Page 88 - VIRANSH COACHING CLASSES

Solution :
Income & Expenditure Account
for the year ended 31 March 2019
st
Dr. Cr.
Expenditure Amount Amount Income Amount Amount
` ` ` `
To salaries 30,000
Add : Paid during 2,000
the year (2017 - 18)
Outstanding for current year 5,500 37,500

Balance Sheet
st
as on 31 March 2018
Liabilities Amount Amount Assets Amount Amount
` ` ` `
Outstanding Salary 5,500 Prepaid Salaries 1,000
(for 2019 - 20)

5 : Simple Example - Prepare Income and Expenditure Account only
From the following Receipts & Payments Account and Adjustments given below you are
required to prepare Income and Expenditure Account for year ended 31 March 2020 of Venna
st
Cultural Association, Satara.
Receipts & Payments Accounts
for the year ended 31 March 2020
st
Dr. Cr.

Receipts Amount Amount Payments Amount Amount
` ` ` `
To Balance b/d By Rent

Cash in Hand 10,000 2018 - 19 700
Cash at Bank 19,200 29,200 2019 - 20 54,300 55,000
To Subscriptions By Fixed Deposit 47,000
2018 - 19 15,000 By Sundry Exp. 8,000

2019 - 20 1,00,000 By Insurance 12,000
2020 - 21 8,000 1,23,000 By Printing &Stationery 6,000
To Donations 25,000 By Picnic Expenses 18,000
(General) By Salaries 20,000
To Entrance fees 15,000 By Traveling Expenses 13,000

To Interest on Fixed 4,800 By Advt. (2018 - 19) 7,000
Deposit By Balance c/d

To Picnic Receipts 20,000 Cash in Hand 15,000
Cash at Bank 16,000 31,000

2,17,000 2,17,000

79