Prepare Income and Expenditure Account from the following Receipts and Payments Account of Delhi Nursing Society for the year ended 31st March- 2018-RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March- 2018Donation of - 10-000 received for Building Fund was wrongly included in the Subscriptions Account - A bill of medicines purchased during the year amounted to -12-800 was outstanding - Government Grant is not for a specific purpose-

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Computation of Income Tax

Prepare Incom...

Question

Prepare Income and Expenditure Account from the following Receipts and Payments Account of Delhi Nursing Society for the year ended 31st March, 2018:

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2018

Dr.

Cr.

Receipts

₹

Payments

₹

To Balance b/d (Cash at Bank)
To Subscriptions
To Fees from Non-members
To Government Grant
To Donations for Building Fund
To Interest

2,01,000
1,11,500
27,000
1,00,000
1,56,000
3,800

By Salaries of Nurses
By Board , Laundry and Domestic Help
By Rent, Rates and Taxes
By Cost of Car
By Expenses of Car
By Drugs and Incidental Expenses
By Balance c/d (Cash at Bank)

65,600
38,000
20,000
2,00,000
84,000
67,000
1,24,700

5,99,300

5,99,300

Donation of ₹10,000 received for Building Fund was wrongly included in the Subscriptions Account . A bill of medicines purchased during the year amounted to ₹12,800 was outstanding . Government Grant is not for a specific purpose.

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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 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)	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
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	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

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Book of Delhi Nursing Society Income and Expenditure Account for the year ended March 31, 2018
Dr.						Cr.
Expenditure		Amount (Rs)	Income		Amount (Rs)
Salaries of Nurses		65,600	Subscriptions	11,1500
Board, Laundry and Domestic Help		38,000	Less: Donation for Building	(10000)	1,01,500
Rent Rates and Taxes		20,000	Fees from Non-members		27,000
Expenses of Car		84,000	Municipal Grant		1,00,000
Drugs and Incidental Expenses	67,000		Interest		3,800
Add: Outstanding Expenses	12,800	79,800	Deficit (Balancing Figure)		55,100
		2,87,400			2,87,400