Question

From the following extract of Receipts and Payments Account and the additional information

you are required to calculate Income and Expenditure Account for the year ended 31st March

2020 and show it in the Final Account (4)

Receipts Rs Payments Rs

To Subscription

2018-19

2019-20

2020-21

18000

1,00,000

25,000

Additional information

1 Subscription outstanding as at 31stMarch 2019 Rs 20,000.
2 Subscription outstanding as at 31stMarch 2020 Rs 30000.

3 Subscription received in advance as at 31stMarch 2019 Rs 20,000.​

Answer 1

Answer:

Balance Sheet 31.3.2019

liabilities. assets

subscription. 20000. outstanding 20000

received in advance. subscription

Income and expenditure

expenditure. income

subscription

100000

+ o/s mar 2020

30000

+ advance

mar.2019. 20000

total. 150000

Balance Sheet

liabilities. assets

subscription outstanding

received in subscription

advance. 25000. 2000+ 30000

32000