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Accountancy · 2022 · 5 marks
CBSE 2022 · Region 3 · Set 3 · Q8
From the following 'Receipts and Payments Account of Golden Club for the year ended 31.3.2022, prepare Income and Expenditure Account: Receipts and…
From the following 'Receipts and Payments Account of Golden Club for the year ended $\displaystyle 31.3.2022$, prepare Income and Expenditure Account : Receipts and Payments Account of Golden Club
for the year ended $\displaystyle 31.3.2022$
Additional Information : ($\displaystyle 1$) Club had $\displaystyle 1750$ members each paying an annual subscription of ₹ 100. (ii) Furniture was purchased on 31.3.2022.
| Receipts | Amount (₹) | Payments | Amount (₹) |
| Bal. b/d | Honorarium | $\displaystyle 75,000$ | |
| Cash $\displaystyle 70,000$ | Stationery | $\displaystyle 15,000$ | |
| Bank $\displaystyle 2,00,000$ | $\displaystyle 2,70,000$ | Electricity Bill | $\displaystyle 35,000$ |
| Subscriptions | $\displaystyle 2,00,000$ | Rent | $\displaystyle 1,20,000$ |
| Entrance Fees | $\displaystyle 50,000$ | Furniture | $\displaystyle 1,80,000$ |
| Sale of old newspaper | $\displaystyle 2,000$ | Fixed Deposit @ $\displaystyle 9$% p.a. on $\displaystyle 31.03.2022$ | $\displaystyle 1,00,000$ |
| Sale of old furniture (book value ₹ $\displaystyle 10,000$) | $\displaystyle 4,000$ | Balance c/d | |
| Donations | $\displaystyle 45,000$ | Cash $\displaystyle 26,000$ | |
| Life membership fees | $\displaystyle 30,000$ | Bank $\displaystyle 50,000$ | $\displaystyle 76,000$ |
| $\displaystyle 6,01,000$ | $\displaystyle 6,01,000$ |
Marking-scheme solution
Dr. Income and Expenditure Account of Golden Club Cr.
for the year ended 31st March, $\displaystyle 2022$
Expenditure Amount Income Amount
(₹) (₹)
To Honorarium $\displaystyle 75,000$ By Subscriptions
To Stationery $\displaystyle 15,000$ ($\displaystyle 1750$ × $\displaystyle 100$) $\displaystyle 1,75,000$
To Electricity Bill $\displaystyle 35,000$ By Entrance Fees $\displaystyle 50,000$
To Rent $\displaystyle 1,20,000$ By Sale of Old Newspaper $\displaystyle 2,000$
To Loss on Sale of Furniture $\displaystyle 6,000$ By Donations $\displaystyle 45,000$
To Excess of Income over
Expenditure : Surplus $\displaystyle 21,000$
$\displaystyle 2,72,000$ $\displaystyle 2,72,000$
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