Prepare Income and Expenditure Account for the year ended 31st March, 2018 from the following:

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

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Solution

Income and Expenditure Account

Dr.

Cr.

Expenditure

Amount

(Rs)

Income

Amount

(Rs)

Salaries

4,80,000

Subscriptions

9,00,000

Rent

50,000

Donation

10,000

Stationery

20,000

Loss on Sale of Old Furniture

10,000

Surplus (Balancing Figure)

3,50,000

9,10,000

9,10,000

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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 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

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		Amount (₹)	Payments	Amount (₹)
To Balance b/d		7,000	By Salaries	28,000
To Subscriptions:			By General Expenses	6,000
2016-17	5,000		By Electricity Charges	4,000
2017-18	20,000		By Books	10,000
2018-19	4,000	29,000	By Newspapers	8,000
To Rent		14,000	By Balance c/d	4,000
(Received from the Use of Hall)
To Profit from Entertainment		8,000
To Sale of Old Newspapers		2,000

		60,000		60,000

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

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Income and Expenditure Account
Dr.				Cr.
Expenditure	Amount (Rs)	Income	Amount (Rs)
Salaries	4,80,000	Subscriptions	9,00,000
Rent	50,000	Donation	10,000
Stationery	20,000
Loss on Sale of Old Furniture	10,000
Surplus (Balancing Figure)	3,50,000
	9,10,000		9,10,000