Question

Following is the receipt and Payment account of Nehru Club for the year ending 31st December,  2019. Receipt and Payment Account Receipts Amount Payment Amount Cash (1 Jan, 2019) Subscription 2018 1200 2019 18000 2020 3000 Donation Entrance Fees Interest on Investment 2400 22200 6000 6400 400 Salaries 8% Investment Rent Furniture Electricity Advertisement Cash (31st Dec, 2019) 10000 10000 4000 8000 3000 1400 1000 37400 37400 Additional Information: 1. Total numbers of members are 500. Each member is contributing Rs. 40 p.a. 2. Salaries are paid for 10 months. 3. Rent outstanding Rs. 500. 4. Depreciate Furniture by 10%. Prepare Income and Expenditure Account.​

Answer 1

Answer:

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Answer 2

Explanation:

Following is the receipt and Payment account of Nehru Club for the year ending 31st December,  2019. Receipt and Payment Account Receipts Amount Payment Amount Cash (1 Jan, 2019) Subscription 2018 1200 2019 18000 2020 3000 Donation Entrance Fees Interest on Investment 2400 22200 6000 6400 400 Salaries 8% Investment Rent Furniture Electricity Advertisement Cash (31st Dec, 2019) 10000 10000 4000 8000 3000 1400 1000 37400 37400 Additional Information: 1. Total numbers of members are 500. Each member is contributing Rs. 40 p.a. 2. Salaries are paid for 10 months. 3. Rent outstanding Rs. 500. 4. Depreciate Furniture by 10%. Prepare Income and Expenditure Account.