NOT FOR PROFIT ORGANISATION ( NPO)
Q.1 Identify which of the following is NPO?
- i) Panchsheel club.
- ii) Stephen’s Hospital, Delhi.
iii) Maharaja Agrasen Hospital
- iv) Delhi Public School
- v) Apollo Hospital Library
- vi) Delhi Public Library
vii) Gymkhana Club
viii) Golf Club
- ix) Reliance Industries Ltd.
- x) Gurudwara Bangal Saheb
- xi) Birla Mandir
xii) Infosys Ltd.
Q.2 From the following information pertaining to Jahanpanah Club, New Delhi, prepare a receipt and payment A/c for the year ending 31st March, 2014.
| April 1st, 2013 | March 31st , 2014 | |
| Cash in Hand on
Cash at Bank Subscription collected for 2012-13 75,000 2013-14 11,00,000 2014-15 30,000 Donation Received Donation Received for Pavilion 8% investments purchased on 1/4/2013 Purchase at Refreshments Rent Paid Entrance Fees Received Hanararium to Secretary Interest on 8% Investment Furniture Purchased Sale of Old Furniture Sports Material Purchased Sale of Refreshment Salaries and Wages Sports Expenses (including outstanding outstanding Cash in Hand on March, Cash in Hand on March, 31,2014 Depreciate Furniture @ 10% |
37,500
11,95,000
30,000
25,000
|
2,40,00
1,50,000 10,00,000 10,00,000 60,000 30,000 90,000 50,000 40,000 1,00,000 20,000 4,00,000 1,50,000 3,70,000 1,25,000
31,000
|
Q.3 Prepare income and Expenditure Account from the above prepared Receipt and Payment Account. Calculation of the cost of consumable items (stationery / medicine etc.) Format for calculating consumption of consumable items [with imaginary figures)
| Particulars | ` |
| Amount : Paid to Creditors During the Year
Add : Outstanding (Creditors) at the end Less : Outstanding (Creditors) at the Bag Add : Advance to Creditors at the Bag Less : Advance to Creditors, at the end Total Credit Purchases During the Year
Add : Cash Purchases if any Total Purchases During the Year Add : Opening Stock Less : Closing Stock Consumption During the year (To be shown to expense in income and expenditure A/c) |
60,000
12,000 7,000 5,000 3,000 67,000
13,000 80,000 30,000 (10,000) 1,00,000 |
Q.4 From the following calculate amount to be shown in Income and Expenditure A/c
| April 1, 2013 | March 31, 2014 | |
| Stock of Stationery
Creditors for Stationery |
24,000
43,000 |
18,000
32,400 |
Amount : paid for stationery during the year 2013-14 `1,50,000.
Also show how the above will be selected while preparing final accounts.
PQ.1 On the basis of the following information, calculate amount that will appear against the item ‘stationery used’ in the Income and Expenditure Account for the year ended
| March 31, 2014 | |
| Stock of Stationery on 1st April 2013
Creditors for Stationery as at 1st April 2013 Amount Paid for Stationery during the year ended 31st March 2014 Stock of Stationery as at 31st March 2014 Creditors for stationery as at 31st March 2014 |
36,000
76,800 4,20,000 69,600 72,000 |
Also show how the above will be selected in final accounts.
Q.5 From the following information of a not for profit organization, how the ‘sports material’ items in the ‘income and expenditure account’ for the year ending
31st March 2014 and the Balance Sheet as at 31st March 2013 and 31st March 2014.
| April 1, 2013 | March 31, 2014 | |
| Stock of Sports Material
Creditors for Sports Material Advance to Supplies of sports Material |
6,600
23,400 45,000 |
17,400
27,600 75,000 |
Payment to supplies of sports material during the year was `3,60,000 there were not cash purchases.
PQ.2 Calculate what amount will be posted to be Income and Expenditure Account for the year ended 31st March 2014.
| March 31, 2014 | |
| Stock of Stationery on 1st April 2013
Creditors for Stationery on 1st April 2013 Advance Paid for Stationery carried forward from 2012-13 Amount Paid for Stationery during the year Stock of Stationery on 31st March 2014 Creditors for Stationery on 31st March 2014 Advance Paid for Stationery on 31st march 2014 |
1,800
1,200 120 6,480 300 780 180 |
PQ.3 Show the above items in final accounts.
