Chapter 1 - Financial Statements of Not-for-Profit Organisations 1.59 Receipts and Payments Account 1. From the following particulars relating to Shyamji Charitable Society, prepare a Receipts and Payments Account for the year ending 31st March, 2019: Particulars z Cash in hand as on 1st Apri, 2018 16,000 Cash at bank as on 1st April, 2018 28,000 Subscriptions (including & 11,000 for 2017-18) 60,000 Donations for Building 2.90,000 Miscellaneous Expenses 98,000 Locker Rent 32,000 Entrance Fees 41,000 (CBSE 2020) [Ans.: Closing Cash and Bank Balance (31st March, 2019}—R 3,69,000) 2. Bengal Cricket Club was inaugurated on 1st April, ‘the year ended 31st March, 2021: Receipts: Entrance Fees € 10,000; Subscriptions 2020. thad the following Receipts and Payments during % 60,000; Donations & 10,000. Payments: Rent % 15,000; Postages € 1,000; Newspapers and Magazines % 8,000; Invest ments € 30,000; Stationery % 4,000; Entertainment Expé Show the Receipts and Payments Account for the 3, From the information given below, prepare Recei ended 31st March, 2021: z Cashin Hand on 1st April, 2020 4390 Subscription 37,600 Donations 8,000 Entrance Fees 4,300 Rent Received for Club Halls 5,250 Electricity Charges 3,440 Taxes Paid 490 4, Following information were obtained from the bi the first year of the Club, prepare Receipts and Pay jenses & 3,000; Miscellaneous Expenses & 2,000. year ended 31st March, 2021. [Ans.: Cash in Hand on 31st March, 2021— 17,000) pts and Payments Account of Railway Club for the year z Salaries 21,500 Honorarium to Secretary 2,500 Interest Received on Investments 2,950 Printing and Stationery 350 Petty Cash Expenses 900 310 Insurance Premium Paid [Ans.: Cash in Hand on 31st March, 2021—% 33,000.) Jooks of Delhi Club as on 31st March, 2021 at the end of yyments Account for the year ending 31st March, 2021: Receipts z Payments z Donation for Building and Library 200,000 | Purchase of Land 10,000 Entrance Fees 17,000 | Purchase of Furniture 130,000 Subscription 19,000 | Salaries 4,800 Lockers Rent 1,660 | Maintenance of Play Grounds 1,000 Refreshment Receipts 16,000 | Rent 8000 Government Grant 25,000 | Refreshment Payments 8,000 Library Books 25,000 Purchase of 9% Government Bonds 1,60,000 Term Deposit with Bank 15,000 Note: Club enjoys Bank Overdraft facility. [Aans.: Bank Overdraft on 31st March, 2021—8 83,140.) Scanned with CamScanner1.60 Double Entry Book Keeping—CBSE Xi ‘5. From the following information, prepare Receipts and Payments Account of The North Sports Club for the year ending 31st March, 2021: Particulars z Particulars [z Opening Balance: Charity Given | 10000 Cash in Hand 50,000 | Match Expenses 30.000 Cash at Bank 60,000 | Salaries to Coaches | 63609 Subscription Received: Honorarium | 4000 2019-20 4,000 | 12% Investment Purchased 60,000 2020-21 140,000 | Entrance Fees 4000 2021-22 8,000 | Interest on 12% Investments 6.000 Furniture Purchased 70,000 | Sports Equipment Purchased 5000 General Donations 20,000 | Closing Balance: Donations for Tournament 40,000 | Cashin Hand 2400 Donation for Pavilion 50,000 | Cash at Bank 2 [Ans.: Cash at Bank on 31st March, 2021— 70,400) 6. Following is the summary of cash transactions of Good Health Club for the year ending 31st March, 2018 Particulars | % Opening Balance: | Cash 70,000 Bank | 300000 Subscriptions Received: 2016-2017 nm 2017-2018 | 375000 2018-2019 | aan Donations for Gym Tepe ‘Admission Fees aes Life Membership Fee } 500 Wages and Salaries j 35000 Locker Rent eee - Invested in 9% Debentures of XYZ Ltd. | 240,000 Health Journals oe Stationery | em Insurance Premium | re Courier Charges i ‘Municipal Taxes a0 Machinery Purchased 33000 Sale of ld Newspapers ae Interest on Bank Balance ue Cashin Hand am From the above summary, prepare a Receipts and Payments Account of Good Health Club for the ye% ending 31st March, 2018. (case 2019) {Ans.: Bank Balance on 31st March, 2018—€ 630-0) Fund Based Accounting 7, State how will be the prizes awarded of € 5,000 shown while preparing the final accounts of a club forthe year ending on 31st March, 2021. TAns.: Prizes awarded of 5,000 will be shown in the Debit Side (Expenditure. 7 of Income and Expenditure A! Scanned with CamScannerChapter 1 - Financial Statements of Not-for-Profit Organisations 1.61 8. How are the following items presented in financial statements of a Not-for-Profit organisation? (a) Tournament Fund— 80,000; (b) Tournament Expenses—E 14,000, (CBSE Sample Paper 2019) [Ans.: Balance of Tournament Fund in the Liabilities side of Balance Sheet—X 66,000.) 9. How are the following items shown in the final accounts of a Not-for-Profit Organisation? Tournament Fund ‘Tournament Expenses Receipts from Sale of Tournament Tickets z 50,000 15,000 20,000 [Ans.: Balance of Tournament Fund in the Liabilities side of Balance Sheet—¥ 55,000.) 10, How are the following dealt with in the final accounts of a Not-for-Profit Organisation? Case! Dr.) Co) | Casell | pr@ | c.@ Prize Fund = 50,000 | Match Fund |. | 100.000 Prizes Awarded 12,000 = | Match Expenses 35,000 - Match Expenses 15,000 = | investmentsofMatchFuna | 60,000 = Interest on Match Fund | | Investments 5 3,000 19,000 | 2 Prizes Awarded | | [Ans.: Case I, Prizes awarded of 12,000 will be deducted from the Prize Fund. The balance of & 38,000 will be shown in the Liabilities side of the Balance Sheet. ‘Match expenses will be debited to the Income and Expenditure Account because there is no specific fund maintained to meet the expenses. Case Il. Interest on the Match Fund Investments will be added to the Match Fund (because itis the income of the particular fund). From the total Match Fund, match expenses will be deducted and the balance of & 68,000 will appear in the Liabilities side of the Balance Sheet. Prizes awarded of 19,000 will be debited to the Income and Expenditure Account because there is no specific fund to meet this expense.) 