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M.424 An Aid to Accountancy—CBSE XII

14. Delhi Football Club
Dr. INCOME AND EXPENDITURE ACCOUNT for the year ended 31st March, 2018 Cr.
Expenditure ` Income `
To Salaries 7,000 By Donations (10/100 × ` 50,000) 5,000
Add: Outstanding Salaries (31.3.2018) 500 By Subscription 5,200
7,500 Add: Subscription Due (WN 1) 300 5,500
Less: Outstanding Salaries (1.4.2017) 1,000 6,500 By Locker’s Rent 400
To Insurance 350 By Profit on Sale of Furniture 2,000
To Sundry Expenses 470 (` 10,000 – ` 8,000)
To Match Expenses (WN 3) (` 9,000 – ` 8,000) 1,000 By Entrance Fees 5,000
To Surplus, i.e., excess of Income over Expenditure 10,780 By Interest on Investments 1,000
Add: Accrued Interest (Note 2) 200 1,200
19,100 19,100
BALANCE SHEET as at 31st March, 2018
Liabilities ` Assets `
Outstanding Salaries 500 Cash at Bank 480
Building Fund: Building in Progress 40,000
Donations (` 50,000 – ` 5,000) 45,000 Investments 16,000
Less: Transfer to Capital Fund 40,000 5,000 Furniture 4,100
Capital Fund: Accrued Interest on Investments 200
Opening Balance 800 Subscription Receivable 300
Add: Surplus 10,780
Life Membership Fee 4,000
Transfer from Building Fund 40,000 55,580
61,080 61,080
Working Notes: `
1. Subscription for 2017–18 [550 × ` 10] 5,500
Less: Subscription received during the year 5,200
Subscription Due (2017–18) 300
2. Interest earned on Investments [` 16,000 × 10/100 × 9/12] 1,200
Less: Interest received during the year 1,000
Accrued Interest but not received 200
3. Match Fund is ` 8,000 whereas match expenses are ` 9,000, the difference is adjusted through Income
and Expenditure Account.
15. JOURNAL OF S AND P

Date Particulars L.F. Dr. (`) Cr. (`)
2018
March 31 Realisation A/c ...Dr. 9,50,000
To Land and Building A/c 4,00,000
To Machinery A/c 1,50,000
To Investments A/c 2,00,000
To Debtors A/c 2,00,000
(Being the assets transferred to Realisation Account)
Investments Fluctuation Reserve A/c ...Dr. 50,000
Sundry Creditors A/c ...Dr. 3,00,000
To Realisation A/c 3,50,000
(Being the Investments Fluctuation Reserve and Sundry Creditors
transferred to Realisation Account)