The following is the account of cash transactions of the Nari Kalayan Samittee for the year ended December 31, 2017:

You are required to prepare an Income and Expenditure Account after the following adjustments:
(a) Subscription still to be received are Rs.750 , but subscription include Rs.500 for the year 2018.
(b) In the beginning of the year the Sangh owned building Rs.20,000 and furniture Rs.3,000 and Books Rs.2,000.
(c) Provide depreciation on furniture @5% (including purchase ), books @ 10% and building @ 5%.

Answer

Surplus Rs. 24,040