Question

How are the following items dealt with while preparing Income and Expenditure Account of a club for the year ended 31st March, 2018?
Locker Rent received during the year ended 31st March, 2018 – ₹ 52,000.

Answer 1

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preparing Income and Expenditure Account of a club for the year ended 31st March, 2018?

Locker Rent received during

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Answer 2

Explanation:

The prepaid rent for the locker and the outstanding rent in the beginning and the end of the year has to be adjusted to find the actual amount of locker rent to be posted in the income and expenditure account. The actual amount of locker rent received is Rs52,700.