11. How the following items for the year ended 31st March, 2019 will be presented in the financial statements of Aisko Club? Particulars Or ®) .R) Tournament Fund Ee 150,000 Tournament Fund Investments 150,000 = Income from Tournament Fund Investments S 18,000 ‘Tournament Expenses 12,000 Ss ‘Additional Information: (CBSE 2019) Interest Accrued on Tournament Fund Investments € 6,000. [Ans.: Balance of Tournament Fund in the Liabilities Side of Balance Sheet 1,62,000. Tournament Fund Investment—R 1,50,000 and Accrued interest on Tournament Fund Investments —Z 6,000 in the Assets Side of the Balance Sheet.] Scanned with CamScanner= 1,62 Double Entry Book Keeping—CBSE XII 12. How will the following items be presented in the ‘Income and Expenditure Account’ of a club for the yea, ending 31st March, 2019 and the Balance Sheet as on that date? Particulars in ‘Tournament Fund on Ist April, 2018 7 | 300000 10% Tournament Fund Investments on Ist April, 2018 | 300000 Interest received on Tournament Fund Investments | 30000 Sale of Tournament Tickets | 75000 Tournament Prizes Awarded I 60,000 (GE TG [Ans.: Balance Sheet: Liabilities Side: Tournament Fund 3,00,000 + Interest on Tournament Fund Investment & 30,000 + Sale of Tournament Tickets & 75,000 - Tournament Prizes ‘Awarded & 60,000 = & 3,45,000; Assets Side: 10% Tournament Fund Investments & 3,00,000) 13. How are the following dealt with while preparing the final accounts of a club? TRIAL BALANCE as at 31st March, 2021 Particulars or) | ae ‘Match Fund ~ a) ‘Match Fund Investments, 72,000 | i. ‘Match Fund Bank Balance 3,500 = Interest on Match Fund Investments - | 2,880 Match Expenses 5,500 | - TAns.: 1. Match Fund Investments & 72,000 and Match Fund Bank Balance & 3,500 wil bbe shown as assets in the Balance Shee. 2. Interest on Match Fund Investments ® 2,880 will be added to Match Fund end Match Expenses will be deducted from the Match Fund. The net balance of Match Fund 77,380 will be shown in the Liabilities side of the Balance Sheet] 14. From the following information of a club, show the amounts of match expenses and match fund in the appropriate Financial Statements of the club for the year ended on 31st March, 2021: Particulars | z Match expenses paid during the year ended 315t March, 2021 1,02000 Match Fund as on 31st March, 2020, | moo Donation for Match Fund (Received during the year ended 31st March, 2021) | ano 15000 Proceeds from the sale of match tickets (Received during the year ended 31st March, 2021) 15. Show how are the following items dealt with while preparing the final accounts for the year ended 31st March, 2021 of a Not-for-Profit Organisation: Case 1 Expenditure on construction of Pavilion is 6,00,000. The construction workis in progress and h3s not yet completed. Capital Fund as at 31st March, 2020 is 20,00,000. Expenditure on construction of Pavilion is €6,00,000. The construction work is in progress and has not yet completed, Pavilion Fund as at 31st March, 2020 is & 10,00,000 and Capital Fund 35 at 31st March, 2020 is & 20,00,000. Case Ill Expenditure on construction of Pavillon is & 6,00,000. The construction work isin progress and hhas not yet completed. Pavillon Fund as at 31st March, 2020s % 10,00,000, and Capital Fundas3¢ Frat March, 2020 is €20,00,000. Donation Received for Pavilion on 1st January, 2021 is 5:00.00 Case I [Ans.: Capital Fund Pavilion Fund Pavilion in Progress — Case_T %20,00,000 = %600000 Case It %26,00,000 400,000 600.000 ie, & 20,00,000 + & 600,000) (ie, &10,00,000 -®6,00,000) Case ill %26,00,000 %9,00,000 %6,00,000 (ie, 2000,000 + 600.000) |e, 1.0,000 + 500.000 600.000) , Scanned with CamScannerChapter 1 - Financial Statements of Not-for-Profit Organisations 1.63 Calculation of Amount of Subscriptions 16. Duri }6. During the year ended 31st March, 2021, subscriptions received by the Jaipur Literary Society were F 4,20,000. These subscri ions include & 14,000 received for the year ended 31st March, 2020. On ae March, 2020, subscriptions due but not received were & 10,000. What amount should be credited to Income and Expenditure Account for the year ended 31st March, 2021 as subscriptions? [An jubscriptions to be credited to Income and Expenditure Account— 4, 16,000.) 17. From the given extracts obtained from the Receipts and Payments Account of Cheema Club for the year ended 31st March, 2019 and additional information, calculate the amount of subscription in arrears as on 31st March, 2019: Subscriptions Received ‘ 2017-18 to000 2018-19 120000 2019-20 coe Additional Information: The Club had 130 members paying an annual subscription of % 1,000 each. Subscriptions in arrears at the beginning of the year were € 16,000. 10 members paid subscriptions for 2018-19 in 2017-18. (CBSE 2020) [Ans.: Subscription in arrear as on 31st March, 2019— 6,000 [Hint: Current year outstanding subscription is Nil] 18. Subscriptions received during the year ended 31st March, 2021 are: z z For the year ended 31st March, 2020 1600 For the year ended 31st March, 2021 34400 3200 89,200 Forthe year ended 31st March, 2022, There are 450 members, each pa ended 31st March, 2020. 9 an annual subscription of € 200; € 1,800 were in arrears for the year Calculate amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2021. 19, During the year ended 31st March, 20, 5,000 for the year ended 31st Marc! of the year ended 31st March, 2021, % 15,000. The subscriptions due but subscriptions to be credited to Income and Expenditure Account—X 90,000.) 21, subscriptions received by Kings Club, Delhiwere4,09,000including ‘h, 2020 and & 10,000 for the year ended 31st March, 2022. At the end subscriptions outstanding for the year ended 31st March, 2021 were not received at the end of the previous year, ie, 31st March, 2020 were (an: 78,000, while subscriptions received in advance on the same date were € 18,000. Calculate amount of subscriptions to be credited to Income ant 31st March, 2021. 