Q.6 From the following information, calculate the amount to be shown as consumption of sports material:
| March 31, 2014 | |
| Amount Paid to Creditors of Sports Material
Opening Stock of Sports Material Closing Stock of Sports Material Advance to Creditors in the Beginning Advance to Creditors in the End Creditors for Sports Material in the Beginning Creditors for Sports Material in the end Cash Purchases of Sports Material |
1,22,000
40,000 50,000 4,000 6,000 14,000 30,000 25,000 |
PQ.4 Show the above in final accounts.
Q.7 On the basis of information given below, calculate the amount of medicines to be debited to the Income and Expenditure A/c of Nirvana Hospital for the year ended 31st March, 2014.
| April 1, 2013 | March 31, 2014 | |
| Stock of Sports Medicines
Creditors for Sports Medicines |
1,40,000
12,80,000 |
1,65,000
17,60,000 |
Medicines purchased during the year were `84,00,000.
PQ.5 On the basis of the following information, calculate the amount of stationery to be debited to the Income and Expenditure A/c of Shubham Hospital for the year ended 31st March, 2014.
| April 1, 2013 | March 31, 2014 | |
| Stock of Stationery
Advance to Suppliers Creditors for Stationery |
40,000
8,000 16,000 |
35,000
11,000 18,000 |
Stationery Purchased during the year `3,50,000.
Q.8 Prepare Income and Expenditure Account for the year ended 31st March 2014 from the following Receipts and Payments Account.
| Receipts | (`) | Issues | (`) |
| To Opening Balance
To Subscriptions To Sale of Old Furniture (book value 8,000 To donations |
2,500
60,000 6,500
8,000 5,000
82,000 |
By Salaries
By Payment to Creditors of Stationery By Creditors of Medicines By Furniture Purchases By Defence Bonds By Bicycle Purchased By Closing Balance |
7,000
15000 11,000 20,000 10,000 3,000 16,000 82,000 |
| April 1, 2013 | March 31, 2014 | |
| Stock of Stationery
Creditors for Stationery Advance to Creditors |
9,000
15,000 7,000 |
7,000
11,000 15,000 |
Q.9 In 2014-14, salaries Paid amounted to `2,80,000. Ascertain the Income and Expenditure Account for the year ended 31st March, 2014 from the following information :
| March 31, 2014 | |
| Prepaid Salaries on 31st March,2 0 13
Prepaid Salaries on 31st March, 2014 Outstanding Salaries on 31st March, 2013 Outstanding Salaries on 31st March, 2014 |
30,000
22,000 40,000 65,000 |
PQ.6 During 2013-14, the miscellaneous expenses paid by Global Club were `12,000. Find out the expenses chargeable to Income and Expenditure Account for the year ended 31st March 2014.
Additional Information :
| April 1, 2013 | March 31, 2014 | |
| Prepaid Expenses
Outstanding Expenses |
3,500
2,500 |
4,200
3,400 |
Calculation of the Amount of Income to be Credited to Income and Expenditure Account.
Q.10 How will you deal with the following while preparing Income and Expenditure Account of a club for the year ended 31st March, 2014.
| April 1, 2013 | March 31, 2014 | |
| Prepaid Expenses
Advance Locker Rent |
3,500
1,500 |
4,800
900 |
Locker Rent Received during the year 2013-14 `45,000.
PQ.7 How will you deal with the following while preparing Income and Expenditure Account of City Club for the year ended 31st March, 2014.
| April 1, 2013 | March 31, 2014 | |
| Gym Charges Accrued
Advance Gym Charges |
7,500
3,600 |
10,200
4,800 |
Gym charges Received during the year 2014-14 `68,000.
Also show the treatment of the above items in the final accounts.
Q.11 From the following Receipts and Payment Account of Central Delhi Club and from the given additional information, ascertain the expenditure on account of Salaries for the year ending 31st March 2014 and show the Salaries item in the income and Expenditure Account and Balance sheet as at 31st March, 2013 and 31st March, 2014
An Extract of Receipts and Payments A/c for the year ended 31st March 2014.
| By salaries
2012-13 2013-14 2014-15 Additional Information i) Salaries outstanding on 31st March 2013 ii) Salaries outstanding on 31st March 2014 iii) Salaries paid in advance on 31st March 2013 |
60,000 8,40,000 54,000
75,000 1,35,000 30,000 |
PQ.8 From the following Receipts and Payment Account of North-East Club and from the additional information, ascertain the expenditure on account of salaries for the year ending 31st March, 2014 and show the Rent item in the Income and Expenditure Account and Balance Sheet as at 31st March, 2013 and 31st March, 2014.
