From the following Receipts and Payments Account of Jaipur Sports Club, prepare Income and Expenditure Account for the year ended 31st March, 2019:

RECEIPTS AND PAYMENTS ACCOUNT

for the year ended March 31st March, 2019

Dr.

Cr.

Receipts

₹

Payments

₹

To Balance b/d 2,00,000 By Rent 60,000

To Entrance Fees: (including ₹15,000 for 2017 – 18)

2017 – 18
10,000

By Insurance Premium
60,000

2018 – 19
50,000 60,000
(including ₹15,000 for 2019 – 20)

To Subscriptions:

By Sports Equipments
50,000

2017 – 18
10,000 By Furniture 60,000

2018 – 19 (90%)
90,000 (Purchased on 31st March, 2019)

2019 – 20
5,000 1,05,000 By 8% Fixed Deposit 1,20,000

To Life Membership Fees
20,000 (Made on 1st October, 2018)

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 2017 – 18)

5,80,000

5,80,000

Open in App

Solution

Income and Expenditure Account

for the year ended March 31, 2019

Dr.

Cr.

Expenditure

Amount

(₹)

Income

Amount

(₹)

Rent

60,000

Entrance Fees (2018-19)

50,000

Less: For 2017-18

(15,000)

45,000

Subscription 2018-19

90,000

Add: Outstanding for 2018-19 (9,000 × 10/9 )

10,000

1,00,000

Insurance Premium

60,000

Donations

1,20,000

Less: For 2019-20

(15,000)

45,000

Interest on Fixed Deposits

2,400

Printing and Stationery

20,000

Add: Accrued Interest

2,400

4,800

Loss on Sale of Sports Material (1200 -500)

700

Sale of Old Newspapers

300

Surplus (Balancing Figure) 1,70,600
Locker Rent

6,800

Less: For 2017-18

600

6200

2,81,300

2,81,300

Working Notes:

Calculation of Interest Accrued on investment

Interest on Investment for 6 Months (1,20,000 × 8% × 6/12)

4,800

Less: Interest Received₹

2,400

Accrued Interest on Investment

2,400

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Similar questions

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	₹	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

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RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2018
Dr.				Cr.
Receipts	(₹)	Payments	(₹)
To Balance b/d	31,900	By Rent	16,800
To Entrance Fees	5,500	By Wages	24,500
To Subscriptions	1,80,000	By Lighting Charges	7,200
To Donations	16,500	By Books	24,800
To Life Membership Fees	25,000	By Medicines (Polio Eradication Project)	1,00,000
To Government Grant (Polio Eradication Project)	2,00,000	By Salaries to Doctors(Polio Eradication Project)	80,000
To Proceeds of Seminar	23,200	By Office Expenses	45,000
To Interest on Deposits	2,400	By 8% Fixed Deposits	1,20,000
		(On 1st October, 2017)
		By Seminar Expenses	20,200
		By Cash in Hand	26,000
		By Bank A/c (Polio Eradication Project)	20,000


	4,84,500		4,84,500

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 Cash in Hand (Opening)	2,600	By Rent	18,000
To Entrance Fee	3,200	By Wages	7,000
To Donation for Building	23,000	By Billiard Table	14,000
To Locker Rent	1,200	By Furniture	10,000
To Life Membership Fee	7,000	By Interest	2,000
To Profit from Entertainment	3,000	By Postage	1,000
To Subscription	40,000	By Salary	24,000
		By Cash In Hand (Closing)	4,000


	80,000		80,000

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