The Total solution for NCERT class 6-12
Receipt and Payment Accounts
for the year ending March 31, 2017
Receipts
Amount
Rs
Payments
Balance b/d
15,000
Furniture
18,000
Sale of Old furniture (costing Rs 6,000)
4,000
Library books
10,000
Subscriptions:
Salaries
72,000
2015–16
General expenses
2016–17
60,000
Electric charges
12,000
2017–18
90,000
Newspapers
33,800
Sale of old newspapers
10,800
Postage
3,000
Profit from entertainment
44,000
Stationery
40,000
Rent
84,000
Audit fee
8,000
Balance c/d
33,000
2,47,800
Balance Sheet
as on March 31, 2016
Liabilities
Assets
Outstanding Salary
6,000
Cash
Capital Fund
6,94,000
Outstanding subscription
Library Books
30,000
37,000
Land and Building
6,00,000
7,00,000
Books of Unity Club
Income and Expenditure Account
as on March 31, 2017
Dr.
Cr.
Expenditure
Income
Loss on Sale of Old Furniture (4,000 – 6,000)
2,000
Subscription
500 members at Rs 150 each
75,000
Sale of Old Newspapers
Add: Outstanding for 2015–16
1,200
Profit from Entertainment
73,200
Less: Outstanding for 2016–17
(6,000)
67,200
General Expenses
Deficit (Balancing figure)
200
Electric Charges
Audit Fees
Depreciation on Land and Building
2,14,000
as on 31 March 2017
Advance Subscription (for 2017–18)
Subscription Outstanding
Salaries Outstanding
Add: Purchases
Less: Deficit
(200)
6,93,800
55,000
Less: Sales
49,000
Less: 5% Depreciation
(30,000)
5,70,000
Cash and Bank
7,07,000