Question

From the following Receipts and Payments Account of Jan Kalyan Club, prepare Income and Expenditure Account for the year ending 31st December, 2012.

$\begin{array}{ccccc}& & \text{Receipts and Payment Account}& & \\ \text{Dr}& & \text{Suspense Account}& & \text{Cr}\end{array}\begin{array}{cccc}\text{Receipts}& \text{Amount}& \text{Payments}& \text{Amount}\\ & \text{(Rs)}& & \text{(Rs)}\\ \text{To Cash in hand on 1.1.2012}& 6,800& \text{By Salary}& 24,000\\ \text{To Subscriptins}& 60,200& \text{By Travelling Expenses}& 6,000\\ \text{To Donation}& 3,000& \text{By Stationary}& 2,300\\ \text{To Sale of Furniture (Book value}& & \text{By Rent}& 16,000\\ \text{Rs 6,000)}& 4,000& \text{By Repairs}& 700\\ \text{To Entrance fees}& 800& \text{By Books purchased}& 6,000\\ \text{To Life Membership fees}& 7,000& \text{By Building purchased}& 30,000\\ \text{To Interest on Investments(@5}\%& & \text{By Cash in hand on 31.12.12}& 1,800\\ \text{for full year}& 5,000& & \\ & \overline{\underset{–}{\underset{–}{86,800}}}& & \overline{\underset{–}{\underset{–}{86,800}}}\end{array}$

Additional Information :

$\begin{array}{cccc}& \text{Particulars}& \text{As on}& \text{As on}\\ & & & \\ & & \mathrm{1.1.2012}& \mathrm{31.12.2012}\\ \left(i\right)& \text{Subscriptions Received in Advance}& 1,000& 3,200\\ \left(ii\right)& \text{Outstanding Subscriptions}& 2,000& 3,200\\ \left(iii\right)& \text{Stock of Sationery}& 1,200& 800\\ \left(iv\right)& \text{Books}& 13,500& 16,500\\ \left(v\right)& \text{Furniture}& 16,000& 8,000\\ \left(vi\right)& \text{Outstanding Rent}& 1,000& 2,000\end{array}$

Answer 1

Jan Kalyan Club
Income & Expenditure A/c
for the year ended 31.12.2012

$\begin{array}{ccccccc}\text{Expenditure}& & \text{Amount}& \text{Incomes}& & \text{Amount}& \\ & & \text{(Rs)}& & & \text{(Rs)}& \\ \text{To Salary}& & 24,000& \text{By Subscription}& 60,200& & \\ \text{To Travelling Expenses}& & 6,000& \text{Add.op.R/Adv.}& 1,000& & \\ \text{To Staionery}& 2,300& & \text{Closing O/S}& 3,700& & \\ \text{Add:Opening Stock}& \underset{–}{1,200}& & & 64,900& & \\ & 3,500& & \text{Less:Closing Adv.}& (3,200)& & \\ \text{Less:Closing Stock}& \underset{–}{800}& 2,700& \text{Opening O/s}& \underset{–}{(2,000)}& 59,700& \\ \text{To Repairs}& & 700& \text{By Donation}& & 3,000& \\ \text{To Books opening}& 13,500& & \text{By Entrance fees}& & 800& \\ \text{Add:Purchased}& \underset{–}{6,000}& & \text{By Int.on Investment}& & 5,000& \\ & 19,500& & & & & \\ \text{Less:Closing}& \underset{–}{16,500}& 3,000& & & & \\ \text{To Loss on sale of furniture}& & 2,000& & & & \\ \text{To Rent}& 16,000& & & & & \\ \text{Add:O/S end}& \underset{–}{2,000}& & & & & \\ & 18,000& & & & & \\ \text{Less:O/S beg.}& \underset{–}{1,000}& 17,000& & & & \\ \text{To Dep.on furniture}& & 8,000& & & & \\ \text{To Surplus (Excess of Income}& & & & & & \\ \text{over expenditure)}& & 5,100& & & & \\ & & \overline{\underset{–}{\underset{–}{68,500}}}& & & & \overline{\underset{–}{\underset{–}{68,500}}}\end{array}$