Q19. From the following Receipts and Payments Account, prepare Income and Expenditure
Account of Patel Education Society for the year ending 31st March, 2019 .
RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019
Receipts Amount(Rs.) Payments Amount(Rs.)
To Balance bd
12000
1200
5250
25000
2000
10000
25500
80950
Additional Information :
((i) Following were the assets and liabilities as on 1st April, 2018:
Utensils Rs.8,000, Furniture Rs.25,000, Consumable stores Rs.3,500, Creditors Rs.12,000.
(ii) On 31st March, 2019 Stock of Consumable Stores was Rs.7,000; Creditors were
Rs.5,500; Outstanding Subscription Rs.750; and Accrued Interest on fixed deposits was Rs
250.
(iii) Charge depreciation on the closing balance of Furniture and Utensils @ 10% and 15%
respectively.. (6)​