Q19. From the following Receipts and Payments Account, prepare Income and


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)​


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