Question

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2020 Cr.
T.S. Grewal’s Double Entry Book Keeping—Accounting for Not-for-Profit Organisations and Partnership Firms
Receipts
`
Payments
`
To Balance b/d (Cash)
To Donations for Building
To Donations
To Government Grant (Young Talent
Search and Development)
To Life Membership Fees
To Match Fund
To Subscriptions
To Locker Rent
To Interest on Investments
To Sale of Furniture (Book value ` 80,000) To Entrance Fees
18,000 4,50,000 50,000 1,00,000
40,000 80,000 52,000
4,000 10,000 1,00,000 50,000
By Building
By Project Expenses (Young Talent
Search and Development) By Match Expenses
By Furniture
By 10% Investments
(Purchased on 1st July, 2019) By Salaries
By Insurance
By Sundry Expenses
By Balance c/d (Cash)
By Bank (Young Talent Search and Development
4,00,000 90,000
90,000 1,21,000 1,60,000
70,000 3,500 4,700 4,800
10,000
9,54,000
9,54,000
Additional Information:
(i) During the year ended 31st March, 2020, the Club had 550 members and each paying an annual subscription of ` 100.
(ii) Salaries Outstanding as at 1st April, 2019 were ` 10,000 and as at 31st March, 2020 were ` 5,000.
Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2020.
[Ans.: Surplus, i.e., Excess of Income over Expenditure—` 1,07,800.] [Hints: 1. Match expenses ` 90,000 will be set off against Match Fund, i.e., ` 80,000. Excess Balance
of match expenses, i.e., ` 10,000 will be debited to Income and Expenditure Account.
2. Expenses of ` 90,000 towards Young Talent Search and Development Project will be met out of Government Grant of ` 1,00,000 for the pur

Answer 1

Answer:

RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2020 Cr.

T.S. Grewal’s Double Entry Book Keeping—Accounting for Not-for-Profit Organisations and Partnership Firms

Receipts

`

Payments

`

To Balance b/d (Cash)

To Donations for Building

To Donations

To Government Grant (Young Talent

Search and Development)

To Life Membership Fees

To Match Fund

To Subscriptions

To Locker Rent

To Interest on Investments

To Sale of Furniture (Book value ` 80,000) To Entrance Fees

18,000 4,50,000 50,000 1,00,000

40,000 80,000 52,000

4,000 10,000 1,00,000 50,000

By Building

By Project Expenses (Young Talent

Search and Development) By Match Expenses

By Furniture

By 10% Investments

(Purchased on 1st July, 2019) By Salaries

By Insurance

By Sundry Expenses

By Balance c/d (Cash)

By Bank (Young Talent Search and Development

4,00,000 90,000

90,000 1,21,000 1,60,000

70,000 3,500 4,700 4,800

10,000

9,54,000

9,54,000

Additional Information:

(i) During the year ended 31st March, 2020, the Club had 550 members and each paying an annual subscription of ` 100.

(ii) Salaries Outstanding as at 1st April, 2019 were ` 10,000 and as at 31st March, 2020 were ` 5,000.

Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2020.

[Ans.: Surplus, i.e., Excess of Income over Expenditure—` 1,07,800.] [Hints: 1. Match expenses ` 90,000 will be set off against Match Fund, i.e., ` 80,000. Excess Balance

of match expenses, i.e., ` 10,000 will be debited to Income and Expenditure Account.

2. Expenses of ` 90,000 towards Young Talent Search and Development Project will be met out of Government Grant of ` 1,00,000 for the pur

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