Illustration 2.
On the basis of the following information, calculate the amount of stationery to be debited Income and Expenditure Account for the year on March 31, 2011:
| Stock of stationery on April 1, 2010 | 6,000 |
| Creditors for stationery on April 1, 2010 | 4,000 |
| Amount paid stationery on March 31, 2011 | 21,600 |
| Stock of stationery on March 31, 2011 | 1,000 |
| Creditors for stationery on March 31, 2011 | 2,600 |
Importance Points :
Amount of Stationery consumed during the year is shown in income and Expenditure Account irrespective of that whether it is paid or not.
Illustration 3.
Following is the Receipts and Payments Account of women club for the year ended March 31, 2011. Prepare the Income and Expenditure Account for the year ended on March 31, 2011 and also the balance sheet as at the date :
Additonal information :
(i) In the beginning of the year, the club had books worth Rs 60,000 and Furniture worth Rs 11,600.
(ii) Subscription in arrears on April 1, 2010 were Rs 1,200 and on March 31, 2011 Rs1,400.
(iii) Rs 3,600 were due by Rent in the beginning as well as at the end of the year.
(iv) Write off Rs 1,000 as depreciation on Furniture and Rs 6,000 on Books.
(v) On March 31, 2011 Salaries Rs3,000 and Electricity Charges Rs 400 were outstanding.
Income and Expenditure Account for the year ended on March 31, 2011
CBSE Accountancy Class XI ( By Mr. Aniruddh Maheshwari )
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