Shiksha Mandal’s
G. S. ColleGe of CommerCe, Wardha
Prob.2 From the following Receipts and Payments Account and additional information prepare Income
and Expenditure Account for the year ended 31st March 2019 and Balance Sheet as on that date.
Receipts and Payment Account
for the year ended 31st March 2019
Receipts Amount Rs. Payments Amount Rs
To Balance b/d 3,000 By Salaries 4,000
To Subscription 5,000 By Printing & Stationery 1,000
To Donations (Revenue) 5,000 By Commission 500
To Entrance fees 4,000 By Rent 2,000
To Interest 1,000 By Electric Charges 1,500
By Furniture 8,000
By Balance c/d 1,000
18,000 18,000
Additional Information :-
(1) Outstanding Rent was Rs. 200.
(2) Subscription includes Rs 1,000 as Subscription received in advance and subscription outstanding
for current year was Rs. 500.
(3) Depreciate Furniture @ 8% p.a.
(4) 50% Entrance fees should be capitalised.
(5) Capital Fund was Rs. 3,000.
Prob.3 Dr.Abhinav Bharat started practice of Medical Practitioner on 1st April 2019, He gives you the
Receipts and Payments Account for the year ended 31st March 2020 and the adjustments.
Prepare Income and Expenditure Account and Balance Sheet for the year ended 31st March 2020.
Dr.Abhinav Bharat
Receipts and Payments Account
for the year ended 31st March 2020
Receipts Amount Rs. Payments Amount Rs
To Cash introduced 25,000 By Furniture 8,000
To Visit fees 10,000 By Equipments 10,000
To Receipts from Dispensary 30,000 By Drugs 7,000
To Sundry Receipts 5,000 By Salaries 12,000
By Rent 6,000
By Conveyance 4,000
By Stationery 500
By Electrical Charges 5,000
By Journals 500
By Drawings 15,000
By Balance C/d 2,000
70,000 70,000
Additional Information :-
(1) Receipts in Arrears are Visit Fees Rs. 2,000 and Dispensary Rs. 500.
(2) Outstanding Expenses - Rent Rs. 500 and Salaries Rs. 1,000.
(3) 40% conveyance Exp.is paid for Personal Expences.
(4) Stock of drugs was Rs. 1,000
(5) Depreciate Furniture @ 8% p.a. and Equipments Rs. 500.
Prob.4 Following is the Receipts and Payments Account of Parnil Sports Club, Pune and additional
information given below you are required to prepare Income and Expenditure Account. for the year ended
31st March 2019 and a Balance Sheet as on that date.
Receipts and Payments Account
for the year ended 31st March 2019.
Receipts Amount Rs. Payments Amount Rs
To Balance b/d 5,000 By Bank Overdraft (repaid) 32,000
To Subscriptions By Salaries 10,000
2016-17 2,000 By Electrical Charges 4,000
2017-18 3,000 By Municipal Taxes 2,700
2018-19 70,000 75,000 By Purchase of Sports Materials 50,000
To Donations 15,000 By General Expenses 500
To Entrance fees 1,700 By Billiard Expenses 3,000
To Life membership fees 17,000 By Repairs to Ground 500
(Revenue) By Tournaments Exp. 50,000
To Tournament Receipts 60,000 By Balance C/d
Cash in Hand 7,000
Cash at Bank 14,000
1,73,700 1,73,700
Additional Information :-
(1) 50% Donations are for Building fund.
(2) 70% of Entrance fees should be Capitalised.
(3) Subscription Rs. 500 for the year 2016-17 and Rs. 1,000 for the year 2017-18 are still in arrears.
(4) Following are the balances appeared in the books as on 1-4-2018.
Building Fund Rs. 47,000 , Bank Overdraft Rs 32,000, Land Rs. 1,50,000, Sports Materials Rs.
30,000, Outstanding Subscription for 2016-17 Rs. 2,500 and 2017-18 Rs. 4000.
(5) Outstanding subscription for the current year is Rs. 8,000
(6) Closing Stock of Sports Materials was Rs. 8,000 on which depreciation is to be provided at
12.5% p.a.
Prob.5 Following is the Receipts and Payments Account of Chamber of Commerce, Beed for the year
ended 31st March 2018 and same additional information. You are required to prepare Income and
Expenditure Account for the year ended 31st March 2018 and Balance Sheet as on that date.
Receipts and Payments Account
for the year ended 31st March 2018
Receipts Amount Rs. Payments Amount Rs
To Balance b/d 22,250 By Insurance 10,000
(Cash at Bank ) By Printing & Stationery 4,000
To Subscription 72,000 By Books 30,000
(including Rs 8,000 for By Computers 60,000
2016-17 ) By Traveling Expenses 4,000
To Sale of Machinery 20,000 By Furniture 62,000
(Book value Rs. 25,000 ) By Balance C/d 5,250
To Donations 55,000 (Cash at Bank )
To Admission fees (Revenue) 6,000
1,75,250 1,75,250
Additional Information :-
1) Assets and liabilities on 1st April 2017 were as follows :
Outstanding Subscription Rs. 10,000, Machinery Rs. 50,000, Building Fund Rs. 2,10,000,
Investment Rs. 3,00,000.
2) Depreciate Machinery by Rs. 2,500.
3) Donations received for Building fund.
4) Outstanding subscription for the current year was due for Rs. 6,000.
