Question

1)From the following information determine the Cost of materials consumed to be

shown in the Income and Expenditure Account for the year ended on 31-03-2020

Receipts and Payments Account

For the year ended on 31-03-2020

Receipts Amount(Rs.) Payments Amount(Rs.)

By Creditors 125000

Additional Information:

a) Stock of materials as on 31-03-2019 is Rs. 25000 and as on 31-03-2020 is Rs.

20000.

b) Creditors as on 31-03-2019 are Rs. 40000 and as on 31-03-2020 are Rs.

35000.

[Ans: Rs. 130000]​

Answer 1

Answer:

Explanation:

Question 1:

From the information given below, prepare Receipts and Payments Account of Railway Club for the year ended 31st march, 2019:

 

 

(₹)

 

(₹)

Cash in Hand on 1st April, 2018 4,390 Salaries 21,500

Subscription 37,600 Honorarium to Secretary 2,500

Donations 8,000 Interest Received on Investments 2,950

Entrance Fees 4,300 Printing and Stationery 350

Rent Received for Club Halls 5,250 Petty Cash Expenses 900

Electricity Charges 3,440 Insurance Premium Paid 310

Taxes paid 490    

ANSWER:

In the books of Railway Club

Dr.  

Receipts and Payments A/c for the year ended 31st March, 2019

Cr.

Receipts

Amount

(₹)

Payments

Amount

(₹)

To balance b/d  

4,390

By Electricity Charges  

3,440

To Subscriptions  

37,600

By Taxes Paid  

490

To Donations  

8,000

By Salaries  

21,500

To Entrance Fees  

4,300

By Honorarium to Secretary  

2,500

To Rent Received for Club Halls  

5,250

By Printing and Stationery  

350

To Interest Received on Investments  

2,950

By Petty Cash Expenses  

900

 

 

By Insurance Premium Paid  

310

 

 

By balance c/d  

33,000

 

 

 

 

 

62,490

 

62,490