From the following Receipt and Payments Account of “Green Delhi Club” for the year ended 31-3-2011, prepare ˜Income and Expenditure Account”.
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Receipts and Payments Account of 'Green Delhi Club' for the year ended 31-3-2011 |
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Dr. |
|
Cr. |
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|
Receipts |
Amount Rs |
Payments |
Amount Rs |
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|
To Balance b/d |
13,200 |
By Salary (paid for 11 months) |
2,200 |
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|
To Subscriptions |
|
25,500 |
By Rent |
800 |
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To Entrance Fee |
|
2,000 |
By Electricity |
3,500 |
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To Donations (includes Rs 1,000 for Buildings) |
3,000 |
By Takes |
2,600 |
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To Hall Rent |
2,500 |
By Printing and Stationery |
800 |
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To Sale of Investments (Book value Rs 4,000) |
3,500 |
By Books |
10,000 |
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|
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By 9% Fixed Deposits (on 31-1-2011) |
13,000 |
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|
|
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By Balance c/d |
16,800 |
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|
|
49,700 |
|
49,700 |
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‘Income and Expenditure Account of 'Green Delhi Club'
for the year ended 31-3-2011
|
Expenditure |
Amount (Rs) |
Income |
Amount( Rs) |
|
To Salary 2200 Add outstanding 200
Rent Electricity Takes Printing and stationery Loss on sale of investment
Excess of income over expenditure. |
2400
800 3500 2600 800 500
21,595
|
By Subscriptions a/c Entrance fee Donations Hall rent Interest on fixed assets (13000*9%)*2/12 |
25,500 2,000 2,000 2500 195
|
|
|
32,195 |
|
32,195 |
From the following information of a club, show the amounts of match expenses and match fund in the Financial Statements of the Club for the years ended on 31st March, 2009 and 31st March, 2010.
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Details Amount Rs. |
|
Match expenses (paid during the year 2009 - 2010) 30,000 Match Fund (as on 31-3-2009) 17,000 Donation for Match Fund (Received during the year 2009-2010 9,000 Proceeds from the sale of match tickets (Received during the year 2009-2010) 3,000 |
Balance sheet as on 31-3-2010
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|
Match fund as on 31-3-2009 Add Donation received during the year 09-10 Proceeds from sale of match ticket during 09-10
Less Match expenses during the period
Transfer to income and expenditure account. |
17000
9000
3000
29,000
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|
|
|
30,000
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|
(1000) |
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Income and Expenditure a/c for the year ended 31-3-2010
Dr Cr
|
Expenditure |
Amount (Rs) |
Income |
Amount (Rs) |
|
To Match Expenses |
1,000 |
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What is the basis for preparing an Income and Expenditure Account in the case of Not-for-Profit Organizations.
The Income and Expenditure Account in the case of not for profit organisations is prepared on accrual basis with the help of Receipts and Payments Account.
Name the financial statement prepared by a Not-For-Profit Organisation on accrual basis.
The financial statement prepared by a Not- For- profit organisation on accrual basis is Income and Expenditure Account.
From the following information, calculate the amount of income from subscriptions to be shown in the Income and Expenditure Account for the year ended 31-3-2011:
|
Subscriptions received during the year 2010-2011 |
Rs |
3,40,000 |
|
Subscriptions outstanding as on 31-3-2011 |
Rs |
47,000 |
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Subscriptions received in advance as on 31-3-2011 |
Rs |
35,000 |
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Subscriptions outstanding as on 1-4-2010 |
Rs |
28,000 |
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Subscriptions received in advance as on 1-4-2010 |
Rs |
25,000 |
Calculation of Income from Subscription:
|
Details |
Amount (Rs.) |
|
|
Subscriptions Received during the year 2010-2011 Add: Subscriptions outstanding on 31.3.2011 47,000 Add: Subscriptions received in advance on 1.4.2010 25,000 |
3,40,000
72,000 |
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|
4,12,000
63,000 |
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Less: Subscriptions outstanding on 1.4.2010 28,000 Less: Subscriptions received in advance on 31.3.2011 35,000 |
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Income from subscription for the year 2010-11 |
3,49,000 |
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