Question

The following is the Receipts and Payments Account of Ganga Club for the year ending on 31st Dec., 2012: Locker's Rent includes Rs 60 for 2011 and Rs 90 are still due. Rent includes Rs 1,300 for 2011 and Rs 1,300 are still outstanding; Printing and Stationery includes Rs 312 for 2011 while Rs 364 are still outstanding. Outstanding subscription for 2012 Rs 468 and Rs 350 are still receivable for special subscription for Governor's party. Prepare Income and Expenditure Account with the help of above information.

$\begin{array}{cccccc}\text{Receipts}& & \text{Amount}& \text{Payments}& & \text{Amount}\\ & & \text{(Rs)}& & & \text{(Rs)}\\ \text{Balance on Jan}1,2012& & 300& \text{Rent}& & 5,000\\ \text{Subscription:}2011& & 200& \text{Printing}\&\text{Stationery Exp}.& & 3,068\\ 2012& & 16,900& \text{Wages}& & 5,330\\ 2013& & 300& \text{Billiard Table}& & 5,900\\ \text{Locker's Rent}& & 500& \text{Interest}& & 1,500\\ \text{Received Special subscription for}& & & \text{Balance on 31st Dec.,}2012& & 396\\ \text{Governor's Party}& & 3,450& & & \\ & & \overline{\underset{–}{22,000}}& & & \overline{\underset{–}{22,000}}\end{array}$

Answer 1

Income & Expenditure A/c

$\begin{array}{cccc}\text{Expenditure}& \text{Amount}& \text{Income}& \text{Amount}\\ & \text{(Rs)}& & \text{(Rs)}\\ \text{To Rent}5,000& & \text{By Entrance fees}& 350\\ \text{Add:O/S for}20121,300& & \text{By Locker Rent}500& \\ \overline{6,300}& & \text{Add: Outstanding}90& \\ \text{Less: O/S for}2011\underset{–}{1,300}& 5,000& \overline{590}& \\ \text{To Printing}\&\text{Stationery}3,068& & \text{Less:O/S 2011}\underset{–}{60}& 530\\ 364& & \text{Special Sub. for Governers}& \\ \text{Less:O/S for}2011\underset{–}{312}& 3,120& \text{Party}3,450& \\ \text{To Wages}& 5,330& \text{Add:O/S for}2012\underset{–}{350}& 3,800\\ \text{To Repairs}& 806& \text{Subcription}16,900& \\ \text{To Interest}& 1,500& \text{Add:O/S for}2012\underset{–}{468}& 17,368\\ \text{To Surplus(Excess of}& & & \\ \text{Income over expenditure)}& 5,292& & \\ & \overline{\underset{–}{22,048}}& & \overline{\underset{–}{22,048}}\end{array}$