From the following Receipts and Payments Account of Jaipur Sports Club , prepare Income and Expenditure Account for the year ended 31st March, 2018:

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

Open in App

Solution

Income and Expenditure Account

for the year ended March 31, 2018

Dr.

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Rent

60,000

Entrance Fees (2017-18)

50,000

Less: For 2016-17

(15,000)

45,000

Subscription 2017-18

90,000

Add: Outstanding for 2017-18 (9,000 × 10/9 )

10,000

1,00,000

Insurance Premium

60,000

Donations

1,20,000

Less: For 2016-17

(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 2016-17

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, 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)	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 To Sale of Investments To Sale of Old Furniture ( Book Value ₹ 40,000) To Donations	1,80,000 9,00,000 2,00,000 30,000 10,000	By Salaries By Rent By Stationery By Defence Bonds By Furniture By Bicycles By Balance c/d (Cash)	4,80,000 50,000 20,000 3,00,000 2,00,000 30,000 2,40,000


	13,20,000		13,20,000

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2018
Dr.				Cr.
Receipts	₹	Payments	₹
To Cash in Hand (Opening) To Entrance Fee To Donation for Building To Locker Rent To Life Membership Fee To Profit from Entertainment To Subscription	2,600 3,200 23,000 1,200 7,000 3,000 40,000	By Rent By Wages By Billiard Table By Furniture By Interest By Postage By Salary By Cash In Hand (closing)	18,000 7,000 14,000 10,000 2,000 1,000 24,000 4,000



	80,000		80,000

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