Check sibling questions

From the following Receipts and Payments Account and additional information provided by Ramanath Club, Prepare Income and Expenditure Account for the year ending on 31st March 2021.

                                               Receipts and Payments Account for the year ending 31st March, 2021
Receipts  Amount Payments  Amount
To Balance b/d  48,000 By Salaries and Wages:   
To Subscription  95,000 2019-20 10,600   
To Entrance Fee  1,56,000 2020-21 1,03,200  1,13,800
To Locker rent  50,000 By Sundry expenses  47,000
To Interest on 8% govt.    By Refreshment expenses  60,400
Securities  5,400 By Telephone bill  5,000
To Revenue from refreshment  52,000 By Rent & Rates  24,000
To Sale of old newspapers  4,600 By Library Book  25,000
To Sale of furniture    By 8% Govt. Securities  30,000
(Book value: 11,000)  12,000 By Honorarium to Secretary By Balance c/d  5,000 1,12,800 
Total 4,23,000 Total 4,23,000

 

Additional Information:

(i) Subscription received during the year includes ₹ 25,000 as donation for Building.

(ii) Telephone bill unpaid as on March 31, 2020 was ₹ 4,000 and on March 31, 2021 ₹ 2,600.

(iii) Value of 8% Government Securities on March 31, 2020 was ₹ 80,000.

(iv) Additional Government Securities worth ₹ 30,000 were purchased on March 31, 2021.

 

Answer

                                                                       INCOME AND EXPENDITURE ACCOUNT
Parrticulars Amount Particulars Amount
To Salary and Wages 103200 By Subscription                     95000  
To Sundry Expenses 47000 Less: Donation                      25000 70000
To Refreshment Expense 60400 for Building  
To Telephone Bill                    5000   By Entrance Fees 156000
Add : O/s for 2020-21             2600   By locker Rent 50000
Less : O/s for 2019-20             4000 3600 By Interest on 8%                  5400  
To rent and rates 24000 Govt. Securities  
To Honorarium to secretary 5000 Add: Accrued Interest             1000 6400
To Surplus 96800 By Revenue from refreshment 52000
    By Sale of old newspapers 4600
    By Profit on sale of Furniture 1000
  340000   340000

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Transcript

From the following Receipts and Payments Account and additional information provided by Ramanath Club, Prepare Income and Expenditure Account for the year ending on 31st March 2021. Receipts and Payments Account for the year ending 31st March, 2021 Receipts Amount Payments Amount To Balance b/d 48,000 By Salaries and Wages: To Subscription 95,000 2019-20 10,600 To Entrance Fee 1,56,000 2020-21 1,03,200 1,13,800 To Locker rent 50,000 By Sundry expenses 47,000 To Interest on 8% govt. By Refreshment expenses 60,400 Securities 5,400 By Telephone bill 5,000 To Revenue from refreshment 52,000 By Rent & Rates 24,000 To Sale of old newspapers 4,600 By Library Book 25,000 To Sale of furniture By 8% Govt. Securities 30,000 (Book value: 11,000) 12,000 By Honorarium to Secretary By Balance c/d 5,000 1,12,800 Total 4,23,000 Total 4,23,000 Additional Information: (i) Subscription received during the year includes ₹ 25,000 as donation for Building. (ii) Telephone bill unpaid as on March 31, 2020 was ₹ 4,000 and on March 31, 2021 ₹ 2,600. (iii) Value of 8% Government Securities on March 31, 2020 was ₹ 80,000. (iv) Additional Government Securities worth ₹ 30,000 were purchased on March 31, 2021. Answer INCOME AND EXPENDITURE ACCOUNT Parrticulars Amount Particulars Amount To Salary and Wages 103200 By Subscription 95000 To Sundry Expenses 47000 Less: Donation 25000 70000 To Refreshment Expense 60400 for Building To Telephone Bill 5000 By Entrance Fees 156000 Add : O/s for 2020-21 2600 By locker Rent 50000 Less : O/s for 2019-20 4000 3600 By Interest on 8% 5400 To rent and rates 24000 Govt. Securities To Honorarium to secretary 5000 Add: Accrued Interest 1000 6400 To Surplus 96800 By Revenue from refreshment 52000 By Sale of old newspapers 4600 By Profit on sale of Furniture 1000 340000 340000

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Davneet Singh is a graduate from Indian Institute of Technology, Kanpur. He has been teaching from the past 12 years. He provides courses for Maths and Science at Teachoo.