Page 275 - ISCDEBK-XI

Non-Trading Organisation 23.23

2. BALANCE SHEET
as at 1st April, 2019
Liabilities ` Assets `
Creditors for Expenses: Club House 90,000
Dance Expenses 1,170 Equipment 7,500
Secretarial Expenses 750 Lawn Mower 900
Subscriptions Received in Advance 600 Cash 7,500
Capital Fund (Balancing Figure) 1,04,430 Subscriptions in Arrears 1,050
1,06,950 1,06,950

Illustration 14.
Following is the Receipts & Payments Account of Super Time Club for the year ended
31st March, 2020:

RECEIPTS & PAYMENTS ACCOUNT
Dr. for the year ended 31st March, 2020 Cr.
Receipts ` Payments `

To Balance b/d (Cash in Hand) 10,000 By Bank Overdraft (1st April, 2019) 14,000
To Subscriptions: By Investments 13,600
2018–19 1,200 By Furniture 5,960
2019–20 64,800 By Salaries 20,400
2020–21 600 66,600 By Stationery 3,560
To Entrance Fees 2,680 By Postage and Courier 4,400
To Proceeds from Drama 8,160 By Cost of Drama 7,000
To Interest from Securities 2,000 By Sundry Expenses 5,600
To Sale Proceeds from Old Furniture 400 By Balance c/d:
(Book Value ` 320) Cash in Hand 3,320
Cash at Bank 12,000
89,840 89,840

You are required to compile the Income & Expenditure Account for the year ended
31st March, 2020 and Balance Sheet as at that date after taking into account the following
information:
(i) On 1st April, 2019, the club premises stood at ` 1,00,000; investments at ` 24,000; and
furniture at ` 12,000.

(ii) The club had 720 members each paying an annual subscription of ` 100.
(iii) Salaries for the month of March, 2020 amounted to ` 1,600 are outstanding.
(iv) Stock of stationery on 31st March, 2019 was ` 360 and on 31st March, 2020 was ` 400.
(ISC 1993, Modified)