From the following particulars, prepare Income and Expenditure account:
Details | Amount ₹ |
Fees collected, including ₹ 80,000 on account of the previous year | 5,20,000 |
Fees for the year outstanding | 30,000 |
Salary paid, including ₹ 5,000 on account of the previous year | 68,000 |
Salary outstanding at the end of the year | 3,000 |
Entertainment expenses | 8,000 |
Tournament expenses | 25,000 |
Meeting Expenses | 18,000 |
Travelling Expenses | 7,000 |
Purchase of Books and Periodicals, including ₹ 31,000 for purchase of Books | 40,000 |
Rent | 15,000 |
Postage, telegrams and telephones | 6,000 |
Printing and Stationery | 18,000 |
Donations received | 25,000 |
Income and Expenditure Account:
| Expenditure | Amount | Income | Amount |
| Salary 68,000 | Fess collected 5,20,000 | ||
| less:previous years outstanding 5,000 | less: previous year outstanding 80,000 | ||
| 63,000 | 4,40,000 | ||
| Add: current years outstanding 3,000 | 66,000 | Add: Current year’s Outstanding 30,000 | 4,70,000 |
| Entertainment Expenses | 8,000 | Donations | 25,000 |
| Tournament Expenses | 25,000 | ||
| Meeting Expenses | 18,000 | ||
| Travelling Expenses | 7,000 | ||
| Purchases of Periodicals (40,000 – 31,000) | 9,000 | ||
| Postage, Telegrams and Telephone’s | 6,000 | ||
| Rent | 15,000 | ||
| Printing and Stationery | 18,000 | ||
| Surplus (Excess of Income over Expenditure) | 3,23,000 | ||
| 4,95,000 | 4,95,000 | ||
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