An Extract of Receipts and Payments A/c for the year ending 31st March 2014.
| By salaries
2012-13 2013-14 2014-15 Additional Information i) Rent outstanding on 31st March 2013 ii) Rent outstanding on 31st March 2014 iii) Rent paid in advance on 31st March 2013 |
15,000 1,55,000 20,000
26,000 32,000 18,000 |
Calculation of Subscription
Q.12 From the following information, calculate the amount of subscription to be credited to the Income and Expenditure Account for the year 2013-14.
| i) Subscription Received during the year
Subscription not year received during the year i.e. due but not received ii) Subscription received during the year Subscription due but not received (Outstanding/Accrued) at the end of the year Subscription Due in the beginning iii) Subscription received during the year Subscription due (outstanding) at the end of the year Subscription due (outstanding) at the beginning of the year Subscription Received in Advance in the beginning Subscription Received in Advance at the end iv) Subscription received during the year 1st April 2013 Subscription in Arrears Subscription Received in Advance 31st April 2014 Subscription in Arrears Subscription Received in Advance v) Sports Club of Delhi Received in 2013-14 4,00,000 as subscription. Further information is : Subscription due but into received (on 1-4-2013) Subscription due to but not received on 31-3-2014 Subscription received in advanced on 01-4-2013 Subscription received in Advanced on 31-03-2014 |
90,000
10,000
1,10,000
16,000 26,000 1,26,000 15,000 11,000 8,000 32,000 60,000 10,000 6,000 10,000 6,000
25,800 16,500 21,000 14,000 |
| vi) From the following information, calculate the amount of subscription outstanding for the year ending 2013-14. North-East Delhi Club has 100 members each paying annual subscription of 10,000. The receipts and payments received as 5,70,000. The following additional information is also provided | |
| 1. Subscription outstanding on 31-3-2013
2. Subscription received in advance on 31-3-2014 3. Subscription received in advance on 31-3-2013 Assume outstanding subscription of provision year is received in current year. |
75,000
65,000 34,000 |
| vii) From the following extracts of Receipts and Payment Account and additional information, you are required to calculate the income from subscriptions for the year ending December 2014 and show them in the Income and Expenditure Account, and the Balance sheet of a Club.
An extract of receipts and payments A/c for the year ending 31stDecember, 2014. |
|
| Receipts | (`) | Payments | (`) |
| To Subscription
2013 80,000 2014 3,60,000 2015 72,000 |
4,92,000 |
Information
| 1. Subscription outstanding on 31-3-2013
2. Subscription outstanding on 31-12-2014 3. Subscription received in advance on 31-12-2013 |
72,000
80,000 72,000 |
| viii) From the following information, calculate the outstanding on 31stMarch, 2014. A club has 2,000 members each paying on annual subscription of `500. The Receipts and Payments Account for the year showed a sum of `8,00,000 received as subscription. The following additional information is provided : | |
| 1. Subscription outstanding on 31-3-2013
2. Subscription received in advance on 31-3-2014 3. Subscription received in advance on 31-3-2013 |
1,80,000
2,40,000 3,20,000 |
| ix) Subscription received during the year ended March 31, 2014 by executive club were as under :
2012-13 6,000 2013-14 1,86,000 2014-15 4,000 1,86,000 |
The club has 1000 members each paying @ `200 P.G. subscription outstanding on March 31, 2013 were `16,000. Calculate the amount of subscription to be shown as income in the Income and Expenditure Account for the year ended March 31, 2014 and show the relevant data in the Balance Sheet as at 31st March 2013 and 2014.
| x) Extracts of Receipts and Payment Account for the year ended March 31, 2014 are given below : |
| Receipts | (`) | Payments | (`) |
| To Subscription
2012-13 12,000 2013-14 3,84,000 2014-15 10,000 |
4,06,000 |
Information
| 1. Subscription outstanding as on 31-3-2013
2. Total subscription outstanding as on 31-12-2014 3. Subscription received in advance as on 31-3-2013 |
72,000
80,000 72,000 |
Calculate the amount of subscription to be shown on the income side of Income and Expenditure A/c and show the relevant data in the final account.
| xi) From the following, find out the amount of subscription to be included in the Income and Expenditure Account for the year ended 31stMarch, 2014.
Subscriptions received during the year 2013-14 were : 2012-13 6,000 2013-14 90,000 2014-15 9,000 |
Subscription outstanding as at 31-3-2013 were `10,500 out of which `1,500 were considered to be irrecoverable. On the same date, subscriptions received in advance for 2013-14 were `6,000. Subscriptions still outstanding as at 31st March, 2014 amounted to `18,000.
