Question

40. Prepare income and Expenditure Account from the following particulars of Youth Club for the year ended
on 31st March, 2018
RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March 2018
Receipts
Payments
32.500
To Balance b/d (Cash)
To Subscription
2016-17
2017-18
2018-19
To Donations (Billiards Table)
To Entrance Fees
To Sale of Old Magazines
1,500
60,000
1,800
63,300
90,000
1,100
450
By Salaries
By Postage
By Rent
By Printing and Stationery
By Sports Material
By Miscellaneous Expenses
By Furniture (1st October 2017)
By 10% Investment (1st October, 2017)
By Balance c/d 31st March, 2018)
31,500
1.250
9,000
14,000
11,500
3.100
20,000
70,000
27,000
1,87,350
1,87350
Additional Information:
(0) Subscription outstanding as at 31st March, 2018 16,200.
( * 1,200 is still in arrears for the year 2016-17 for subscription
(iii) Value of sports material at the beginning and at the end of the year was 3,000 and 4,500 respectively.
(CBSE Sample Question paper 2018-19)
(iv) Depreciation to be provided @ 10% p.a. on furniture.​

Answer 1

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