Entrance fees23,000    March 31, 201723,400 Life membership fee20,000Cash at Bank as on Interest18,000    March 31, 201770,000 Locker's rent42,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯4,83,000––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯4,83,000––––––––


Solution

                                           

                                     Income and Expenditure Account
                                   for the year ending 31st March, 2017

             ExpenditureRs                 IncomeRs    Printing and Stationery38,750Subscriptions (for 2016 - 17)2,25,000Lighting26,250Entrance fees23,000Rates and Taxes17,000Interest18,000Telephone Charges2,600Locker's rent42,000Postage and Courier2,000Wages and Salaries88,000Insurance Premium15,000Suplus (Excess of Income over    Expenditure)1,18,400¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯3,08,000––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯3,08,000––––––––

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Principles and Practice of Accounting
Q3.
The following are the balances extracted from the books of Sri Raghuram as on 31.03.2018 who carries on business under the name and style of M/s Raghuram and Associates of Chennai:
ParticularsDebit (Rs.)Credit (Rs.)
Capital A/c14,11,400
Purcases12,000
Purchase Returns18,000
Sales15,00,000
Sales Returns24,000
Freight Inwards62,000
Carriage Outwards8,500
Rent of Godown55,000
Rent and Taxes24,000
Salaries72,000
Discount allowed7,500
Discount received12,000
Drawings20,000
Printing and Stationary6,000
Insurance and Premium48,000
Electricity charges14,000
General expenses11,000
Bank charges3,800
Bad debts12,200
Repairs the Motor vehicle13,000
Interest on loan4,400
Provision for Bad-debts10,000
Loan from Mr. Rajan60,000
Sundry creditors62,000
Motor vehicles1,00,000
Land and Buildings5,00,000
Office Equipment2,00,000
Furniture and Fixtures50,000
Stock as on 31.03.20173,20,000
Sundry debtors2,80,000
Cash at Bank22,000
Cash in Hand16,000
30,73,40030,73,400
Prepare Trading and Profit and Loss Account for the year ended 31.03.2018 and the Balance Sheet as at that date after making provision for the following:
(a) Depreciate Building by 5% Furniture and Fixtures by 10% Office Equipment by 15% and Motor car by 20%
(b) Value of stock at the close of the year was Rs. 4,10,000
(c) One month rent for godown is outstanding
(d) Interest on loan from Rajan is payable @ 10% per annum. This loan was taken on 01.07.2017.
(e) Reserve for bad debts is to be maintained at 5% Sundry debtors
(f) Insurance premium includes Rs. 42,000 paid towards proprietor's life insurance policy and the balance of the insurance charges cover the period from 01.04.2017 to 30.06.2018
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