Page 279 - ISCDEBK-XI

Non-Trading Organisation 23.27

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

To Balance b/d 20,000 By Rent 6,000
To Entrance Fees: (including ` 1,500 for 2018–19)
2018–19 1,000 By Insurance Premium 6,000
2019–20 5,000 6,000 (including ` 1,500 for 2020–21)
To Subscriptions: By Sports Materials 5,000
2018–19 1,000 By Furniture 6,000
2019–20 (90%) 9,000 (Purchased on 31st March, 2020)
2020–21 500 10,500 By 8% Fixed Deposit 12,000
To Life Membership Fees 2,000 (made on 1st October, 2019)
To Donations 12,000 By Tournament Expenses 1,000
To Donations for Tournament 5,000 By Purchase of Books 2,000
To Subscriptions for Governor’s Party 1,500 By Newspapers 100
To Interest on 8% Fixed Deposit 240 By Printing and Stationery 1,900
To Sale of Old Newspapers 30 By Balance c/d 18,000
To Sale of Old Equipment (Book Value ` 120) 50
To Locker Rent (including ` 60 for 2018–19) 680
58,000 58,000
Additional Information: Sports Material is shown as consumed.

Solution: INCOME & EXPENDITURE ACCOUNT
Dr. for the year ended 31st March, 2020 Cr.
Expenditure ` Income `

To Rent 6,000 By Subscriptions 9,000
Less: For 2018–19 1,500 4,500 Add: Subscription Due 1,000 10,000
To Insurance Premium 6,000 By Interest on Fixed Deposit 240
Less: Premium for (2020–21) 1,500 4,500 Add: Accrued Interest 240 480
To Sports Material 5,000 By Donations 12,000
To Newspapers 100 By Locker Rent (` 680 – ` 60) 620
To Printing and Stationery 1,900 By Sale of Old Newspapers 30
To Loss on Sale of Old Equipment 70
(` 120 – ` 50)
To Surplus, i.e., Excess of Income over
Expenditure 7,060
23,130 23,130

Note: `
Subscription Due for the year (` 9,000 × 100/90) 10,000
Less: Subscription Received for 2019–20 9,000
Subscription Due but not received during the year 1,000