Page 23 - DEBKVOL-1

Chapter 1 Financial Statements of Not-for-Profit Organisations 1.13
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BALANCE SHEET as at 31st March, 2018
Liabilities ` Assets `
Creditors for Stationery 4,800 Cash at Bank 8,500
Capital Fund 4,20,000 Stock of Stationery 5,400
Add: Surplus—Excess of Income Premises 4,00,000
over Expenditure 17,600 4,37,600 Furniture 30,000
Less: Depreciation 1,500 28,500
4,42,400 4,42,400

Working Notes:
1. Dr. CREDITORS FOR STATIONERY ACCOUNT Cr.
Date Particulars ` Date Particulars `
2018 2017
? To Bank A/c 25,000 April 1 By Balance b/d 10,000
March 31 To Balance c/d 4,800 2018
March 31 By Stock of Stationery A/c 19,800
(Bal. Fig.) (Credit Purchases)
29,800 29,800

2. CONSUMPTION OF STATIONERY
Particulars `
Stock of Stationery (Credit Purchases) 19,800
Less: Stationery to be debited to General Expenses 5,000
Unused Stock on 31st March, 2018 5,400 10,400
Stationery Consumed (to be debited to Income and Expenditure Account) 9,400

Unsolved Questions

1. Compute the income from subscription for the year 2018–19 from the following particulars relating to a club:
1st April, 2018 31st March, 2019
` `
Outstanding Subscription 19,000 14,000
Advance Subscription 5,600 10,400
Subscription received during 2018–19 ` 2,97,800.
[Subscription Income—` 2,88,000.]
2. Salaries paid by a Youth Club during 2018–19 amounted to ` 16,000. Information about prepaid and unpaid
is given below. How will this item appear in the Income and Expenditure Account for the year ended on
31st March, 2019?
31st March, 2018 31st March, 2019
` `
Prepaid Salary 1,200 2,000
Unpaid Salary 2,500 1,500
[Salary Expenses—` 14,200.]
3. How will you deal with the following items while preparing the Final Accounts of a club for the year 2018–19?
31st March, 2018 31st March, 2019
` `
Outstanding Lockers Rent 4,600 6,300
Advance Lockers Rent 3,000 4,000
Lockers Rent received during the year 2018–19 ` 32,000.
[Lockers Rent Income for 2018–19—` 32,700.]