Question

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:

$\begin{array}{cccc}\text{Receipts}& \text{Rs}& \text{Payments}& \text{Rs}\\ \text{Cash in hand as on}& & \text{Printing and Stationery}& 38,750\\ \text{April 1, 2016}& 20,000& \text{Lighting}& 26,250\\ \text{Cash at Bank as on}& & \text{Rates and Taxes}& 17,000\\ \text{April 1, 2016}& 35,000& \text{Telephone charges}& 2,600\\ \text{Subscriptions}& & \text{Postage and Courier}& 2,000\\ 2015-1630,000& & \text{Wages and Salaries}& 88,000\\ 2016-172,25,000& & \text{Insurance Premium}& 15,000\\ 2017-18\underset{–}{10,000}& 2,65,000& \text{Purchase of Funiture}& 2,00,000\\ \text{Donation for building}& 60,000& \text{Cash in hand as on}& \\ \text{Entrance fees}& 23,000& \text{March 31, 2017}& 23,400\\ \text{Life membership fee}& 20,000& \text{Cash at Bank as on}& \\ \text{Interest}& 18,000& \text{March 31, 2017}& 70,000\\ \text{Locker's rent}& 42,000& & \\ & \underset{–}{\overline{4,83,000}}& & \underset{–}{\overline{4,83,000}}\end{array}$

Answer 1

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

$\begin{array}{cccc}\text{Expenditure}& \text{Rs}& \text{Income}& \text{Rs}\\ \text{Printing and Stationery}& 38,750& \text{Subscriptions (for 2016 - 17)}& 2,25,000\\ \text{Lighting}& 26,250& \text{Entrance fees}& 23,000\\ \text{Rates and Taxes}& 17,000& \text{Interest}& 18,000\\ \text{Telephone Charges}& 2,600& \text{Locker's rent}& 42,000\\ \text{Postage and Courier}& 2,000& & \\ \text{Wages and Salaries}& 88,000& & \\ \text{Insurance Premium}& 15,000& & \\ \text{Suplus (Excess of Income over}& & & \\ \text{Expenditure)}& 1,18,400& & \\ & \underset{–}{\overline{3,08,000}}& & \underset{–}{\overline{3,08,000}}\end{array}$