A sports club received Rs 20,000 as a donation of which Rs 5,000 is given specifically for conducting a tournament. How much amount is shown as an income in income and expenditure account?

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Solution

The correct option is C
Maruti Udyog

Only Rs 15,000 is shown as an income as the remaining Rs.5,000 is shown as a liability as it is given for a specific purpose.

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Q. During the year 2011, subscriptions received by a sports club were Rs. 80,000. These included Rs.3,000 for the year 2012. On the December 31, 2010, the amount of subscriptions due but not received was Rs.12,000. Calculate the amount of subscriptions to be shown in Income and Expenditure Account as income from subscription.

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Q. From the following Receipts and payments account of a club for 2017-18, prepare Income and Expenditure account and a balance sheet as on 31.3.2018.
Receipts and Payments account

Receipts	Amount (Rs.)	Payments	Amount (Rs.)
To Donations received	14,000	By Salaries	3,300
To Subscriptions	6,500	By Furniture	11,700
To Life Memberhip fee	6,000	By Games expenses	2,500
To Tournment fund	8,000	By Printing	3,100
To Entrance fee	1,200	By Tournment expenses	3,000
To Donations for Computer	5,000	By Sports Equipment	14,000
To Sale of Old Newspaper	500	By Balance c/d	2,600
	40,200		40,200

Adjustments:
1. Subscriptions received in advance Rs. 1500 and Outstanding Subscriptions Rs.

2500

.
2. Value of Sports equipment on 1.4.07 Rs. 1000 and on 31.3.2008 Rs.

9000

3. Provide Rs. 1000 depreciation on Furniture.
Calculate the Amount of Surplus/Deficit from the Income and Expenditure account and mark the correct option from the following:

During an year, a club received Rs 1,00,000 as entrance fees. According to the policy of the club, 40% of the entrance fees is to be capitalized. What amount shall be entered in Income & Expenditure account.

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A sports club received Rs 20,000 as a donation of which Rs 5,000 is given specifically for conducting a tournament. How much amount is shown as an income in income and expenditure account?

The correct option is C Maruti Udyog Only Rs 15,000 is shown as an income as the remaining Rs.5,000 is shown as a liability as it is given for a specific purpose.

The correct option is C
Maruti Udyog

Only Rs 15,000 is shown as an income as the remaining Rs.5,000 is shown as a liability as it is given for a specific purpose.