Page 91 - VIRANSH COACHING CLASSES

7 : From the following Receipts and Payments Account and additional information prepare
Income and Expenditure Account for the year ended 31 March 2019 and Balance Sheet
st
as on that date.
Receipts and Payments Account
for the year ended 31 March 2019
st
Dr. Cr.
Receipts Amount Payments Amount
` `
To Balance b/d 3,000 By Salaries 4,000
To Subscription 5,000 By Printing & Stationery 1,000
To Donations (Revenue) 5,000 By Commission 500
To Entrance fees 4,000 By Rent 2,000

To Interest 1,000 By Electric Charges 1,500
By Furniture 8,000

By Balance c/d 1,000
18,000 18,000
Additional Information :
1) Outstanding Rent was ` 200
2) Subscription includes ` 1,000 as Subscription received in advance and subscription
outstanding for current year was ` 500.
3) Depreciate Furniture @ 8 % p.a.
4) 50 % Entrance fees should be capitalised
5) Capital Fund was ` 3,000
Income and Expenditure Account
for the year ended 31 March 2019
st
Dr. Cr.
Expenditure Amount Amount Income Amount Amount
` ` ` `
To Salaries 4,000 By Subscriptions 5,000
To Printing & Stationery 1,000 Less : Advance Subscriptions 1,000
To Commission 500 4,000
To Rent 2,000 Add : O/s Subscriptions 500 4,500

Add : O/s Rent 200 2,200 By Donations 5,000
To Electric charges 1,500 By Entrance fees 4,000
To Deperaciation on 640 Less : 50 % Capitalised 2,000 2,000
Furniture By Interest 1,000

To Surplus 2,660
(Excess of Income over
Expenditure
12,500 12,500

82