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Non-Trading Organisation 23.29

Solution: INCOME & EXPENDITURE ACCOUNT OF SYDNEY CLUB
Dr. for the year ended 31st March, 2020 Cr.
Expenditure ` Income `
To Stock Consumed (WN 5) 16,70,000 By Subscriptions (WN 2) 1,94,750
To Salaries 1,20,000 By Interest 58,000
Add: Outstanding 8,000 1,28,000 Add: Accrued 2,000 60,000
To Printing and Stationery 70,000 By Miscellaneous Income 9,000
To Postage 40,000 By Receipts from Coffee Room 10,70,000
To Telephone and Internet Charges 52,000 By Receipts from Wines and Soda 5,10,000
To Repairs and Maintenance 48,000 By Receipts from Swimming Pool 80,000
To Glass and Table Linen 12,000 By Receipts from Tennis Court 1,02,000
To Crockery and Cutlery 14,000 By Deficit (Balancing Figure) 1,20,250
To Garden Upkeep 8,000
To Membership Fees 4,000
To Insurance 5,000
Add: Prepaid 1,000 6,000
To Electricity 28,000
Add: Outstanding 15,000 43,000
To Loss on Sale of Fixed Assets (WN 4) 2,000
To Depreciation (WN 4) 49,000
21,46,000 21,46,000
BALANCE SHEET
as at 31st March, 2020
Liabilities ` Assets `
Capital Fund: Fixed Assets (WN 4) 4,41,000
Opening Balance (WN 1) 10,29,850 Stock 2,10,000
Add: Entrance Fee 1,80,000 Investments 5,00,000
12,09,850 (12% Government Securities)
Less: Deficit 1,20,250 10,89,600 Subscriptions Outstanding 7,000
Sundry Creditors (WN 6) 92,000 Interest Accrued 2,000
Gratuity Fund 1,50,000 Cash 8,000
Subscriptions Received in Advance 18,000 Bank 2,24,600
Entrance Fee Refundable 20,000
Outstanding Salaries 8,000
Outstanding Electricity Charges 15,000
13,92,600 13,92,600

Working Notes:
1. BALANCE SHEET
as at 1st April, 2019
Liabilities ` Assets `
Sundry Creditors 1,12,000 Fixed Assets 5,00,000
Subscriptions Received in Advance 15,000 Stock 3,80,000
Entrance Donation Received in Advance 1,00,000 Investments (12% Government Securities) 5,00,000
Gratuity Fund 1,50,000 Subscriptions Outstanding 12,000
Capital Fund (Balancing Figure) 10,29,850 Prepaid Insurance 1,000
Cash 3,850
Bank 10,000
14,06,850 14,06,850