Given below is Receipts and Payments Account of "Vithai Mahila mandal" Pandharpur for the year ending 31.03.2018. Prepare an Income and Expenditure Account for the year ended 3.03.2018 and Balance Sheet as on that date.

9. Given below is Receipts and Payments Account of "Vithai Mahila mandal" Pandharpur for the year ending 31.03.2018. Prepare an Income and Expenditure Account for the year ended 3.03.2018 and Balance Sheet as on that date.

 Receipts and Payments Account for the year ending 31.03.2018.

Dr.                                                                                                                                    Cr.

Receipts	Amt ₹	Amt ₹	Payments	Amt ₹	Amt ₹
To Balance b/d			By Stationery		6000
Cash In Hand	3,000		By Repairs to Furniture		950
Cash at Bank	20,000	23,000	By Rent		8,300
To Entrance Fees		3,500	By Salaries		15,000
To Subscription		19,000	By Miscellaneous Expenses		450
To Miscellaneous Receipts		850	By Balance c/d
			Cash in Hand	1,650
			Cash at Bank	14,000	15,650
		46,350			46,350

Adjustments:

1. Capital Fund on 01.04.2017 was ₹ 90,000

2. Outstanding Subscription ₹4,000

3. Entrance Fees are to be capitalized

4. Rent paid includes ₹ 800 paid for April 2018.

5. They have following Assets and Liabilities 01.04.2017

Furniture ₹9,000, Building ₹70,000, and Outstanding Expenses ₹12,000

Solution:

In the Books of "Vithai Mahila Mandal"

Income and Expenditure Account for the year ending 31.03.3018

Dr.                                                                                                                                      Cr.

Expenditure	Amount	Amount	Income	Amount	Amount
To Stationery		6,000	By Subscription	19,000
To repairs to furniture		950	(+) Outstanding Sub.	4,000	23,000
To Rent	8,300		By Miscellaneous		850
(-) Prepaid Rent	800	7,500
To salaries		15,000
To Miscellaneous		450
			By Deficit		6,050
		29,900			29,900

Balance Sheet as on 31.03.2018

Dr.                                                                                                                                          Cr.

Liabilities	Amount	Amount	Assets	Amount	Amount
Capital Fund	90,000		Cash in hand	1,650
(+) Entrance fees	3,500		Cash at Bank	14,000	15,650
(-) Deficit	6,050	87,450
			Outstanding Subscription		4,000
			Prepaid rent		800
Outstanding Expense		12,000	Furniture		90,000
			Building		70,000
		99,450			99,450