Question

Illustration 30.
Following is the Receipts and Payments Account of Indian Youth Association for the year ended
31st March, 2019:
Dr.
RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019 12-19 co
Receipts
₹ Payments
To Balance bld:
By Salanes
3,00.000
In Hand
25,000
By Rent
At Bank
2,45,000 2,70,000 By Printing and Stationery
15.000
To Subscriptions
4,00,000 By Postage
4000
To Bank Interest
2,000 By Typewriter
40.000
To Sale of Old Car
40,000 By Investments
80,000
By Balance dd
In Hand
13.000
At Bank
200.000 2.13.000
7,12,000
7.12.000
Investments were made on 1st October, 2018 earning interest @ 5% p.a. Subscriptions
included 80,000 for the year ended 31st March, 2018 and #40,000 for the year ending
31st March, 2020. Subscriptions for the year ended 31st March, 2019*80,000 were still in arrears.
Rent for March, 2019, 5,000 is still unpaid. 3,000 are payable against a bill for stationery.
Book value of the car was 55,000.
Prepare Income and Expenditure Account for the year ended 31st March, 2019 and Balance
Sheet as at that date.​

Answer 1

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