Question

Rs.
49,500
61,980
Anal Accounts of Non-Profit Entities
249
Og Answer type Problems (10 Marks)
Preparation of Income & Expenditure Account:
From the following Receipts & Payments Aero
Expenditure Account for the year ended 31st December, 2007:
ayments Account of Siliguri Club, prepare an Income &
Receipts
Cah in hand (Opening)
Payments
Rs.
Cash at bank (Opening)
4,500 Salary
1,26,000
Subscriptions
Paper, Ink etc.
1,950
1,52,400
Donations
Repairing Expenses
7,020
72,000 Billiard Table
58,050
Interest on Investment
1,800 Purchase of Investment
Entrance Fees
18,000 Misc. Expenses
6,600
Interest received from Bank
6,300 Purchase of Furniture 1,23,000
Sale of old Newspapers
900 Insurance Premium
2,700
Cash in hand (Closing)
Cash at Bank (Closing)
3,81,900
Other Information:
(i) Subscription in arrear for 2007 Rs.13,500 and Subscription in advance for 2008 Rs.3,900.
(ii) Insurance Premium prepaid Rs. 300.
(iii) Miscellaneous Expenses outstanding Rs. 900.
(iv) 50% of Donation is to be capitalised.
(v) Entrance Fees are to be treated as revenue income.
(W.B.H.S.)
2. Prepare an Income & Expenditure Account from the following details relating to a Tennis
Club for the year ended 31st March, 2008:
Receipts & Payments Account
for the year ended 31st March, 2008
Receipts
Rs. Payments
Subscription arrears
700 Caterer's old dues
Subscription current
11,000 Caterer's current dues
9,200
Locker rents
2,500 Band fees
1,600
14,500 New Equipments
Dances receipts
900
Sale of old balls
1,200 Repairs to set
600
1,000 New Balls
Donation
5,000
Match expenses
800
Rates on Club House
2,400
4,200
66,900
3,81,900
Rs.
3,500
Information :
1) The Club has 60 members and the subscription rate is Rs. 200 per year.
ii) On 31st March, 2008, Rs. 500 was owing for tennis ball and the rate paid includes Rs.
600 relating to the fallowing year.
iii) Equipment is depreciated at 10% per year on cost including new equipment purchased.
iv) On 1st April, 2007 the club has the following fixed assets :
Freehold Club House Rs. 25,000; Cash at Bank Rs. 9,000; Equipment Rs. 13,500;
Cash in hand rs. 260.
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Answer 1

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