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]
Answers
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