From the following item of Receipts & Payments A/c. of Young Ladies Club, prepare an Income and Expenditure Account for the year ended 31-3-2010.
Rs.
Salaries paid 50,000
Lighting and Heating 5000
Printing and Stationery (including Rs. 500 for the previous year) 3500
Subscriptions received (including Rs. 2,000 received in advance
and Rs 5,000 for the previous year) 40,000
Net proceeds of Refreshment Room 45,000
Miscellaneous expenses 16,000
Interest paid on Loan for half year 1,200
Rent and Rates (including Rs. 1,000 prepaid) 7,5000
Locker rent received 4,500
Additional Information:
Subscriptions in arrears on 31-3-2010 were Rs. 8,000 and Half year's interest on loan was also outstanding.
Expenditure |
|
Amount (Rs) |
Income |
|
Amount (Rs) |
|
To Salary paid Lighting and heating Printing and Stationary Less
Miscellaneous expenses Interest paid on Loan for half year Add outstanding
Less prepaid
To surplus a/c
|
3,500 500 |
50,000 5,000
3,000
16,000
2,400
7,600 |
By Subscription received Less received in advance Less previous year
Add arrears
Locker rent received
|
40,000
2,000
5,000 |
45,000
4,500 |
|
1200 1200 |
33,000 8,000 |
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|
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7,500 1,000 |
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|
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90,500 |
90,500 |