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Post Info TOPIC: Income and Expenditure Account


Member

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Posts: 22
Date:
Income and Expenditure Account


Hi Guys,

Please could someone help on the following?

Im trying to prepare an income and expenditure account with the following details:

Receipts:

Rent     8520
Bank Interest   125

Payments

wages   950
Water    3150
rent       3700
Repairs  720
JCB Hire  310
Stationary  75
Purchase of trailer   900
Prize   100
Insurance   300
Show prize   75

outstanding rent from tenant is 650, accruals for rent and water are 950 and 400 and the insurance is pre-paid 30.

Am i right in thinking from the above i take out JCB Hire, Purchase of trailer and both prizes, i add on the 650 to rent rec'd, add on 950 and 400 to rent and water and then take off 30 for the insurance.

Many thanks for your help. 

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Expert

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Posts: 1801
Date:

What kind of rental income is this? Commercial or residential? There seems to be some strange expenditure associated to it. On residentail lets the income is calculated to year to 5th April and you would indeed accrue for unpaid rent to that day (strictly on a daily basis). Hard to know what you would or wouldn't include without knowing what the expenditure specifically was for. Certainly if it is a residential rent then they cannot claim expenses to make the propert habitable (thinking about the jcb here) but can claim for renewals etc. Bit of a puzzle!

Rob

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Rob
www.accounts-solutions.com



Member

Status: Offline
Posts: 22
Date:

Its an assignment question and it is for an allotment society.

The rental income is for allotments.

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Veteran Member

Status: Offline
Posts: 88
Date:

From The Reciepts and Payments Account prepare an Income and Expenditure.


Rental Income 8520 + 650 9170

Bank Interest 125

____
9295


Expenses
________

Wages 950

Water 3150 + 400 3550

Rent 3700 + 950 4650

Repairs 720

Jcb Hire 310

Stationery 75

Prize 100

Insurance 300 - 30 270

Show Prize 75

________

10700

Deficit of Income over
Expenditure (1405)


The Jcb Hire is equipment hire same as plant hire and is an expense. The Purchase of
the trailer is A fixed Asset Purchase although it being a small amount.

That is a start anyway Hope it helps in some way.







-- Edited by Davey on Tuesday 27th of April 2010 06:22:32 PM

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David
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