Prepare Income and Expenditure Account For the Year Ended 31st March, 2019 From the Following - T.S. Grewal's Solution

Prepare Income and Expenditure Account for the year ended 31st March, 2019 from the following

RECEIPTS AND PAYMENTS ACCOUNT

for the year ended 31st March, 2019

Receipts	(Rs.)	Payments	(Rs.)
To Balance b/d (cash)	1,80,000	By Salaries	4,80,000​
To Subscriptions	9,00,000	By Rent	50,000
To Sale of Investments	2,00,000	By Stationery	20,000
To Sale of Old Furniture  (Book Value ₹ 40,000)	30,000	By Defence Bonds	3,00,000
To Donations	10,000	By Furniture	2,00,000
		By Bicycles	30,000
		By Balance c/d (Cash)	2,40,000
	13,20,000		13,20,000

Income and Expenditure Account 

for the year ended 31st March, 2019

Expenditure	Amount (Rs.)	Income	Amount (Rs.)
Salaries	4,80,000	Subscriptions	9,00,000
Rent	50,000	Donation	10,000
Stationery	20,000
Loss on Sale of Old Furniture	10,000
Surplus (Balancing Figure)	3,50,000
	9,10,000		9,10,000

Chapter-1 Financial Statements of Not for Profit Organisations-TS Grewal

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