20. From the following information, .d Expenditure Account for the year ended {Ans.: Subscriptions fo be credited to Income and Expenditure Account —X 4,27,0001 calculate amount of subscriptions to be credited to the Income and Expenditure Account for the year ended 31st March, 2021: z ‘st April, 2020 Subscriptions in Arrears 50900 Subscriptions Received in Advance 30,000 31stMarch, 2021 Subscriptions in Arrears 25,000 70,000 Subscriptions Received in Advance seived during the year ended 31st March, 2021—% 3,00,000. in arrears for the year 2019-20—¥ 10,000. Subscriptions rec Subscription a ae {ans.: Subscriptions to be credited to Income and Expenditure Account—X 235,000] Scanned with CamScanner1.64 Double Entry Book Keeping—CBSE XII 21, From the following particulars, calculate amount of subscriptions to be credited to the Income ang Expenditure Account for the year ended 31st March, 2021: z (2). Subscriptions in arrears on 31st March, 2020 500 (b) Subscriptions received in advance on 31st March, 2020 for the year ended on 31st March, 2021 41100 (©) Total subscriptions received during the year ended 31st March, 2021 35,400 {including ® 400 for the year ended 31st March, 2020, € 1,200 for the year ended 31st March, 2022 and € 300 for the year ended 31st March, 2023) (@) Subscriptions outstanding for the year ended 31st March, 2021 400 {Ans.: Subscriptions to be credited to Income and Expenditure Account— 35,000) How are the following items of subscriptions shown in the Income and Expenditure Account for the year ended 31st March, 2021 and Balance Sheets as at 31st March, 2020 and 2021? z Subscriptions received during the year ended 31st March, 2021, 3.58500 ‘Subscriptions outstanding on 31st March, 2020 30000 Subscriptions received in Advance on 31st March, 2020 22500 Subscriptions received in Advance on 31st March, 2021 13500 ‘Subscriptions outstanding on 31st March, 2021 37500 {including & 12,500 for the year ended 31st March, 2020) [Ans.: Subscriptions income to be credited to Income and Expenditure Account 3,75,000: Balance Sheet 3istMarch, 20208) 31st March, 2021 @) Subscriptions Received in Advance 22,500 13,500 abilities side) Subscriptions Outstanding 30,000 37,500 (Assets Side) (12,500 + 25,0001 23. From the following information, prepare Subscription Account for the year ending 31st March, 2021: Particulars ‘31st March, 2020) 31stMarch,2021 z | z Subscription in Arrears 20,000 18,000 Subscription in Advance 13,000 1,000 Inthe year ending 31st March, 2021, subscription received were T 2,10,000 (including % 6,000 of arrears from previous year) and subscription arrears of previous year were written off & 4,000. [Ans.: Subscription Income to be credited to Income and Expenditure Account—R 2,14,000] 24, Calculate amount of subscriptions which will be treated as income for the year ended 31st March, 2021 for Particulars t Case 1.| (i) Subscriptions collected during the year ended 31st March, 2021 2,50,000 (i) Subscriptions in arrears for the year ended 31st March, 2021 6,000 (ii) Subscriptions received in advance for the year ended 31st March, 2022 5,000 Case Il.| (Subscriptions collected during the year ended 31st March, 2021 49,000 (il) Subscriptions for the year ended 31st March, 021 collected inthe year ended 31st March, 2020 | 3,000 (li)_ Subscriptions unpaid for the year ended 31st March, 2021 2,000 Scanned with CamScanner a“Chapter 1- Financial Statements of Not-for-Profit Organisations 1.65 Case IN. | (i) Subscriptions received during the year ended 31st March, 2021 | 25,000 (i) Subscriptions outstanding in the beginning ofthe year ended 31st March, 2021 3,000 (ii)_ Subscriptions not yet collected for the year ended 31st March, 2021 5,000 Case IV. ‘Subscriptions received during the year ended 31st March, 2021 20,000 Subscriptions outstanding in the beginning ofthe year ended 31st March, 2021 5,000 Subscriptions not yet collected for the year ended 31st March, 2021 | 8000 Subscriptions received in advance forthe year ended 31st March, 2022 2,000 Case V.| (i) Subscriptions received during the year ended 31st March, 2021 90,000 (i) Subscriptions outstanding at the end of the year ended 31st March, 2020 5,000 (i) Subscriptions received in advance on 31st March, 2020 3,000 (iv) Subscriptions received in advance on 31st March, 2021 4000 (v) Subscriptions not yet collected for the year ended 31st March, 2021 6000 [Ans.: Case I 2,51,000; Case Il 54,000; Case Ill 27,000; Case IV— 81,000; Case V— 90,000.) [Hints: Case Ill. Subscriptions outstanding in the beginning of the year ended 31st March, 2021 were collected during the year ended 31st March, 2021 and these are included in & 25,000. Therefore, % 3,000 are to be deducted. . Case V. Subscriptions outstanding at the end of the year ended 31st March, 2020 were collected during the year ended 31st March, 2021 and these are included in € 90,000. Therefore, & 5,000 are to be deducted] 25. Calculate the income from subscription for the year 2020-21 to be credited to Income and Expenditure Account from the following information relating to a club: Particulars ‘Subscription received during the year (including & 50,000 for 2019-20, 75,000 for 2021-22 and ® 25,000 for 2022-23) 19,50,000, Subscription received in advance as on 1st April, 2020 (including ® 37,500 for 2021-22) 87,500 Subscription outstanding as on 1st April, 2020 1,00,000 Subscription outstanding as on 31st March, 2021 1,25,000 i [ae Out of subscription outstanding as on 1st April, 2020, 37,500 are no larger receivable. [Ans.: 19,62,500.] Calculation of the Amount of Consumable Items 26. On the basis of information given below, calculate the amount of medicines to be debited to the Income and Expenditure Account of Good Health Hospital for the year ended 31st March, 2021 Ist April, 2020 | 31st March, 2021 Particulars zg z Stock of Medicines 1,75,750 144,650 Creditors for Medicines 15,06,900 18,20,700 ‘Medicines purchased during the year ended 31st March, 2021 were & 60,80,700. [Ans.: Medicines consumed— 61, 11,800 to be debited to Income and Expenditure Account.) 