Also prepare Subscription Account.
| xii) From the following information, calculate the amount of subscription to be credited to the Income and Expenditure Account for the year 2013-14. | |
| 1. Subscription received during the year
2. Subscription outstanding on 31-3-2013 3. Subscription outstanding on 31-3-2014 4. Subscription received in advance on 31-3-2013 5. Subscription received in advanced on 31-3-2014 |
2,50,000
1,00,000 30,000 40,000 45,000 |
Subscription of 8,000 is still in arrears for the year 2013-14.
Fund and Accounting
Q.13 Show the following information statements of a Not-for-Profit Organisation :
| Details | ` |
| Donations Received for Match Fund
Sale of Match Tickets Match Expenses
|
1,80,000
70,000 40,000 |
Q.14 Show the following information statements of a Not-for-Profit Organisation :
| Details | ` |
| Match Fund
Donations for Match Fund Sale of Match Tickets Match Expenses |
8,00,000
4,80,000 7,20,000 16,00,000 |
Q.15 Show the following information statements of a Not-for-Profit Organisation :
| Details | ` |
| Match Fund
Donations for Match Fund Sale of Match Tickets Match Expenses |
8,00,000
4,80,000 7,20,000 21,50,000 |
Q.16. Show how will you deal with the following items while preparing the Income and Expenditure Account for the year ending on 31st March 2014 and a Balance Sheet as at that date in each of the following alternative cases.
| ` | |
| i) Prizes awarded
ii) a) Prize Fund as on 31st March, 2013 b) Donation for Prizes Received during the year c) Prizes awarded iii) a) Sports Fund b) Sports Fund Investments c) Income from Sports Fund Investments d) Donations for Sorts Fund e) Sports Prizes Awarded f) Expenses on Sports Events iv) a) Prizes awarded b) Prize Fund as on 31st March 2013 c) Donations for Prizes Received during 2013-14 d) 9% Prize Fund Investments as on 31-3-2013 e) Interest Received on Prize Fund Investments v) Receipts from Cinema Show Tickets Expenses vi) Expenditure on construction of Pavilion. The construction work is in progress and not yet Completed. Pavilion Fund as on 31-3-2013 Donation for Pavilion Received on 15-11-2013 Capital Fund as at 31-3-2013 vii) Prizes Awarded Prize Fund as at 31-3-2013 Donations For Prizes Rec. during the year 13-14 10% Prize Fund Investments as at 31-3-2013 Investment on Prize Fund Investments viii) Expenditure on Construction of Building The Construction work is in progress and has not yet completed Opening Building Fund Opening 10% Building Fund Investment Donation For Building Received Interest Received on Building Fund Investment Opening Capital Fund ix) Sports Fund as 1st April, 2013 Sports Funds Investments Interest on Sports Fund Investment Donation for Sports Fund Sport Prizes Awarded Expenses on Sports Events General Fund General Fund Investments Interest on General Fund Investment |
15,000
1,20,000 21,600 22,000 70,000 70,000 8,000 30,000 20,000 8,000 35,000 2,80,000 50,400 2,80,000 18,900 18,000 9,800 24,00,000 32,00,000 40,00,000 80,000 34,000 5,600 24,000 24,000 2,400 21,00,00
28,00,000
28,00,000 35,00,000 2,80,000 63,00,000 8,00,000 8,00,000 80,000 3,20,000 2,40,000 80,000 16,00,000 16,00,000 16,00,000 |
- From the following Receipts and Payments Account, prepare Income and Expenditure Account for the year ended 31st March, 2014.
