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Chapter 1 Financial Statements of Not-for-Profit Organisations 1.15
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Additional Information:
(i) Subscriptions outstanding as on 31st March, 2018 were ` 2,000 and on 31st March, 2019 ` 2,500.
(ii) On 31st March, 2019, outstanding salary was ` 600 and rent outstanding was ` 1,200.
(iii) The club owned furniture ` 15,000 and books ` 7,000 on 1st April, 2018.
Prepare Income and Expenditure Account of the club for the year ended 31st March, 2019 and ascertain Capital
Fund on 31st March, 2018. (CBSE 2008, Modified)
[Surplus—` 24,850; Capital Fund (31.3.2018)—` 43,550;
Balance Sheet Total (31.3.2019)—` 70,700.]
8. Following is the Receipts and Payments Accounts of Chennai Sports Club for the year ended
31st March, 2019:
Dr. Cr.
Receipts ` Payments `
Balance b/d 5,000 Salary 12,000
Subscriptions 26,000 Furniture 10,000
Tournament Fund 15,000 Office Expenses 8,000
Sale of Old Newspapers 2,000 Tournament Expenses 21,000
Legacy 35,000 Sports Equipments 20,000
Entrance Fees 4,000 Balance c/d 16,000
87,000 87,000

Additional Information: On 31st March, 2019, subscription outstanding was ` 4,000 and on 31st March, 2018
subscription outstanding was ` 3,000. Salary outstanding on 31st March, 2019 was ` 2,000.
On 1st April, 2018, the club had building ` 80,000, furniture ` 20,000, 10% Investment ` 45,000 and Sports
Equipment ` 25,000. Depreciation charged on these items including purchases was 10%.
Prepare Income and Expenditure Account of the club for the year ended 31st March, 2019 and ascertain the
Capital Fund on 31st March, 2018. (CBSE 2008, Modified)
[Surplus—` 29,000; Capital Fund (31.3.2018)—` 1,78,000; Balance Sheet Total (31.3.2019)—
` 2,09,000; Accrued Interest on Investment is ` 4,500, i.e., 10% of ` 45,000.]
[Hint: Legacy (Donation) is credited to Income and Expenditure Account, it being not for specific purpose.]

9. Subscriptions received during the year ended 31st March, 2019 by Royal Club were as under:
`
2017–18 3,000
2018–19 93,000
2019–20 2,000
Total 98,000

The club has 500 members each paying @ ` 200 as annual subscription. Subscriptions outstanding as on
31st March, 2018 were ` 8,000. Calculate the amount of subscriptions to be shown as income in the Income
and Expenditure Account for the year ended 31st March, 2019 and show the relevant data in the Balance
Sheet as at 31st March, 2019.
[Hint: INCOME AND EXPENDITURE ACCOUNT (AN EXTRACT)
Dr. for the year ended 31st March, 2019 Cr.
Expenditure ` Income `
By Subscription (500 × ` 200) 1,00,000