From the following particulars, prepare Income and Expenditure account:

Details

Amount Rs

Fees collected, including Rs 80,000 on account of the previous year

5,20,000

Fees for the year outstanding

30,000

Salary paid, including Rs 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

Traveling Expenses

7,000

Purchase of Books and Periodicals, including Rs 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

Dr.

 

Cr.

Expenditure

Amount

Rs

Income

Amount

Rs

Salaries

68,000

 

Fees Collected

5,20,000

 

Less: Previous year's Outstanding

(5,000)

 

Less: Previous year's Outstanding

(80,000)

 

 

63,000

 

 

4,40,000

 

Add: Current year's 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

 

 

Traveling 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

 

 

 

 

             

NOTE: As per the solution, Excess of Income over Expenditure is Rs 3,23,000; however, as per the book, it is Rs 3,07,000.

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