Following is the Receipt and Payment Account of Women’s Welfare Club for the year ended December 31, 2017:
Receipt and Payment Account
for the year ending December 31, 2017
| Receipts | Amount (Rs.) | Payments | Amount (Rs.) |
| Balance b/d | 7250 | Salary | 12500 |
| Subscriptions | 81750 | Stationery | 1700 |
| Donations | 3000 | Electricity charges | 9550 |
| Grant from Government | 15000 | Insurance | 7500 |
| Sale of newspapers | 300 | Equipment | 30000 |
| Proceeds of charity show | 16500 | Petty expenses | 500 |
| Interest on investments @10% for full year | 7000 | Expenses on charity show | 12900 |
| Sundries income | 400 | Newspapers | 1000 |
| Lectures fee | 16500 | ||
| Honorarium to Secretary | 12000 | ||
| Balance c/d | 27050 | ||
| 1,31,200 | 1,31,200 |
Additional Information:
| 01.01.2017 (Rs.) | 31.12.2017 (Rs.) | |
| Outstanding salaries | 1,200 | 1,800 |
| Insurance prepaid | 700 | 300 |
| Subscription outstanding | 3,750 | 2,500 |
| Subscription received in advanced | 1,750 | 1,000 |
| Electricity charges outstanding | – | 1,250 |
| Stock of stationery | 2,250 | 700 |
| Equipment | 25,600 | 50,200 |
| Building | 1,20,000 | 1,14,000 |
Prepare Income and Expenditure Account for the year ended December 31, 2017 and Balance Sheet as on that date.
Books of Women Welfare Club
Income and Expenditure Account
as on December 31, 2017
| Expenditure | Amount (Rs.) | Liabilities | Amount (Rs.) | ||
| Salary | 12,500 | Subscription | 81,750 | ||
| Add:Outstanding in the year 2017 | 1,800 | Add:Outstanding (2017) | 2,500 | ||
| 14,300 | 84,250 | ||||
| Less:Outstanding in the year 2016 | (1,200) | Less:Outstanding (2016) | (3,750) | ||
| Stationery | 1,700 | 80,500 | |||
| Add: Opening stock | 2,250 | Add:Advanced on 31 dec,2016 | 1,750 | ||
| 3,950 | 82,250 | ||||
| Less: Closing Stock | (700) | Less:Advanced on Dec .31,2017 | (1000) | 81,250 | |
| Electric Charges | 9,550 | Donation | 3,000 | ||
| Add: Outstanding in the year 2017 | 1,250 | Grant from Government | 15,000 | ||
| Insurance | 7,500 | Sale of Newspaper | 300 | ||
| Add: Prepaid in 2016 | 700 | Profit from Charity Shows(16,500-12,900) | 3,600 | ||
| 8,200 | Interest on Investment | 7,000 | |||
| Less: Prepaid in 2017 | (300) | 7,900 | Sundry Income | 400 | |
| Depreciation on Equipments | 5,400 | ||||
| Petty Expenses | 500 | ||||
| Lectures Fees | 16,500 | ||||
| Newspapers | 1,000 | ||||
| Honorarium to Secretary | 12,000 | ||||
| Depreciation on Building | 6,000 | ||||
| Surplus (Balancing figure) | 3,4100 | ||||
| 1,10,550 | 1,10,550 |
Balance sheet
as on December 31,2016
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
| Outstanding Salaries | 1,200 | Insurance Prepaid | 700 |
| Subscription in Advance | 1,750 | Subscription Outstanding | 3,750 |
| Capital Fund (Balancing Figure) | 2,26,600 | Stock of Stationery | 2,250 |
| Equipment | 25,600 | ||
| Building | 1,20,000 | ||
| Cash and Bank | 7,250 | ||
| Investments | 70,000 | ||
| 2,29,550 | 2,29,550 | ||
Balance sheet
as on December 31,2017
| Liabilities | Amount (Rs) | Assets | Amount (Rs) | ||
| Outstanding Salaries | 1800 | Equipment | 25,600 | ||
| Subscription in Advance | 1000 | Add: Purchases | 30,000 | ||
| Electricity Charges Outstanding | 1250 | 55,600 | |||
| Capital Fund | 2,26,600 | Less: Depreciation | (5,400) | 50,200 | |
| Add: Surplus | 34,100 | 2,60,700 | Insurance Prepaid | 300 | |
| Subscription Outstanding | 2500 | ||||
| Stock of Stationery | 700 | ||||
| Building | 1,20,000 | ||||
| Less: Depreciation | (6,000) | 1,14,000 | |||
| Cash and Bank | 27050 | ||||
| Investments | 70,000 | ||||
| 2,64,750 | 2,64,750 | ||||