27. Calculate amount to be posted to the Income and Expenditure Account for the year ended 31st March, 2021: (i) Amount paid for stationery during the year ended 31st March, 2021—¥ 5,400; Stock of Stationery in Hand on 31st March, 2021—% 250. (ii) Stock of Stationery in Hand on 1st April, 2020— 1,500; Payment made for Stationery during the year ‘ended 31st March, 2021—% 5,400; Stock of Stationery in Hand on 31st March, 2021—% 250, Scanned with CamScanner1.66 Double Entry Book Keeping—CBSE XII z (ii) Stock of Stationery on 1st April, 2020 1.500 Creditors for Stationery on 1st April, 2020 1,000 ‘Amount paid for Stationery during the year 5,400 Stock of Stationery on 31st March, 2021 250 [Ans.: Stationery Used: () & 5,150; (il) € 6,650; ii) 5,650) 28. From the following information, calculate the amount of sports material to be debited to ‘Income and Expenditure Account’ of a sports club for the year ending 31st March, 2019: z ‘Stock of Sports Material on 1st April, 2018 1000 Stock of Sports Material on 31st March, 2019 a0 | Creditors for Sports Material on 1st April, 2018 2000 | Creditors for Sports Material on 31st March, 2019 22500 1g 31st March, 2019 1,00,000 (CBSE 20209 [Ans.: Amount of Sports Material to be debited to Income and Expenditure Account—R 1,05,000; Credit Purchase— 1,02,500} Payment made to creditors of Sports Material during the year en 29. Calculate the amount of sports material to be transferred to Income and Expenditure Account of Raman Bhalla Sports Club, Ludhiana, for the year ended 31st March, 2019: Particulars z (Sports material sold during the year (Book Value & 50,000) 36,000 (i) Amount paid to creditors for sports materials. 91.000 Cash purchase of sports material 40,000 (iv) Sports material as on 31st March, 2018 s.000 (¥) Sports material as on 31st March, 2019 55,000 (vi) Creditors for sports material as on 31st March, 2018 37000 (vil) Creditors for sports material as on 31st March, 2019 | 45,000 (CBSE Sample Paper 2018, Modifed) Ans. Amount to be shown in Income and Expenditure A/e— 4,000) 30. From the following information of a charitable dispensary, calculate the amount of medicines ‘consumed during the year that would appear in the Income and Expenditure Account for the year ending 31st March, 2019: Particulars a Stock of Medicines on tst April, 2018 0000 Creditors for Medicines 1st April, 2018 40,000 Stock of Medicines 31st March, 2019 10000 Creditors for Medicines 31st March, 2019 | 25,000 ‘Advances for Medicines 31st March, 2019 22900 Credit purchases of Medicines during the year | 27st Cash purchases of Medicines during the year 465 (case 2020 [Ans Medicine Consumed during the year— 3,72,500) {Hints Medicine Consumed = Opening Stock + Purchases (Cash and Credit) ~ Closing Stock} = Scanned with CamScannerChapter 1 Financial Statements of Not-for-Profit Organisations 1.67 31. Calculate the amount that will be posted to the Income and Expenditure Account for the year ended 31st March, 2021: z Stock of Stationery on Ist April, 2020 30,000 Creditors for Stationery on 1st April, 2020 20,000 ‘Advances paid for Stationery carried forward from the year ended 31st March, 2020 2,000 ‘Amount paid for Stationery during the year ended 31st March, 2021 1,08,000 Stock of Stationery on 31st March, 2021 5,000 Creditors for Stationery on 31st March, 2021 13,000 ‘Advance paid for Stationery on 31st March, 2021 3,000 [Ans.: Stationery Used— 1,25,000.] 32. From the following information of a Saguna Sports Club, show the ‘Sports Materials’ item in the Income and Expenditure Account for the year ended 31st March, 2021 and Balance Sheets as at 31st March, 2020 and 31st March, 2021: Particulars 31st March, 2020 | 31st March, 2021 z z Stock of Sports Materials 6200 4,800 Creditors for Sports Materials 9800 7,200 ‘Advance to Suppliers for Sports Materials 11,000 19,000 Payment to suppliers for Sports Materials during the year was € 1,02,000. There were no cash purchases made. {Ans.: Sports Materials Consumed to be debited to Income and Expenditure Account (31st March, 2021)— 92,800; Purchase of Sports Materials— 91,400, Balance Sheet as at 31st March, 2020 (%) 31st March, 2021 ) Liabilities Side Creditors for Sports Materials 9.800 7,200 Assets Side Stock of Sports Materials 6,200 4,800 ‘Advance to Suppliers for Sports Materials 11,000 19,000) 33, How are the following dealt with while preparing the final accounts for the year ended 31st March, 2021? Or RECEIPTS AND PAYMENTS ACCOUNT (AN EXTRACT) for the year ended 31st March, 2021 @. Receipts z Payments z By Payment for Medicines 1,50,000 ‘Additional Information: Asat Ist April, 2020 (®) Asat 31st March, 2021 %) Stock of Medicines 50,000 75,000 Creditors for Medicines 40,000 60,000 [Ans.: Medicines consumed to be debited to Income and Expenditure A/c—X 1,45,000; Creditors for medicines (Liabilities side of Balance Sheet as at 31.3.2021)— 60,000; Stock of Medicine (Assets side of Balance Sheet as at 31.3.2021)—% 75,000.) 34, Howare the following dealt with while preparing the final accounts of North Sports Club for the year ended. 31st March, 20217 or. RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2021 cr. Receipts = | Payments z To Sale of Sports Materials 26,000 | By Creditors for Sports Materials 61,000 {Book value & 20,000) By Cash purchase of Sports Materials 10,000 Scanned with CamScanner1.68 Double Entry Book Keeping—CBSE XII ‘Additional information: As at 31st March, 2020 (®) As at 31st March, 2021 (%) Sports Materials 20,000 25,000 Creditors for Sports Materials 7,000 15,000 Ans. Sports Materials Consumed debited to Income and Expenditure A/c—8 54,000; Gain (Profit) on Sale of Sports Materials credited to Income and Expenditure A/c—X 6,000; Stock of Sports Materials (Assets side) — 25,000; Creditors for Sports Materials (Liabilities side)— 15,000) 35. How will be the following items dealt while preparing the Balance Sheet for the year ending 31st March, 2021 of Confident Club? Particulars Bue {@) Building Fund 5,00,000 Donation Received for the Building 1250000 Expenditure on Building Construction (WIP) 11,25,000 (b) Match Fund as on 1st April 2020 7500 Donation Received for Matches 12500 | Match Expenses 21,000 | Proceeds for Sale of Match Tickets 17500 (©) life Membership Fees Received during the Year 20,000 (€) Subscription for Governor's Party 30,000 Outstanding Subscription for Governor’ Party 5000 (6) Capita Fund as on 1st April 2020, 1250,000 (Ans. Liabilities Side: Capital Fund 23,95,000; Building Fund ® 6,25,000; Match Fund 16,500; Subscription for Governor's Party & 35,000 (i.e, & 30,000 + ® 5,000). Assets Side: Building-in-Progress 1 1,25,000; Outstanding Subscription for Governor's Party ® 5,000] Calculation of Gain (Profit) or Loss on Sale of Fixed Assets 36. Book value of furniture on Ist April, 2020 is € 60,000. Half of this furniture is sold for € 20,000 on 30th September, 2020. Depreciation is to be charged on furniture @ 10% p.a. Calculate loss on sale of furniture. Show how the loss on sale and depreciation on furniture will be shown in the Income and Expenditure Account for the year ended 31st March, 2021. [Ans.: Written Down Value of Furniture on the date of sale (30th September, 2020) = % 30,000 -¥ 1,500 (Depreciation for 6 months) =% 28,500, Therefore, loss on sale of furniture = € 28,500 ~ ¥ 20,000 = 8,500. Total Depreciation % 4,500, i.e., on % 30,000 @ 10% for full year and on & 30,000: '@ 10% for half year) ] 37. Delhi Youth Club has furniture at a value of € 2,20,000 in its book on 31st March, 2020, It sold old furniture, | having book value of % 20,000 as at 1st April, 2020 at a loss of 20% on 31st December, 2020. Furniture is to be depreciated @ 10% p.a. Furniture costing % 1,50,000 was also purchased on 1st October, 2020. Prepare Furniture Account for the year ended 31st March, 2021. (Ans. Amount realised from Sale of Furniture = % 20,000 ~¥& 1,500 (Depreciation) ~ 20% of % 18,500 = 14,800; Loss on Sale of Furniture 3,700; Depreciation— 1,500 (on furniture sold), % 20,000 (on & 2,00,000 for 1 year and ® 7,500 (on 1,50,000 for 38 year!] Calculation of the Amount of Expenses to be Debited to Income and Expenditure Account 38, Inthe year ended 31st March, 2021, salaries paid amounted to & 2,04,000. Ascertain the amount chargeable to the Income and Expenditure Account for the year ended 31st March, 2021 from the following additional z information: Prepaid Salaries on 31st March, 2020 24000 Prepaid Salaries on 31st March, 2021 12000 Outstanding Salaries on 31st March, 2020 18,000 ‘Outstanding Salaries on 31st March, 2021 15,000 {Ans.: Current year's salaries—% 2,13,000) Scanned with CamScannerChapter 1 Financial Statements of Not-for-Profit Organisations 1.69 Calculation of the Amount of Income to be Credited to Income and Expenditure Account 39. How are the following items dealt with while preparing Income and Expenditure Account of a club for the year ended 31st March, 20217 Ist April 2020. 31st March, 2021 Outstanding Lockers'Rent 14600 %6,300 Advance Lockers' Rent 23,000 4,000 Lockers’ Rent received during the year ended 31st March, 2021—€ 52,000. [Ans.: Lockers’ Rent Income for the year ended 31st March, 2021— 52,700.) Preparation of Income and Expenditure Account 40. Prepare Income and Expenditure Account for the year ended 31st March, 2021 from the following: Dr. RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2021 . Payments zg +4,80,000 To Balance b/d (Cash) 120,000 | By Salaries | To Subscriptions 900,000 | By Rent | 50,000 To Sale of Investments 2,00,000 | By Stationery | 20,000 To Sale of Old Furniture 30,000 | By Defence Bonds | 3.00,000 (Book Value & 40,000) By Furniture | 200,000 To Donations 10,000 | By Bicycles | 30,000 By Balance c/d (Cash) Pesce 13,20,000 [Ans.: Surplus, Le, Excess of Income over Expenditure—R 3,50,000.] 41. From the given Recelpts and Payments Account and additional information of Friends Club for the year ‘ended 31st March, 2019, prepare Income and Expenditure Account for the year ending 31st March, 2019: RECEIPTS AND PAYMENTS ACCOUNT OF FRIENDS CLUB Dr. for the year ended 31st March, 2019 &. Receipts z Payments z To Balance b/d 50,400 | By Furniture (Purchased on 1st December, 2018) 1,20,000 To Donations 44900 | By Salaries 1,00,000 To Sale of Old Sports Material 2,000 | By Secretary's Honorarium 4,000 To Subscriptions: By Books 44,000 2017-18 By Balance c/d 15,000 2018-19 2019-20 To Entrance Fees 2,83,000 Additional Information: () On 1st April, 2018, the club had the following balances of assets and liabilities: Furniture & 1,00,000; Subscriptions in arrears & 2,000 and Outstanding Salary ® 6,000. (il) The club had 75 members each paying an annual subscription of & 1,000. (iu) Charge depreciation on furniture @ 10% p.a. (CBSE 2020) [Ans.: Surplus, Le, Excess of Income over Expenditure— 1,29,000] Scanned with CamScanner1.70 Double Entry Book Keeping—CBSE XI 42. Following is the Receipts and Payments Account of You Bee Forty Club for the year ended 31st March, 202 RECEIPTS AND PAYMENTS ACCOUNT Dr. for the year ended 31st March, 2021 Ge. Receipts z Payments z To Balance b/d(Cash) 1,50000 | By Salaries and Wages | 6000 To Subscriptions: By Office Expenses 35,000 2019-20 60000 | By Sports Equipments 340,000 2020-21 3,50,000 | By Telephone Charges 24000 To Donations 50,000 | By Electricity Charges 32000 To Entrance Fees 80,000 | By Traveling Expenses 65,000 By Balance c/d(Cash) 34000 Additional information: {) Outstanding Subscriptions for the year ended 31st March, 2021— 55,000. (ii) Outstanding Salaries and Wages— 40,000. (ii) Depreciate Sports Equipments by 2: Prepare Income and Expenditure Account of the Club from the above particulars. 5%. {Ans.: Surplus, ie, Excess of Income over Expenditure— 94,000) 43. Following is the information given in respect of certain items of a Sports Club. Show these items in the Income and Expenditure Account and the Balance Sheet of the Club as at 31st March, 2021: Particulars z Sports Fund as on 1st April, 2020 350,000 Sports Fund Investments 3,50000 Interest on Sports Fund Investments 40,000 Donations for Sports Fund 1,50,000 ‘Sports Prizes awarded 1,00,000 Expenses on Sports Events 40000 General Fund ,00,000 Investments 00,000 Interest on General Fund Investments 80,000 (CERT, Modified) [Ans.: Balance of Sports Fund— 4,00,000] {Hints: 1. Interest on General Fund Investments will be shown in Income side of the Income and Expenditure Account. 