From the following Receipts and Payments Account of Saksham Welfare Club for the year ended 31st March 2020 and the additional information, prepare Income and Expenditure Account and Balance Sheet of the Club.
additional information: (i) there are 1000 members, each paying an annual subscription of rs. 125. subscription in arrears in the beginning rs. 87,500 and 100 members paid subscription in advance for 2019-20. (ii) stock of stationery on march 31, 2019 was rs. 1,500 and on 31st march 2020 rs. 2,000. (iii) on march 31, 2020 the rates and taxes were prepaid to the following january 31, the annual charges being rs. 1,500. (iv) value of 8% government securities on 31st march 2019 was rs. 75,000 which were purchased at par on that date. additional government securities worth rs. 25,000 were purchased on 31.3.2020.
please solve this NPO QUESTION.. PREPARING FOR BOARD
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Answer:
Total subscriptions 21000×200 members =200000
T. subscription recived =2,05,000
(-) Subscriptions o/s (op) (30,000)
(-) Subscriptions rec. in adv (40,000)
(closing)
1,49,000
T. subscription (2,00,000)
o.s as on 31st, march 17
51,000
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