How are the following items dealt with while preparing Income and Expenditure Account of a club for the year ended 31st March, 2019?

1st April, 2018 31st March, 2019

Outstanding Locker Rent ₹ 4,600 ₹ 6,300

Advance Locker Rent ₹ 3,000 ₹ 4,000

Locker Rent received during the year ended 31st March, 2019 – ₹ 52,000.

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Solution

Income and Expenditure Account

Dr.

for the year ended 31st March, 2019

Cr.

Expenditure

Amount

(₹)

Income

Amount

(₹)

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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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
Dr.			Cr.
Receipts	(₹)	Payments	(₹)
To Balance b/d:		By Salary	20,000
Cash and Bank	1,40,000	By Repair Expenses	5,000
To Donations	50,000	By Furniture	60,000
To Subscriptions	1,20,000	By Miscellaneous Expenses	5,000
To Entrance Fees	10,000	By Investments	60,000
To Interest on Investments	1,000	By Insurance Premium	2,000
To Interest Received from Bank	4,000	By Billiard Table	80,000
To Sale of Old Newspapers	1,500	By Paper, lnk, etc.	1,500
To Sale of Drama Tickets	10,500	By Drama Expenses	5,000
		By Balance c/d:
		Cash and Bank	98,500
	3,37,000		3,37,000

	₹
Subscriptions received during the year ended 31st March, 2019	3,58,500
Subscriptions outstanding on 31st March, 2018	30,000
Subscriptions received in Advance on 31st March,2018	22,500
Subscriptions received in Advance on 31st March, 2019	13,500
Subscriptions outstanding on 31st March, 2019	37,500

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March ,2019
Dr.				Cr.
Receipts		(₹)	Payments	(₹)
To Balance b/d		7,000	By Salaries	28,000
To Subscriptions:			By General Expenses	6,000
2017-18	5,000		By Electricity Charges	4,000
2018-19	20,000		By Books	10,000
2019-20	4,000	29,000	By Newspapers	8,000
To Hire of Ground		14,000	By Balance c/d	4,000
To Surplus from Entertainment Events		8,000
To Sale of Old Newspapers		2,000

		60,000		60,000

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Income and Expenditure Account
Dr.	for the year ended 31st March, 2019					Cr.
Expenditure		Amount (₹)	Income		Amount (₹)
			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