2. General Fund will be shown in the liabilities side of the Balance Sheet and General Fund Investments in the Assets side of the Balance Sheet] Scanned with CamScannerChapter 1 Financial Statements of Not-for-Profit Organisations 1.71 144, From the following Receipts and Payments Account of Jaipur Sports Club, prepare Income and Expenditure Account for the year ended 31st March, 2021: Dr. RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2021 or. Receipts, zr Payments z To Balance b/d 200,000 | By Rent 60,000 To Entrance Fees: {including % 15,000 for 2019-20) 2019-20 10,000 By Insurance Premium 60,000 2020-21 50,000 60,000 {including % 15,000 for 2021-22) To Subscriptions: By Sports Equipments 50,000 2019-20 10,000 By Furniture 60,000 2020-21 (90%) 90,000 (Purchased on 31st March, 2021) | 2021-22 5,000 1,05,000 By 8% Fixed Deposit 1,20,000 To Life Membership Fees 20,000 (Made on 1st October, 2020) To Donations 1,20,000 | By Tournament Expenses 10,000 To Donations for Tournament 50,000 | By Books 20,000 Jo Subscriptions for Governor's Party 15,000 |. By Newspapers 1,000 To Interest on 8% Fixed Deposit 2,400 | By Printing and Stationery: 19,000 To Sale of Old Newspapers 300 | By Balancec/d 1,80,000 To Sale of Old Sports Materials 500 {Book Value % 1,200) To Lockers’Rent 6,800 {including & 600 for 2019-20) 5,80,000 |_5:80.000_ 445. Prepare Income and Expenditure Account from th on 31st March, 2018: Tans Surplus Le, Excess of Income over Expenditure 170,600, .e following particulars of Youth Club for the year ended Dr. RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2018 cr. Receipts =| Payments z To Balance b/d (Cash) 32500 | By Salaries To Subscription: By Postage 2016-17 By Rent 2017-18 By Printing and Stationery 2018-19 63,300 | By Sports Material To Donations (Billiards Table) 90,000 | By Miscellaneous Expenses: To Entrance Fees 1,100 | By Furniture {1st October, 2017) To Sale of Old Magazines ‘450 | By 10% Investment (1st October, 2017) By Balance cid (31st March, 2018) 1,87,350 Additional Information: (Subscription outstandin (i) & 1,200 is still in arrears fort {ii Value of sports material at the beginnin: {iv) Depreciation to be 1g as at 31st March, 2018 € 16,200. he year 2016-17 for subscription. provided @ 10% pa. on furniture. .gandat the end of the year was® 3,000and 4,500 respectively. (CBSE Sample Paper 2018) {ans.: Surplus, Le, Excess of Income over Expenditure— 10,200.) Scanned with CamScanner1.72 Double Entry Book Keeping—CBSE XII Preparation of the Income and Expenditure Account and Balance Sheet from Receipts and Payments Account with Additional Information 46. From the following Receipts and Payments Account of Premier Club and the information supplied, prepare Income and Expenditure Account for the year ended 31st March, 2021 and Balance Sheet as at that date: Or. RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2021 a Receipts z Payments ot To Balance b/d 7,000 | By Salaries 28000 To Subscriptions: By General Expenses | S000 2019-20 5,000 By Electricity Charges 4000 2020-21 20,000 By Books 10,000 2021-22 4000 | 29,000 | By Newspapers 8,000 To Hire of Ground ———| 14900 | By Balance e/d 4000 To. Surplus from Entertainment Events 8,000 To Saleof Old Newspapers 2,000 60,000 (@) The club has 50 members each paying an annual subscription of € 500. (b) Subscriptions Outstanding on 31st March, 2020 were & 6,000. (0) On 31st March, 2021, Salaries Outstanding amounted to % 2,000. Salaries paid in the year ended 31st March, 2021 included & 6,000 for the year ended 31st March, 2020. (4) On1st Apri, 2020, the Club owned Building valued at 2,00,000; Furniture 20,000 and Books 20,000. (¢) Provide depreciation on Furniture at 10%. (Ans.: Surplus—X 5,000; Capital Fund as at 1st April, 2020—¥ 2,47,000; Balance Sheet Total—% 258,000) 47. Followingis the summary of cash transactions of the Royal Club for the year ended 31st March, 2021: Dr RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2021 @. Receipts z Payments z To Balance ba By Rent 16800 Cash in Hand 10,000 By Salaries to Office Staff 24500 Cashat Bank 21,900 | 31,900 | By Electricity Charges 7200 To Entrance Fees 25,500 | By Honorarium 43500 To Subscriptions 1,60,000 | By Books 21300 To Legacy 16500 | By Office Expenses 45000 To Life Membership Fees 25,000 | By 3% Fixed Deposit 30000 To. Surplus from Entertainment Events 5,600 (1st October, 2020) By Balance c/d: Cash in Hand 2,000 Cash at Bank 24,200 | 26200 [2.64500 | Inthe beginning of the year, the Club possessed Books of 2,00,000 and Furniture of 885,000, Subscription’ inarrearsin the beginning of the year amounted to 3,500 and at the end of the year 4,500 and six months Rent @ € 1,400 prm. was due both in the beginning of the year and at the end of the year. Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2021 and its Balance Sheet as at that date after writing off 5,000 and 11,300 on Furniture and Books respectively (Ans.: Surplus—R 56,500; Capital Fund on 1st April 2020— 3,12,000; Balance Sheet Total 4,01,900] [Hints: 1. Life Membership Fee Is capitalised. 