Income and Expenditure problem solution 2014 Professional Ethics LLB Burdwan University

Professional ethics is a very easy subject. If you study well you can carry good marks in this subject.

Golden Rule: 

Only revenue transactions of the mentioned year are shown in income and expenditure account i.e. transactions of Capital nature are not shown in Income and Expenditure account.

2014 questions:

Following is the Receipts and Payments Account for Mr. X an advocate, for the year ended 31^st March 2014

Receipts	Rs.	Payments	Rs.
To Fees	4,50,000	By Rent of Chamber	24,000
To Misc Receipt	5,000	By Salary to assistance and clerk	50,000
		By Telephone charge	4,000
		By Electric services	3,000
		By Subscription of journals	10,000
		By book purchased for own library	10,000
		By Drawings	1,00,000
		By Balance at Bank	1,54,000
		In hand	1,00,000
	4,55,000		4,55,000

Solution:

Book of Advocate Mr. X

                Income and Expenditure account for the year ended 31^st March 2014

Dr.                                                                                                                                                        Cr.
Expenditure	Amount	Income	Amount
To Rent of Chamber To Salary to assistance and Clerk To telephone Charges To Electric Charges To Subscription of Journals Surplus(Excess of Income over expenditure)	24,000 50,000 4,000 3,000 10,000 3,64,000	By Fees By Misc Receipt	4,50,000 5,000
	4,55,000		4,55,000