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A_Team
A_Team
In: 1. Financial Accounting > Not for Profit Organizations

Prepare Income and Expenditure Account for the Year Ended 31st March, 2020 from the Following?

Receipts and Payments A/C for the year ended 31st March 2020

Receipts Amt Payments Amt
To Balance b/d  (Cash)        180,000 By Salary        480,000
To Subscriptions        900,000 By Rent           50,000
To Sale of Investments        200,000 By Stationery           20,000
To Sale of Furniture (Book Value 40,0000           30,000 By Defense Bonds        300,000
To Donations           10,000 By Furniture        200,000
By Bicycles           30,000
By Balance c/d        240,000
    1,320,000     1,320,000
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    1 Answer

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    1. Radha M.Com, NET
      2021-08-22T07:10:38+00:00Added an answer on August 22, 2021 at 7:10 am
      This answer was edited.

      Here I’ve prepared the Income & Expenditure A/c.

      Income & Expenditure A/c for the year ended 31st March 2021

      Expenditure Amt Income Amt
      To Salary      4,80,000 By Subscriptions      9,00,000
      To Rent          50,000 By Donations          10,000
      To Stationery          20,000
      To Loss on sale of furniture (WN)          10,000
      To Surplus      3,50,000
           9,10,000      9,10,000

       

      Working Note: Calculation of Loss on sale of furniture

      The following calculation is made to identify the loss incurred on the sale of furniture.

      Particulars Amt
      Book Value of Furniture        40,000
      Less: Sale Value of Furniture        30,000
      Loss on Sale of Furniture        10,000

       

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