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Accountancy · 2022 · 5 marks
CBSE 2022 · Region 4 · Set 1 · Q7
From the following Receipts and Payments Account of Adarsh Club for the year ended 31st March, 2022, prepare an Income and Expenditure Account for…
From the following Receipts and Payments Account of Adarsh Club for the year ended 31st March, $\displaystyle 2022$, prepare an Income and Expenditure Account for the year ended 31st March, $\displaystyle 2022$ : Receipts and Payments Account of Adarsh Club for the year ended
31st March, $\displaystyle 2022$
The club has $\displaystyle 1{,}500$ members each paying an annual subscription of ₹ 150.
| Receipts | Amount (₹) | Payments | Amount (₹) |
| Balance b/d | Salaries | $\displaystyle 49{,}000$ | |
| Cash $\displaystyle 20{,}000$ | Printing and Stationery | $\displaystyle 32{,}000$ | |
| Bank $\displaystyle 67{,}500$ | $\displaystyle 87{,}500$ | Secretary's Honorarium | $\displaystyle 25{,}000$ |
| Subscriptions : | $\displaystyle 6$% Fixed Deposit on $\displaystyle 1.1.2022$ | $\displaystyle 2{,}70{,}000$ | |
| $\displaystyle 2020$ – $\displaystyle 21$ $\displaystyle 15{,}000$ | Balance c/d | ||
| $\displaystyle 2021$ – $\displaystyle 22$ $\displaystyle 2{,}00{,}000$ | Cash $\displaystyle 26{,}500$ | ||
| $\displaystyle 2022$ – $\displaystyle 23$ $\displaystyle 30{,}000$ | $\displaystyle 2{,}45{,}000$ | Bank $\displaystyle 50{,}000$ | $\displaystyle 76{,}500$ |
| Sale of old furniture (Book value ₹ $\displaystyle 10{,}000$) | $\displaystyle 8{,}500$ | ||
| Sale of old newspapers | $\displaystyle 2{,}500$ | ||
| Hire of ground | $\displaystyle 47{,}500$ | ||
| Locker Rent | $\displaystyle 11{,}500$ | ||
| Donations for Sports fund | $\displaystyle 50{,}000$ | ||
| $\displaystyle 4{,}52{,}500$ | $\displaystyle 4{,}52{,}500$ |
Marking-scheme solution
Income and Expenditure Account of Adarsh Club
for the year ended 31st March, $\displaystyle 2022$
Dr. Cr.
Amount Amount
Expenditure Income
(₹) (₹)
Loss on sale of furniture $\displaystyle 1{,}500$ Subscription ($\displaystyle 1{,}500$ x $\displaystyle 150$) $\displaystyle 2{,}25{,}000$
Salaries $\displaystyle 49{,}000$ Sale of old newspapers $\displaystyle 2{,}500$
Printing & Stationery $\displaystyle 32{,}000$ Hire of Ground $\displaystyle 47{,}500$
Secretary’s Honorarium $\displaystyle 25{,}000$ Locker Rent $\displaystyle 11{,}500$
Excess of income over $\displaystyle 1{,}83{,}050$ Interest on Fixed Deposit $\displaystyle 4{,}050$
expenditure - Surplus
-- Accrued
$\displaystyle 2{,}90{,}550$ $\displaystyle 2{,}90{,}550$
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