Page 113 - VIRANSH COACHING CLASSES

In the Books of Young Pensioner’s Association, Leh.
Income and Expenditure Account
for the year ended 31 March 2020
st
Dr. Cr.
Expenditure Amount Amount Income Amount Amount
` ` ` `
To Stationery used By Subscriptions 83,000
Opening stock 350 Add : Outstanding 7,000 90,000

Add : Purchases 8,000 By Legacies 40,000
8,350 Less : 50 %Capitalised 20,000 20,000

Less : Closing stock 1,700 6,650 By Interest on
To Postage 1,000 Deposits 7,000
To Picnic Exp. 8,000 By Picnic Receipts 10,000

To Salaries 8,000 Add : Outstanding 7,500 17,500
To Annual 4,500

General meeting
Expenses
To Traveling Exp. 7,500

To Rent 12,000
To Charity 7,800

To Sundry Exp. 3,200
To Depr. on Furniture 2,500
To Surplus 73,350

(Excess of Income
over Exp)

1,34,500 1,34,500
Working Note :
1) Calculation of Depr. on Furniture 10 % Depr. on ` 50,000 for 6 months ` 2,500.
Hint :
Picnic Receipts + Outstanding Receipts
are credited to Income and Expenditure
A/c and Picnic
Expenses are deducted from Picnic Receipts.
`
Picnic Receipts 10,000
Add : Outstanding 7,500
17,500
Less : Picnic Expenses 8,000 9,500

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