Income and Expenditure problem solution 2015 Professional Ethics LLB Burdwan University

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.

2015 questions:

From the following Receipts and Payments accounts of a lawyer for the year ending on 31^st March 2015. Prepare an Income and Expenditure account.

Receipt	Rs.	Payments	Rs.
To Balance To Legal Fees To Salary as guest teacher To Examines fees To Fees for editing books	10,000 50,000 2,000 2,000 6,000	By Subscription of journal By Rent for Chamber By Electric Charge By Staff Salary By Telephone Bill By Office expense By Balance b/d	8,500 6,000 2,000 12,000 6,500 9,000 26,000
	70,000		70,000

Solution of 2015 Income and Expenditure problem

              Income and Expenditure account for the year ended 31^st March 2015

Dr.                                                                                                                                                   Cr.
Expenditure	Amount	Income	Amount
To Subscription of journals To Rent for Chamber To Electric Charge To Staff Salary To Telephone Bill To Office expenses Surplus(Excess of Income over Expenditure)	8,500 6,000 2,000 12,000 6,500 9,000 16,000	By Legal fees By Salary as guest teacher By Examines fees By Fees for editing books	50,000 2,000 2,000 6,000
	60,000		60,000