1
Question
Following is the information given in respect of certain items of a Sports club . Show these items in the Income and Expenditure Account and the Balance Sheet of the club as at 31st March , 2018:
Particulars
₹
Sports Fund as on 1st April, 2017
Sports Fund Investments
Interest on Sports Fund Investments
Donations for Sports Fund
Sports Prizes awarded
Expenses on Sports Events
General Fund
General Fund Investments
Interest on General Fund Investment
3,50,000
3,50,000
40,000
1,50,000
1,00,000
40,000
8,00,000
8,00,000
80,000
|
Particulars
|
₹
|
| Sports Fund as on 1st April, 2017 Sports Fund Investments Interest on Sports Fund Investments Donations for Sports Fund Sports Prizes awarded Expenses on Sports Events General Fund General Fund Investments Interest on General Fund Investment |
3,50,000
3,50,000 40,000 1,50,000 1,00,000 40,000 8,00,000 8,00,000 80,000 |
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Solution
Income and Expenditure Account
for the year ending March 31, 2018
Dr.
Cr.
Expenditure
Amount
(₹)
Income
Amount (₹)
Interest on General Fund Investments
80,000
Balance Sheet
as on March 31, 2018
Liabilities
Amount
(₹)
Assets
Amount (₹)
Sports Fund
4,00,000
Sports Fund Investment
3,50,000
General Fund
8,00,000
General Fund Investment
8,00,000
Working Notes:
WN1: Calculation of Sports Fund Balance
Particulars
Amount
(₹)
Opening Balance in Sports Fund as on April 01, 2017
3,50,000
Add: Interest on Sports Fund Investments
40,000
Add: Donation for Sports Fund
1,50,000
Less: Sports Prizes Awarded
(1,00,000)
Less: Expenses on Sports Events
(40,000)
Closing Balance of Sports Fundas on March 31, 2018
4,00,000
|
Income and Expenditure Account
for the year ending March 31, 2018
|
|||
| Dr. |
|
Cr.
|
|
|
Expenditure
|
Amount
(₹)
|
Income
|
Amount (₹)
|
|
|
Interest on General Fund Investments |
80,000
|
|
|
|
|
||
|
Balance Sheet
as on March 31, 2018
|
|||
|
Liabilities
|
Amount
(₹)
|
Assets
|
Amount (₹)
|
| Sports Fund |
4,00,000
|
Sports Fund Investment |
3,50,000
|
| General Fund |
8,00,000
|
General Fund Investment |
8,00,000
|
Working Notes:
WN1: Calculation of Sports Fund Balance
|
Particulars
|
Amount
(₹)
|
| Opening Balance in Sports Fund as on April 01, 2017 |
3,50,000
|
| Add: Interest on Sports Fund Investments |
40,000
|
| Add: Donation for Sports Fund |
1,50,000
|
| Less: Sports Prizes Awarded |
(1,00,000)
|
| Less: Expenses on Sports Events |
(40,000)
|
| Closing Balance of Sports Fundas on March 31, 2018 |
4,00,000
|
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