2. Legacy is credited to Income and Expenditure Account, it being not for specific purposed Scanned with CamScannerChapter 1 Financial Statements of Not-for-Profit Organisations 1.73 48. From the following Receipts and Pay [ yyments Account and additional information given below, prepare ,prepareincome and Expenditure Account and Balance Sheet of Rural Literacy Society as on March, 2021: fs Dr. RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st ‘March, 2021 cr. Receipts z 5 Payments z Jo Balance b/d: Cash Hind By General Expenses 32,000 40,000 | By Newspapers 18,500 Cash at Bank 155500 | By 7 55; yy Electricity 30,000 To Subscriptions: i u asia By Fixed Deposit with Bank 1,80,000 nine 12,000 (On 30th September, 2020 @ 10% pa) 2,65,000 By Books 70,000 2021-22 5,000 | 2,82,000 | By Salary 36,000 To Legacy 12,500 | By Rent 65,000 To Government Grant 1,20,000 | By Postage Charges 3,000 To Sale of Old Furniture 37,000 | By Furniture (Purchased) 195,000 (Book value & 50,000) By Balance dd: don Fixed Deposit 4500 Cash in Hand 30,000 Cash at Bank |___82,000 6,51,500 651,500 851s ‘Additional Information: (i) Subscription ‘outstanding as on 31st March, 2020 % 20,000 and on 31st March, 2021 & 15,000. i) On 31st March, 2021, salary ‘outstanding % 6,000 ‘and one month rent paid in advance. ) On 1st April, 2020, society owned furniture & 1,20,000 and books % 50,000. [Ans.:. Surplus—%. '2,15,000; Opening Capital Fund— 3,85,500; Total ‘of Balance Sheet—% 6,11,500.) 49. Confident Clubs Balance Sheet asat 1st April, 2020 was © under: Liabilities z Assets z Capital Fund 2,00,000 | Sports Equipments 50,000 Tournament Fund 60,000 } Grounds 1,20,000 Subscriptions in Advance 6000 | Billiards Tables 160,000 Salaries Unpaid 11,000 | Subscriptions ‘Outstanding 8,000 Cash and Bank Balances 39,000 1377000 | [77,000 2,77,000 [277.000 Receipts and Payments Account for the year ended 31st March, 2021 was: Dr. RECEIPTS AND. PAYMENTS ACCOUNT for the year ‘ended 31st March, 2021 a. Receipts zt Payments z Fo Balance b/d: By Wages and Salaries 60,000 Cash and Bank 39,000 | By ‘Upkeep. ‘of Grounds 10,000 Jo. Subscriptions 4ya1,000 | By Stationery 15,000 To Sale of Old Materials 1500 | By AuditFee 2,000 To Sale of Sports Equipment 6.000 | By Expenseson Tournament 65,000 {@ook value & 10,000) By Sports Equipments 20,000 To Entrance Fees 2,000 | By S%blnvestments (On 1st October, 2020) 40,000 To Life Membership Fees 0000 | By Sie 7500 Te Ci ent eee fo. Donations for Tournam seein already received include ® 4,000 for next year. gived are 5,500 but subscription ioe to ‘valued at € 45,000- ‘Subscriptions stil eo we & 6,000. ports Equipments are now eet, after charging 10% depreciation on Salaries still unpal ces diture Account and the Balance Prepare Income and PEN tans. Surplus 78,000; Balance Sheet Total— 3,53,000.] Billiards Tables. Scanned with CamScanner1.74 Double Entry Book Keeping—CBSE XII 50. From the following Receipts and Payments Account of Old Man Sports Club and from the given additiona| information, prepare Income and Expenditure Account for the year ending 31st March, 2021 and the Balance Sheet as at that date: Dr. RECEIPTS AND PAYMENTS ACCOUNT for the year ending 31st March, 2021 G Receipts % | Payments By Salaries By Sports Material By Balance cfd To Balance b/d To Subscriptions To Interest on Investments @ 8% pa. for full year ‘Additional Information: () The club had received ¥ 20,000 for subscription in 2019-20 for 2020-21. (i) Salaries had been paid only for 11 months. {ill Stock of sports materials on 31st March, 2020 was & 3,00,000 and on 31st March, 2021 & 6,50,000. [Ans.: Surplus (excess of income over expenditure) —X 3, 10,000; Capital Fund ‘on Ist April, 2020—X 9,70,000; Balance Sheet Total—X 13,10,000) {Hint: Interest on Investment @ 8% pa, for full year = % 40,000. Thus, Value of Investment (1st April, 2020) = & 40,000 x 100/8 = & 5,00,000) 51, Following Is the Receipts and Payments Account of Bhartl Club for the year ended 31st March, 2019: RECEIPTS AND PAYMENTS ACCOUNT OF BHARTI CLUB Dr. for the year ended 31st March, 2019 a. Receipts z ] Payments z To Balance b/d 10,500 | By Salaries 25,000 To Subscriptions 70,500 | By Travelling Expenses To Donations 5,000 | By Stationery To Life Membership Fees 10,000 | By Rent To. Income from investments 2000 | By Books By Balance c/d 98,000 Additional Information: Particulars 31st March, 2018 | 31st March, 2019 z z ‘Advance Subscription 2,000 3,500 Outstanding Subscription 3,400 4300 Books 8,000 12,000 9% Investments 25,000 25,000 Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2019 and its Balan¢® Sheet as at 31st March, 2019. (case 20190 [Ans.: Surplus, ie, Excess of Income over Expenditure— 13,150, ‘Capital Fund (31st March, 2018)— % 44,900. Balance Sheet Total (31st March, 2019) —X 71.550 Scanned with CamScanner75 Chapter 1- Financial Statements of Not-for-Profit Organisations. 1 52. From the following Receipts and Payments Account of Mumbai Theatre Club, prepare Income and Expenditure Account for the year ended 31st March, 2021 and Balance Sheet as at that date: Dr. RECEIPTS AND PAYMENTS ACCOUNT is Receipts J = Payments z To Balance bid: By Salary 20,000 Cash and Bank 1,40,000 | By Repair Expenses 5,000 To. Donations ‘50,000 | 8y Furniture 60,000 To Subscriptions 120,000 | By Miscellaneous Expenses 5,000 To Entrance Fees 10,000 } By Investments 60,000 To Interest on Investments 1000 } By Insurance Premium 2,000 To Interest Received from Bank 4000 | By Billard Table 80,000 To Sale of Old Newspapers 1,500 | By Paper, Ink, etc. To Sale of Drama Tickets 10500 | By Drama Expenses By Balance id: Cash and Bank 3,37,000 ‘Additional Information: ions in advance for {i) Subscriptions in arrear for the year ended 31st March, 2021 € 9,000 and subs the year ending 31st March, 2022 3,500. (ii) Insurance Premium outstanding % 400. i) Miscellaneous expenses prepaid % 900. (Iv) 8% interest has accrued on investment for five months. (¢) Billard Table costing & 3,00,000 was purchased during last year and & 2,20,000 were pad for it [Ans.: Surplus—E 1,66,500; Capital Fund (Beginning)— 3,60,000; Balance Sheet Total (31.3.2021)— 5,30,400.] 