Income and Expenditure Account
for the year ended March 31, 2018
| Dr. |
Cr. |
|
Expenditure |
Amount
(Rs) |
Income |
Amount
(Rs) |
|
Rent |
60,000 |
|
Entrance Fees (2017-18) |
50,000 |
|
Less: For 2016-17 |
(15,000) |
45,000 |
Subscription 2017-18 |
90,000 |
|
|
|
|
Add: Outstanding for 2017-18 (9,000 × 10/9 ) |
10,000 |
1,00,000 |
|
Insurance Premium |
60,000 |
|
Donations |
1,20,000 |
|
Less: For 2016-17 |
(15,000) |
45,000 |
Interest on Fixed Deposits |
2,400 |
|
|
Printing and Stationery |
20,000 |
Add: Accrued Interest |
2,400 |
4,800 |
|
Loss on Sale of Sports Material (1200 -500) |
700 |
Sale of Old Newspapers |
300 |
| Surplus (Balancing Figure) |
1,70,600 |
Locker Rent |
6,800 |
|
|
|
|
Less: For 2016-17 |
600 |
6200 |
|
|
2,81,300 |
|
2,81,300 |
Working Notes:
Calculation of Interest Accrued on investment
|
Interest on Investment for 6 Months (1,20,000 × 8% × 6/12) |
4,800 |
|
Less: Interest Received |
2,400 |
|
Accrued Interest on Investment |
2,400 |