| Receipts | (`) | Payments | (`) |
| To Balance B/d
To Entrance Fees; 2012-13 2,000 2013-14 10,000 To Subscriptions 2012-13 2,000 2013-14 (90%) 18,000 2014-15 1,000 To Life Membership Fees To Donations To Donations for Tournament To Subscription for Governor’s Party To Interest on 8% Fixed Deposit To Sale of Old Sports Materials To Sale of Old Sports Materials (Book Value `120) To Locker Rent (including 60 for 2012-13)
|
40,000
12,000
21,000 4,00 24,000 10,000 3,000 480 60 100
1,360
1,16,000 |
By Rent
(including `1,500 for 2012-13) By Insurance Premium (including 1,50 for 2014-15) By Sports Materials By Furniture (Purchased on 31-3-2014) By 8% Fixed Deposit (made on 1-10-2013) By Tournament Expenses By Purchase of Books By Printing and Stationery By Balanced c/d |
6,000
6,000
5,000 6,000
12,000
1,000 2,000 2,000 18,000
1,1,000 |
- Following is the summary of cash transactions of the Royal Club for the year ended 31st March, 2014
| Receipts | (`) | Payments | (`) |
| To Balance from last year
To Entrance Fees; To Subscriptions To Donations To Life Membership Fees To Profit on Entertainment
|
31,900
25,500 1,60,000 16,500 25,000 5,600
26,450 |
By Rent and Rates
By Wages By Electricity Charges By Honoarium By Books By Office Expenses By 3% Fixed Deposit (1st October, 2013) By Cash at Bank By Cash in Hand |
16,800
24,500 7,200 4,350 2,130 4,500 8,000
2,420 200 26,450 |
In the beginning of the year, the Club possessed Books worth `20,000 and Furniture worth `8,500. Ordinary Subscriptions in arrears in the beginning of the year amounted to `350 and at the end of the year `450 and six months Rent `600 was due both in the beginning of the y ear and the end of the year.
Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2014 and its Balance sheet as at that date after writing off `500 and
`1,130 on Furniture and Books respectively.
- Following is the Receipts and Payments Account of Star Club for the year ended 31st December, 1993.
| Receipts | (`) | Payments | (`) |
| To Balance b/d on 1-1-2014
To Subscriptions To Interest To Tournament Fund To Donation To Donation for Building extension To Receipts from advertisement in the year book
|
44,000
4,61,000 25,000 1,20,000 60,000 2,00,000 52,000
9,62,000 |
By Salaries
By Rent By Printing and Stationery By Expenses on Charity Show By Tournament Expenses By Investments Purchased By Furniture By Balance c/d on 31-12-14 |
1,18,200
1,50,000 73,000 1,61,000 75,000 1,00,000 60,000 1,61,000 9,62,000 |
Subscriptions outstanding on 31st December, 1992 were `4,500 and on
31st December 1993 were `6,000. Rent outstanding at the beginning of the year was `1,000 and in the end was `1,500. Furniture was purchased on 1st April, 1993.
On 1st January, 1993 the Club had Furniture valued `8,000 and Investments valued `15,000.
Prepare Income and Expenditure A/c for the year ended 31st December, 1993 and a Balance Sheet as at that date, after depreciating furniture by 10% p.a.
- Following is the Receipts and Payments Account of Rajdhani Club for the year ended 31st December, 2014.
| Receipts | (`) | Payments | (`) |
| To Balance b/d on 1-1-2014
Cash in Hand Cash in Deposit Account Cash in Current Account To Subscriptions To Entrance Fees To Life Membership Fees To Newspapers (Sales) To Canteen Collections To Interest on Deposits
|
20,000 80,000 26,000 4,00,000 60,000 75,000 1,000 22,000 8,000
6,92,000 |
By Staff Salaries
By Canteen Expenses By Misc. Expenses By Insurance By Telephone Expenses By Furniture Purchased By Investments Purchased By Balance c/d on 31-12-14 Cash in Hand Cash in Deposit Account Cash in Current Account |
1,77,000
17,500 4,000 10,000 24,000 75,000 2,30,000
33,500 1,00,000 21,000 6,92,000 |
Additional Information:-
| April 1, 2013 | March 31, 2014 | |
| i) Outstanding Subscriptions
ii) Subscriptions Received in advance iii) Salaries Outstanding iv) Insurance Prepaid v) Furniture vi) Sports Equipment |
35,000
10,000 6,000 2,000 50,000 1,00,000 |
28,000
12,500 9,000 2,500 – – |
Depreciate furniture by 20% and Sports Equipment by 30%.
You are required to prepare an Income and Expenditure Account for the year ended 31st December, 1998 and a Balance Sheet as at that date.
- Following is the Receipts and Payments Account of Chennai Sports Club for the year ended 31-12-2014 :
| Receipts | (`) | Payments | (`) |
| Balance b/d
Subscriptions Entrance Fees Tournament Fund Sale of old newspapers Legacy |
10,000
52,000 8,000 30,000 4,000 70,000 1,74,000 |
Salary
Furniture Office Expenses Tournament Expenses Sports Equipment Balance c/d
|
24,000
20,000 16,000 42,000 40,000 32,000 1,74,000 |
Additional Information:-
| 31-12-2005 | 31-12-2006 | |
| i) Outstanding Subscriptions
ii) Salary outstanding iii) The Club Had building iv) Furniture v) 10% Investment vi) Sports Equipment vii) Depreciation charged on these items including purchases was 10%. |
4,000
2,000 80,000 20,000 45,000 25,000 |
3,000
3,000 – – – – |
Depreciate furniture by 20% and Sports Equipment by 30%.
