question_answer

From the following particulars, prepare income and expenditure account.

		Amt (Rs.)
(i)	Subscription received	8,74,000
	(including Rs. 1,84,000 of previous year)
(ii)	Subscription outstanding for the current year	23,000
(iii)	Salary Paid	64,400
	(including Rs. 6,900 of previous year)
(iv)	Salary outstanding for the current year	2,300
(v)	Electricity expenses	6,900
(vi)	Tournament expenses	27,600
(vii)	Travelling expenses	23,000
(viii)	Meeting expenses	13,800
(ix)	Rent	41,400
(x)	Purchase of books and periodicals
	(including Rs. 43,700 for books)	66,700
(xi)	Donation received	46,000
(xii)	Printing and stationery	34,500
(xiii)	Postage	9,200

Answer:

                                                Income And Expenditure Account Dr                                                         for the year ending...                                                                   Cr

Expenditure		Amt (Rs.)	Income		Amt (Rs.)
To Salary	64,400		By Subscription	8,74,000
(-) Outstanding for Previous Year	(6,900)		(-) Outstanding for
			Previous Year	(1,84,000)
	57,500			6,90,000
(+) Outstanding for Current Year	2,300	59,800	(+) Outstanding for
			Current Year	23,000	7,13,000
To Electricity Expense		6,900	By Donations		46,000
To Tournament Expenses		27,600
To Travelling Expenses		23,000
To Meeting Expenses		13,800
To Rent		41,400
To Periodicals (66,700 ? 43,700)		23,000
To Printing and Stationery		34,500
To Postage		9,200
To Surplus i.e. Excess of Income
over Expenditure		5,19,800
		7,59,000			7,59,000