Income and Expenditure problem solution 2019 Professional Ethics LLB Burdwan University
https://things-for-students.blogspot.com/2019/09/income-and-expenditure-problem-solution_24.html
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.
Problem : From the following Receipts and Payments Account of a lawyer
for the year ended 31.03.2019 prepare an Income and Expenditure Account
Receipts
|
Rs.
|
Payments
|
Rs.
|
To Balance b/d
To Legal Fees
To Fees for drafting legal documents
To Examiner’s fees
To Interest on Bank Deposit
To Interest on NSC
To Remuneration as guest faculty
To Sundry Receipts
|
20,000
1,70,000
10,000
8,000
30,000
15,000
9,000
12,000
|
By Rent of Chamber
By Subscriptions for journals
By Books purchased for own Library
By Bar association Subscription
By Electricity charges
By Salary to staff
By Office Expenses
By Balance c/d
|
23,000
6,000
14,000
1,200
12,000
36,000
9,000
1,72,800
|
2,74,000
|
2,74,000
|
2019 Ethics Income and Expenditure problem Solution:
Dr. Cr.
|
|||
Expenditure
|
Amount
|
Income
|
Amount
|
To Rent of Chamber
To Subscriptions for journals
To Bar Association Subscription
To Electricity charges
To Salary to staff
To Office Expenses
Surplus(Excess of Income over expenditure)
|
23,000
6,000
1,200
12,000
36,000
9,000
1,66,800
|
By Legal fees
By Fees for drafting legal
documents
By Examiner’s fees
By Interest on Bank Deposit
By Interest on NSC
By Remuneration as Guest faculty
By Sundry Receipts
|
1,70,000
10,000
8,000
30,000
15,000
9,000
12,000
|
2,54,000
|
2,54,000
|
||
