Young Sports Club – Balance Sheet as on 1st April, 2006
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
|
Capital Fund
|
|
30000
|
Building
|
|
9500
|
|
Outstanding Expenses
|
|
|
Furniture
|
|
5000
|
|
Salaries
|
400
|
|
Entrance Fee Receivable
|
|
200
|
|
Printing
|
300
|
700
|
Subscriptions Fee
receivable
|
|
800
|
|
Income and Expenditure A/c
|
|
23300
|
Sports Material &
Equipments
|
|
28000
|
|
|
|
|
Cash in Hand
|
|
4200
|
|
|
|
|
Cash at Bank
|
|
6300
|
|
|
|
54000
|
|
|
54000
|
Young Sports Club, Dadar, Receipts and Payments A/c
for the year ending 31st March, 2007
|
Receipts
|
Rs.
|
Payments
|
Rs.
|
|
To Opening Balance
|
|
By Cricket Tournament
Expenditure
|
16460
|
|
Cash in Hand 4200
|
|
By Printing & Stationery
|
860
|
|
Cash in Hand 6300
|
10500
|
By Salaries and Honorarium
|
1600
|
|
To Subscriptions
|
18000
|
By Repairs to Building
|
500
|
|
To Receipts from Cricket
Tournament
|
14520
|
By Newspapers and
Periodicals
|
470
|
|
To Entrance Fees
|
4000
|
By Advertising Expenses
|
300
|
|
To Interest on Bank A/c
|
300
|
By Insurance
|
400
|
|
|
|
By Investments
|
15000
|
|
|
|
By Closing Balance
|
|
|
|
|
Cash in Hand 5280
|
|
|
|
|
Cash at Bank 6450
|
11730
|
|
|
47320
|
|
47320
|
You are also given the
following additional information.
- Subscriptions of the
amount of Rs. 800 were receivable as on 31st March, 2007
- Subscriptions Rs. 200
and Entrance Fees Rs. 300 were received in advance.
- Outstanding Expenses
were: Salaries and Honorarium Rs. 100; Insurance Rs. 50; Cricket
Tournament Expenses Rs. 250.
You are required to prepare
Income & Expenditure account for the year ending 31st March,
2007 and a Balance Sheet as on that date.
Solution: In the books of Young Sports Club, Dadar
Income and Expenditure A/c for the year ended 31.03.07
|
Expenditure
|
Amount
|
Amount
|
Income
|
Amount
|
Amount
|
|
To
Cricket Tournament Expenditure
|
16460
|
|
By
Subscription
|
18000
|
|
|
(+)
Outstanding
|
250
|
16710
|
(-)
Last Year Amount
|
-800
|
|
|
To
Printing & Stationery
|
860
|
|
|
17200
|
|
|
(-)
Last Year Amount
|
-300
|
560
|
(-)
Next Year Amount Received in Advance
|
-200
|
|
|
To
Salaries & Honorarium
|
1600
|
|
|
17000
|
|
|
(-)
Last Year Amount
|
-400
|
|
(+)
Outstanding of Current Year
|
800
|
17800
|
|
|
1200
|
|
By
Receipts from Cricket tournament
|
|
14520
|
|
(+)
Outstanding of Current Year
|
100
|
1300
|
By
Entrance Fees
|
4000
|
|
|
To
Repairs to Buildings
|
|
500
|
(-)
Last year Amount
|
-200
|
|
|
To
Newspapers and Periodicals
|
|
470
|
|
3800
|
|
|
To
Advertising Expenses
|
|
300
|
(-)
Next Year Amount Received in Advance
|
-300
|
3500
|
|
To
Insurances
|
400
|
|
By
Interest on Bank A/c
|
|
300
|
|
(+)
Outstanding
|
50
|
450
|
|
|
|
|
To
Surplus
[Income
Over Expenditure]
|
|
15830
|
|
|
|
|
|
|
36120
|
|
|
36120
|
Balance Sheet as on 31.03.07
|
Liability
|
Amount
|
Amount
|
Asset
|
Amount
|
Amount
|
|
Capital
Fund
|
30000
|
|
Investments
|
|
15000
|
|
(+)
Surplus of Last year
|
23300
|
|
Cash
in Hand
|
|
5280
|
|
|
53300
|
|
Cash
at Bank
|
|
6450
|
|
(+)
Surplus
|
15830
|
69130
|
Building
|
|
9500
|
|
|
|
|
Furniture
|
|
5000
|
|
Advance
Subscription of Next Year
|
|
200
|
Sports
Materials & Equipments
|
|
28000
|
|
Advance
Entrance fees of Next Year
|
|
300
|
Outstanding
Subscription of Current year
|
|
800
|
|
Outstanding
Expenses
|
|
|
|
|
|
|
Salaries
& Honorarium
|
100
|
|
|
|
|
|
Insurance
|
50
|
|
|
|
|
|
Cricket
Tournament Expenses
|
250
|
400
|
|
|
|
|
|
|
70030
|
|
|
70030
|