You are required to prepare an Income and Expenditure Account for the year ended 31st December, 1998 and a Balance Sheet as at that date.
- From the following particulars relating to Nirvana Hospital, prepare Income and Expenditure account for the year ended 31st March, 2014.
| Receipts | (`) | Payments | (`) |
| To Cash in Hand on 1st April 1992
To Subscriptions To Donations To Interest on Investments @ 7% p.a. for full year To Proceeds from Charity Show |
71,130
4,79,960 1,45,000
70,000 1,45,000
8,70,760 |
By Medicines
By Doctor’s Information By Salaries By Petty Expenses By Equipment By Expenses on Charity show By Cash in Hand on 31-3-14
|
3,59,000
90,000 2,75,000 4,610 1,50,000 7,500 37,750 8,70,760 |
Additional Information:-
| 1-4-2013 | 31-03-2014 | |
| i) Subscriptions due
ii) Subscriptions received in advance iii) Stock of medicines iv) Estimated value of equipment’s v) Buildings (Cost less depreciation) |
2,400
640 80,810 2,12,000 4,00,000 |
2,280
1,000 97,400 3,16,000 3,80,000 |
- The following is the receipts and payments account of the R. Singhla Club for the year ending 31st December, 2013.
| Receipts | (`) | Payments | (`) |
| To Balance b/d on 1-1-2014
To Subscriptions : Arrear 1,200 Current 7,00,00 Advance 5,000 To Donations To Entrance Fees To Endowment Fund Receipts To Life Membership Fees To Rent of the Hall To Grant from Local authority To Proceeds of charity show To Sundries To Interest on Investments
|
30,000
7,11,000 1,75,000 1,50,000 1,40,000 60,000 87,000 40,000 1,68,000 12,000 27,000 10,60,000 |
By Hnorarium to Clerk
By Cost of Car By Car Expenses By Building Advance By Charities By Meeting Expenses By Electricity By Medicines etc. By Investments By Expenses on Charity show By Insurance Premium By Balance c/d |
1,00,000
8,00,000 42,000 2,50,000 20,000 54,000 48,000 8,000 2,00,000 62,000 12,000 4000
10,60,000 |
Additional Information:
- i) There are 600 members each paying a monthly subscription of `10; `800 being in arrear for 1997 at the beginning of the year.
- ii) A donation of `2,500 was wrongly included in subscriptions of the current year.
iii) Entire Donations and 2/3 of Entrance free are to be capitalized.
- iv) Insurance Premium was paid in advance for three months.
- v) Interest on Investments `300 though accrued was not actually received.
- vi) A bill of medicine purchased during the year amounting to `200 was outstanding.
vii) Gujarati cultural association owed `2,000 for the use of society hall.
- The Modern Club’s Balance Sheet as at 1st April, 2011 was as under
| Liabilities | (`) | Assets | (`) |
| Subscriptions in Advance
Salaries Unpaid Capital Fund Tournament Fund
|
6,000
11,000 2,00,000 60,000
2,77,000 |
Sports Equipment
Grounds Billiards Subscriptions Outstanding Cash and Bank Balances
|
50,000
1,20,000 60,000 8,000 39,000 2,77,000 |
The Receipts and Payments Account for the year ended 31st March, 2012 was :
| Receipts | (`) | Payments | (`) |
| To Opening Balance
To Subscriptions To Sale of Old Materials To Sale of Sports Equipment (costing 1,000) To Entrance Fees To Life Membership Fees To Donations for Tournament |
39,000
1,81,000 1,500 6,000
2,000 50,000 20,000
2,99,500 |
By Wages and Salaries
By Upkeep of Grounds By Stationery By Audit Fee By Expenses on Teams By Sports Equipment By Investments @ 5% (on 1st October, 2011) By Cash and Bank Balances
|
60,000
10,000 15,000 2,000 65,000 20,000 40,000
87,500 2,99,500 |
Subscriptions still to be received are `550 but subscriptions already received include `400 for next year. Salaries still unpaid are `600. Sports Equipment are now valued at `4,500. Prepare Income and Expenditure Account and the Balance Sheet, after charging 10% depreciation on Billiards Tables.
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