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 31st 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 31st 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


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