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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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Need An Account,

Radha M.Com, NET

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.

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