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 |
||
|
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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|
|
|
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 |
Name the financial statement prepared by a Not-For-Profit Organisation on accrual basis.
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 |
What is the basis for preparing an Income and Expenditure Account in the case of Not-for-Profit Organizations.
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 |
|
Subscriptions received in advance as on 31-3-2011 |
Rs |
35,000 |
|
Subscriptions outstanding as on 1-4-2010 |
Rs |
28,000 |
|
Subscriptions received in advance as on 1-4-2010 |
Rs |
25,000 |
