The Receipts and Payments Account for the year ending 31-03-2018 of th

1.	The Receipts and Payments Account for the year ending 31-03-2018 of the MB Club is as follows : Dr RECEIPTS AND PAYMENTS ACCOUNT Cr ReceiptsAmount PaymentsAmount(Rs)(Rs)To Balance b/d 50,000By Salaries20,000To Subscription1,15,000By Rent15,000To Sale of newspaper 2,000By Printing and Stationery 8,000To Interest 1,500By Water and Power15,000By Periodicals18,000By Furniture50,000By Advertisements2,000By Refreshments10,000By Balance c/d30,5001,68,5001,68,500 (a) Annual subscription to be received every year is Rs 1,00,000. (b) Rent of the club for two months is pending. (c) Salaries of Rs 2,000 are outstanding. (d) Assets as on 01-04-2017. Furniture Rs 80,000; 6% fixed deposit worth Rs 50,000. (e) Depreciation on Furniture 10% p.a. on furniture. Prepare Income and Expenditure Account for the year ending 31-03-2018.
Answer» The Receipts and Payments Account for the year ending 31-03-2018 of the MB Club is as follows : Dr RECEIPTS AND PAYMENTS ACCOUNT Cr $\begin{matrix} Receipts & Amount & Payments & Amount (Rs) & (Rs) To Balance b/d & 50, 000 & By Salaries & 20, 000 To Subscription & 1, 15, 000 & By Rent & 15, 000 To Sale of newspaper & 2, 000 & By Printing and Stationery & 8, 000 To Interest & 1, 500 & By Water and Power & 15, 000 By Periodicals & 18, 000 By Furniture & 50, 000 By Advertisements & 2, 000 By Refreshments & 10, 000 By Balance c/d & 30, 500 1, 68, 500 & 1, 68, 500 \end{matrix}$ (a) Annual subscription to be received every year is Rs 1,00,000. (b) Rent of the club for two months is pending. (c) Salaries of Rs 2,000 are outstanding. (d) Assets as on 01-04-2017. Furniture Rs 80,000; 6 $%$ fixed deposit worth Rs 50,000. (e) Depreciation on Furniture 10 $%$ p.a. on furniture. Prepare Income and Expenditure Account for the year ending 31-03-2018.

The Receipts and Payments Account for the year ending 31-03-2018 of the MB Club is as follows : Dr RECEIPTS AND PAYMENTS ACCOUNT Cr ReceiptsAmount PaymentsAmount(Rs)(Rs)To Balance b/d 50,000By Salaries20,000To Subscription1,15,000By Rent15,000To Sale of newspaper 2,000By Printing and Stationery 8,000To Interest 1,500By Water and Power15,000By Periodicals18,000By Furniture50,000By Advertisements2,000By Refreshments10,000By Balance c/d30,5001,68,5001,68,500 (a) Annual subscription to be received every year is Rs 1,00,000. (b) Rent of the club for two months is pending. (c) Salaries of Rs 2,000 are outstanding. (d) Assets as on 01-04-2017. Furniture Rs 80,000; 6% fixed deposit worth Rs 50,000. (e) Depreciation on Furniture 10% p.a. on furniture. Prepare Income and Expenditure Account for the year ending 31-03-2018.

Answer»

The Receipts and Payments Account for the year ending 31-03-2018 of the MB Club is as follows :

Dr RECEIPTS AND PAYMENTS ACCOUNT Cr

$\begin{matrix} Receipts & Amount & Payments & Amount (Rs) & (Rs) To Balance b/d & 50, 000 & By Salaries & 20, 000 To Subscription & 1, 15, 000 & By Rent & 15, 000 To Sale of newspaper & 2, 000 & By Printing and Stationery & 8, 000 To Interest & 1, 500 & By Water and Power & 15, 000 By Periodicals & 18, 000 By Furniture & 50, 000 By Advertisements & 2, 000 By Refreshments & 10, 000 By Balance c/d & 30, 500 1, 68, 500 & 1, 68, 500 \end{matrix}$

(a) Annual subscription to be received every year is Rs 1,00,000.

(b) Rent of the club for two months is pending.

(d) Assets as on 01-04-2017. Furniture Rs 80,000; 6 $%$ fixed deposit worth Rs 50,000.

(e) Depreciation on Furniture 10 $%$ p.a. on furniture.

Prepare Income and Expenditure Account for the year ending 31-03-2018.

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