From the following Receipt and Payment Account of Jan Kalyan Club, prepare Income and Expenditure Account and Balance Sheet for the year ending March 31, 2017. Receipt and Payment Account for the year ending March 31, 2017 Receipts Amount Rs Payments Amount Rs Cash in hand as on 1.4.16 6,800 Salaries 24,000 Subscription 60,200 Traveling Expenses 6,000 Donation 3,000 Stationery 2,300 Sale of furniture (Book value Rs 6000) 4,000 Rent 16,000 Entrance fee 800 Repair 700 Life membership fee 7,000 Books purchased 6,000 Interest on investment (@ 5% for full year) 5,000 Building purchased 30,000 Cash in hand as 31.3.2017 1,800 86,800 86,800 Additional Information: As on 1.04.2016 As on 31.03.2017 (i) Subscription received in advance 1,000 3,200 (ii) Outstanding subscription 2,000 3,700 (iii) Stock of stationery 1,200 800 (iv) Books 13,500 16,500 (v) Furniture 16,000 8,000 (vi) Outstanding rent 1,000 2,000
Answers
In Books of Jan Kalyan Club
Explanation:
Pls refer to the pic below
Answer:
Explanation:
Income and expenditure account
Expenditure Amount Expenditure Amount
Loss on sale of furniture 2000 Subscription 60200
Salaries 24000 outstanding 2000
Travelling expenses 6000
Stationery 2300 outstanding 3700
Add: opening stock 1200 Advance 1000
Less: closing stock 800
Repairs 7000 Less: Advance 3200
Rent 16000 Donation 3000
Less: Outstanding 1000 entrance fee 800
Add: outstanding 2000 Interest on investment 5000
Depreciation on books 3000
Depreciation on furniture 2000
Surplus 11000
68500 68500