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Question

How are the following items dealt with while preparing Income and Expenditure Account of a club for the year ended 31st March, 2018?
1st April, 2017 31st March, 2018
Outstanding Locker Rent ₹ 4,600 ₹ 6,300
Advance Locker Rent ₹ 3,000 ₹ 4,000

Locker Rent received during the year ended 31st March, 2018 ₹ 52,000.

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Solution

Income and Expenditure Account

Dr.

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Locker Rent Received

52,000

Add: Outstanding at the end

6,300

Add: Advance in the beginning

3,000

Less: Outstanding in the beginning

4,600

Less: Advance at the end

4,000

52,700


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