From the following receipts and payments account of jaipur sports club prepare income and expenditure account for the year ended 31 march 2016.

Dear Student,

Please find the Income and Expenditure a/c as below:
 
Income and Expenditure Account
for the year ending on 31st March 2016
Dr.   Cr.
Expenditure Amount
(Rs)
Income Amount (Rs)
Printing and Stationery 2000 Subscription  10000
Miscellaneous Expenses   Entrance Fees 5000
Rent Paid  4500 Donation for Tournament 5000
Insurance Expenses 4500 Subscription for Governor’s Party 1500
Sports Material 5000 Interest on FD 480
Tournament Expenses 1000 Sale of Old Sports Material
 
30
Books 2000 Sale of old sports Material (book value 120) 50

Suerplus (Excess of Income over Expenditure)
15680
Locker rent
            
620

 
       
  34680   34680
       

Working note of rent = Total paid-related to last year =6000-1500=4500

Working note of insurance = Total paid during the year-advance payment for next year=6000-1500=4500

Working note of  Subscription = Amount received for 90% =9000, total amount for the whole year will be =9000/90%=10000

Working note of Interest on FD =Principal ×rate of interest/100×month/12=10000 × 8/100 ×6/12=480

Regards

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