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Non-Trading Organisation 23.37

Following additional information is provided to you:
(i) The club has 220 members. The annual subscription is ` 4,500 per member.
(ii) Depreciation to be provided on furniture at 10% p.a. and on sports equipment at 15% p.a.
(iii) On 31st March, 2008, stock of sports material in hand (after members use during the year) is valued
at ` 78,000 and stock of stationery at ` 3,150. Rent for 1 month is outstanding. Unexpired insurance
amounts to ` 9,600.
(iv) On 31st March, 2007 the club had the following assets:
Particulars `
Furniture 2,70,000
Sports Equipment 1,80,000
Bank Fixed Deposit 4,50,000
Stock of Stationery 1,500
Stock of Sports Material 73,500
Unexpired Insurance 8,400
Subscription in Arrear 22,500
Note: There was no liability on 31st March, 2007.
You are required to prepare:
(i) Income & Exepnditure Account; and.
(ii) Balance Sheet as at 31st March, 2008. (IPCC, May, 2008)
5. (Calculation of Stationery Used)
(a) On the basis of the following information, calculate the amount that will appear against the item,
Stationery Account, in the Income & Expenditure Account for the year ended 31st March, 2020:
`
Stock of Stationery on 1st April 2019 600
Creditors for Stationery on 1st April, 2019 400
Amount paid for Stationery during the year 2,160
Stock of Stationery on 31st March, 2020 100
Creditors for Stationery on 31st March, 2020 260
(b) Calculate the amount of stationery consumed during the year ended 31st March, 2020:
`
Stock of Stationery on 1st April, 2019 6,000
Creditors for Stationery on 1st April, 2019 4,000
Advance paid for Stationery carried forward from previous year 400
Amount paid for Stationery during the year 21,600
Stock of Stationery on 31st March, 2020 1,000
Creditors for Stationery for 31st March, 2020 8,600
Advance paid for Stationery on 31st March, 2020 2,600
6. (Calculation of Subscription Income).
`
(a) Subscriptions received during the year 2019–20 50,000
Subscriptions outstanding at the closing of 2019–20 8,000
Subscriptions outstanding in the beginning of 2019–20 6,000
Calculate the amount of subscriptions to be credited to Income & Expenditure Account for the year 2019–
20.