From the following Receipt and Payment Account of a club, prepare Income and Expenditure Account for the year ended March 31, 2017 and the Balance Sheet as on that date.
Receipt and Payment Account
for the year ending March 31,2017
| Receipt | Amount (Rs.) | Payment | Amount (Rs.) | |
| Balance B/d | 3,500 | General Expenses | 900 | |
| Subscription: | Salary | 16,000 | ||
| 2015-16 | 2,000 | Postage | 1,300 | |
| 2016-17 | 70,000 | Electricity Chages | 7,800 | |
| 2017-18 | 3,000 | 75,000 | Furniture | 26,500 |
| Sales of Old Books (Costing Rs 3,200) | 2,000 | Books | 13,000 | |
| Rent from use of hall | 17,000 | News papers | 600 | |
| Sale of newspapers | 400 | Meeting Expenses | 7,200 | |
| Profit from entertainment | 7,300 | T.V. set | 16,000 | |
| Balance C/d | 15,900 | |||
| 1,05,200 | 1,05,200 |
Additional Information :
1. The club has 100 members each paying an annual subscription of Rs 900. Subscriptions outstanding on March 31, 2016 were Rs 3,600.
2. On March 31, 2017, salary outstanding amounted to Rs 1,000, Salary paid included Rs 1,000 for the year 2012.
3. On April 1, 2017 the club owned land and building Rs 25,000, furniture Rs 2,600 and books Rs 6,200.
Income and Expenditure Account
as on Dec,2017
| Expenditure | Amount (Rs.) | Income | Amount (Rs.) | ||
| General Expenses | 900 | Subscription | 70,000 | ||
| Salary | 16,000 | Add:Outstanding for 2017 | 20,000 | 90,000 | |
| Add:Outstanding for the year 2017 | 1,000 | Rent from Use of hall | 17,000 | ||
| 17,000 | Sale of old news paper | 400 | |||
| Less:Outstanding for the year 2016 | (1,000) | 16,000 | Profit from Entertainment | 7,300 | |
| Loss on sale of Old Books | 1,200 | ||||
| Electricity charges | 7,800 | ||||
| Newspapers | 600 | ||||
| Meeting Expenses | 7,200 | ||||
| Postage | 1,300 | ||||
| Surplus (Balancing figure) | 79,700 | ||||
| 1,14,700 | 1,14,700 |
Balance sheet
as on March 31,2016
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
| Outstanding Salary | 1,000 | Outstanding Subscription | 3,600 |
| Capital Fund (Balancing figure) | 39,900 | Furniture | 2,600 |
| Books | 6,200 | ||
| Cash and Bank | 3,500 | ||
| Building | 25,000 | ||
| 40,900 | 40,900 |
Balance sheet
as on March 31,2017
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) | ||
| Advanced Subscription | 3,000 | Subscription Outstanding | 20,000 | ||
| Outstanding Salary | 1,000 | Add:Still Outstanding for the year 2016 | 1,600 | 21,600 | |
| Capital fund | 39,900 | Building | 25,000 | ||
| Add: Surplus | 79,700 | 1,19,600 | Furniture | 2,600 | |
| Add:Purchase | 26,500 | 29,100 | |||
| Books | 6,200 | ||||
| Add:Purchase | 13,000 | ||||
| 19,200 | |||||
| Less:Sales | 3,200 | 16,000 | |||
| Tv Set | 16,000 | ||||
| Cash and Bank | 15,900 | ||||
| 1,23,600 | 1,23,600 |
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