Prepare Income and Expenditure Account for the year ended 31st March, 2019 from the following:

RECEIPTS AND PAYMENTS ACCOUNT

for the year ended 31st March, 2019

Dr. Cr.

Receipts ₹ Payments ₹

To Balanceb/d (cash) 1,80,000
By Salaries
4,80,000

To Subscriptions 9,00,000 By Rent 50,000

To Sale of Investments 2,00,000 By Stationery 20,000

To Sale of Old Furniture (Book Value ₹ 40,000) 30,000 By Defence Bonds 3,00,000

To Donations 10,000 By Furniture 2,00,000

By Bicycles 30,000

By Balance c/d (Cash) 2,40,000

13,20,000
13,20,000

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Solution

Income and Expenditure Account

Dr.

for the year ended 31st March, 2019

Cr.

Expenditure

Amount

(₹)

Income

Amount

(₹)

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 March 31st March, 2019
Dr.					Cr.
Receipts		₹	Payments	₹
To Balance b/d		2,00,000	By Rent	60,000
To Entrance Fees:			(including ₹15,000 for 2017 – 18)
2017 – 18	10,000		By Insurance Premium	60,000
2018 – 19	50,000	60,000	(including ₹15,000 for 2019 – 20)
To Subscriptions:			By Sports Equipments	50,000
2017 – 18	10,000		By Furniture	60,000
2018 – 19 (90%)	90,000		(Purchased on 31st March, 2019)
2019 – 20	5,000	1,05,000	By 8% Fixed Deposit	1,20,000
To Life Membership Fees		20,000	(Made on 1st October, 2018)
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 2017 – 18)

		5,80,000		5,80,000

RECEIPTS AND PAYMENTS ACCOUNT for the year ending 31st March, 2019
Dr.				Cr.
Receipts	₹	Payments	₹
To Balance b/d:		By Charity	1,15,000
Cash in Hand	1,15,000	By Rent and Taxes	32,000
Cash at Bank	1,26,000	By Salary	60,000
To Donations	90,000	By Printing	6,000
To Subscriptions	4,28,000	By Postage	3,000
To Legacies Donations	1,80,000	By Advertisements	45,000
To Interest on Investment	45,000	By Insurance	20,000
To Sale of old Newspaper	2,000	By Furniture	2,16,000
		By Investment	2,30,000
		By Balance c/d:
		Cash in Hand	99,000
		Cash at Bank	1,60,000

	9,86,000		9,86,000

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, 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 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

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