53. Following Receipts and Payments Account was prepared from the Cash Book of Delhi Charitable Trust for the year ending 31st March, 2020: ‘Dr. RECEIPTS AND PAYMENTS ACCOUNT for ‘the year ending 31st March, 2020 cr. Receipts = | Payments z To Balance b/d: | By Charity 1,15,000 Cashin Hand 1,15,000 | By Rent and Taxes 32,000 Cash at Bank 126,000 | By Salary 60,000 To Donation 90,000 | By Printing 6,000 To Subscription 428.000 | By Postage 3000 To Legacy Donations 180,000 | By Advertisements 45,000 To Interest on Investment ‘45,000 | By Insurance 20,000 To Sale of Old Newspapers 2,000 | By Furniture 2,16,000 By Investment 230,000 By Balance c/d: Cashin Hand 99,000 Cash at Bank 1,60,000 9786000 926,000 eon) 2020 and Balance Sheet as on that Prepare Income and Expenditure Account for the year ended 31st March, date after the following adjustments: (0 Insurance premium was paid for insurance taken wef. 1st July, 2019. (ii) Interest on investment % 11,000 accrued was not received. Gi Rent 6000; Salar 9.00 and advertisement expenses 10,000 were outstanding ason 31st March, 2020, (iv) Legacy Donation is towards construction of Library Block. (NCERT, Modified) ans.: Surplus—X 2,75,000; Capital Fund (1st April, 2019)— 2,41,000; Total of Closing Balance Sheet— 7,21,000,) Scanned with CamScanner1.76 Double Entry Book Keeping—CBSE Xi ‘54, Given below is the Receipts and Payments Account of Mayur Club for the year ended 31st March, 2021; Dr. RECEIPTS AND PAYMENTS ACCOUNT G. Receipts z Payments z To Balance b/d 102,500 | By Salaries 60000 To Subscriptions: By Expenses 7.500 2019-20 4000 By Drama Expenses 45,000 2020-21 2,05,000 By Newspapers 15.000 2021-22 0 | 215,000 | By Municipal Taxes 4000 To. Donations 54000 | By Charity 35,000 To Proceeds of DramaTickets 95,000 | By Investments 2.00000 To Sale of Waste Paper 4500 | By Electricity Charges 14500 By Balance c/d |_ 90000 471,000 471,000 Prepare club's Income and Expenditure Account for the year ended 31st March, 2021 and Balance Sheet as at that date after taking the following information into account: (i) There are 500 members, each paying an annual subscription of ¥ 500, & 5,000 are sti year ended 31st March, 2020, @ Municipal Taxes amounted to % 4,000 per year is paid up to 30th June (Prepaid Municipal Taxes in the beginning of the year were & 1,000) and & 5,000 are outstanding of salaries. Gil) Building stands in the books at 5,00,000, (iv) 6% interest has accrued on investments for five months. lAns.: Capital Fund (1st April, 2020)— 6,12,500; Surplus— 2,22,500; Balance Sheet Total—X 846,000) 55. From the following information and the Receipts and Payments Account of Delhi Medical Society, Prepare Income and Expenditure Account for the year ended 31st March, 2021 and Balance Sheet in arrears for the as at that date: Dr. RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2021 G Receipts & | Payments z To Balance b/d 31,900 | By Rent 16800 To Entrance Fees 5,500 | By Annual Dinner Expenses 24500 To Subscriptions 1,80,000 | By Lighting Charges 7200 To Donations 16500 | By Books 24800 To Life Membership Fees 25,000 | By Medicines Polio Eradication Project) 1,90,000 To. Government Grant (Polio Erection Project) | 20.000 | By SaaiestoDectors (Polo EredcationProject)| 80000 To Proceeds of Seminar 23200 | By Office Expenses 45,000 To Interest on Deposits 2400 | By 8% Fixed Deposits 120,000 (On 1st October, 2020) By Seminar Expenses 20200 By Balance cid: Cash in Hand 26,000 Bank A/c (Polio Eradication Project) 20,000 484,500 [44500 Scanned with CamScannerChapter 1 - Financial Statements of Not-for-Profit Organisations 1.77 Other Information: On 31st March, 2020, the Club possessed bo 2020, oks of &2,00,000 and Furniture of & onthese ase @ 10Rincluing The purchases during theyean oF 95000 Fave deren Subscriptions in arrears in the beginning of th ; Subsets In area i ginning of the year amounted to & 3,500 and at the end of the year ‘The Club paid three months'rent in advance both in the beginning and at the end of the year. tans. Surplus-& 87,320; Capital Fund (1st April, 2020)—R 3,24,600; Balance Sheet Total—® 4,56,9201 156. Receipts and Payments Account of Shankar Sports Club is given below for the year ended 31st March, 2021: Dr. RECEIPTS AND PAYMENTS ACCOUNT for the year ‘ended 31st March, 2021 cr Receipts z Payments z To Balance b/d: By Rent Cashin Hand 2600 | By Wages | sooo To Entrance Fee 3,200 | By Billiard Table 14,000 To Donation for Building 23,000 | By Furniture 10,000 To Lockers’Rent 1,200 | By Interest To Life Membership Fee 7,000 | By Postage Jo Profit from Entertainment 3000 | By Salary To Subscription 40,000 | By Balance c/d: Cash in Hand 50,000_| 57. From the following pat Prepare Income and Expenditure Account and Balance Sheet with the help of following information: {)_ Subscription outstanding on 31st March, 2020s € 1,200 and 2,300 on 31st March, 2021; Gi. Opening stock of postage stamps is € 300 and closing stock is & 200; ti), Rent 1,500 related to the year ended 31st March, 2020 and & 1,500is still unpaid: (i) On tst April 2020, the club owned furniture 15,000, Furniture valued at € 22,500 on 31st March, 2021 ‘The club has a loan of € 20,000 (@ 10% pa) which was taken, in the year ended 31st March, 2020. (NCERT, Modified) tans. Defic 6,100; Opening Capital Fund Defiit—° 2,400; Total of Closing Balance Sheet— 44,500) iculars relating to the Megha Charltable Hospital prepare Income ‘and Expenditure Mod 31st March, 2021 and Balance Sheet as at that date: ‘Account for the year en Dr. RECEIPTS AND PAYMENTS: ACCOUNT for the year ended 31st March, 2027 cr. Receipts z Payments z To Cashin Hand on “By Medicines 305,900 ‘Ist April, 2020 71,300 | By Doctor's Honorarium 90,000 To Subscriptions 479,960 | By Salaries 2,75,000 To Donations 145,000 | By Petty ‘Expenses: 4610 To Interest on Investments "70,000 | By Equipments 1,50,000 (@7% for full year) By Expenses on Charity Show 7,500 To Proceeds from Charity ‘Show | 1,04,500 | By Cashin Hand on 31st March, 2021 37,750 8,70,760 870,760 ‘Additional Information: ‘Asat Ist April 20208) ‘Asat 31st March, 2021 @) Subscriptions Due 2,400 2a ‘Subscriptions Received in Advance 640 a Stock of Medicines 88,100 97,400 Estimated value of Equipments 2,12,000 ond Building (cost ess depreciation) 4,00,000 80,000 tans. Copital Fund (Opening) 17.73: 160; Surplus—X 59,790; Balance Sheet Total-— 18,33,950) Scanned with CamScanner