Income and Expenditure problem solution 2016 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.

From the following Receipts and Payments account of a Lawyer for the Year ended 31.03.2016 prepare an Income and Expenditure Account.

Receipts	Rs.	Payments	Rs.
To Balance b/d To Fees for appearing at the  court To fees for legal advice To fees for drafting legal documents To remuneration as Guest Lecturer To Examiner’s fees To Interest on Bank Deposit	30,000 2,50,000    90,000    40,000    24,000      2,000    12,000	By Rent of Chamber By Subscription for journals By Bar Association subscription By Salary to staff By Electric Bill By Furniture purchase for chamber By Telephone Bill By Printing and Stationary By Car Expenses By Balance c/d	24,000 6,000 1,000 36,000 12,000 8,000 10,000 2,000 15,000 3,34,000
	4,48,000		4,48,000

Year 2016 Solution:

Income and Expenditure account for the year ended 31^st March 2016

Dr.                                                                                                                                                  Cr.
Expenditure	Amount	Income	Amount
To Rent of Chamber To Subscription for Journals To Bar Association Subscriptions To Salary to Staff To Electricity Bill To Telephone Bill To Printing and Stationary To Car Expenses Surplus(Excess of Income over Expenditure)	24,000 6,000 1,000 36,000 12,000 10,000 2,000 15,000 3,12,000	By Fees for appearing court By Fees for legal Advice By Fees for drafting legal documents By Remuneration as guest lecturer By Examiners’ fees By interest on Bank deposit	2,50,000 90,000 40,000 24,000 2,000 12,000
	4,18,000		4,18,000