Page 273 - ISCDEBK-XI

Non-Trading Organisation 23.21

Illustration 12.

Following is the information given in respect of certain items of a sports club. You are
required to show them in Income & Expenditure Account and Balance Sheet of the club as at
31st March, 2020.
`
Sports Fund as at 1st April, 2019 ............................................................................................................................................................ 1,00,000
Sports Fund Investments .......................................................................................................................................................................... 1,00,000
Donation for Sports Fund ......................................................................................................................................................................... 40,000
Sports Prizes Awarded ................................................................................................................................................................................ 30,000
Expenses on Sports Events ....................................................................................................................................................................... 10,000
General Fund ................................................................................................................................................................................................. 2,00,000
General Fund Investments ........................................................................................................................................................................ 2,00,000
Interest on General Fund Investments ................................................................................................................................................. 20,000
Interest on Sports Fund Investments.................................................................................................................................................... 10,000
Solution: INCOME & EXPENDITURE ACCOUNT
Dr. for the year ended 31st March, 2020 Cr.
Expenditure ` Income `
By Interest on General Fund Investments 20,000
BALANCE SHEET (Only Relevant Items) as at 31st March, 2020
Liabilities ` Assets `

Sports Fund 1,00,000 Sports Fund Investments 1,00,000
Add: Interest on Sports Fund General Fund Investments 2,00,000
Investments 10,000
Donation 40,000
1,50,000
Less: Sports Prize Awarded 30,000
1,20,000
Less: Expenses on Sports Events 10,000 1,10,000
General Fund 2,00,000
Illustration 13.
From the following particulars and the notes given relating to the Country Club, prepare the
Final Accounts of the Club for the year ended 31st March, 2020:

Dr. RECEIPTS & PAYMENTS ACCOUNT Cr.
Receipts ` Payments `
To Balance b/d (Cash) 7,500 By General Expenses 3,600
To Subscriptions 23,550 By Purchase of New Equipment 6,000
To Locker Rent 1,260 By Expenses on Dances and Socials 9,600
To Receipts from Dances and Socials 13,140 By Repairs and Decoration of Club House 4,500
To Sale of Old Lawn mower 600 By Rent of Ground 12,000
To Sale of Equipment 1,500 By Secretarial Expenses 2,400
By Balance c/d (Cash) 9,450
47,550 47,550