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16 : The following is the Receipts and Payments Account of Young Pensior's Association. Leh
for the year ended 31st March 2020.
Receipts & Payments Account
for the year ended 31 March 2020
st
Dr. Cr.
Receipts Amount Amount Payments Amount Amount
` ` ` `
To Bal b/d 7,000 By Stationery 8,000
To Subscriptions By Postage 1,000
2018 - 19 5,000 By Picnic Exp 8,000
2019 - 20 83,000 By Salaries 8,000
2020 - 21 2,000 90,000 By Annual 4,500

To Entrance fees 13,000 General meeting
(Capital Receipt) Expenses
To Donations 60,000 By Traveling Exp 7,500
To Legacies 40,000 By Rent 12,000
To Interest on By charity 7,800
Deposit 7,000 By Sundry Exp. 3,200

To Picnic Receipts 10,000 By Fixed Deposit 1,10,000
By Furniture 50,000
By Balance c/d 7,000

2,27,000 2,27,000

Adjustment :
1) Outstanding subscription for current year ` 7,000.
2) Furniture was purchased on 1 Oct, 2019 and it is to be depreciated by 10 % p.a.
st
3) Outstanding picnic receipts ` 7,500.
st
4) Stock of stationery on 1-4-2019 was ` 350 and on 31 March, 2020 was ` 1,700.
5) 50 % of legacies and full amount of donations are to be capitalised.
With the above information, you are required to prepare Income and Expenditure Account
for the year ended 31 March 2020.
st

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