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, 2019:
Particulars
₹
Sports Fund as on 1st April, 2018
3,50,000
Sports Fund Investments
3,50,000
Interest on Sports Fund Investments
40,000
Donations for Sports Fund
1,50,000
Sports Prizes awarded
1,00,000
Expenses on Sports Events
40,000
General Fund
8,00,000
General Fund Investments
8,00,000
Interest on General Fund Investments
80,000
| Particulars | ₹ |
| Sports Fund as on 1st April, 2018 | 3,50,000 |
| Sports Fund Investments | 3,50,000 |
| Interest on Sports Fund Investments | 40,000 |
| Donations for Sports Fund | 1,50,000 |
| Sports Prizes awarded | 1,00,000 |
| Expenses on Sports Events | 40,000 |
| General Fund | 8,00,000 |
| General Fund Investments | 8,00,000 |
| Interest on General Fund Investments | 80,000 |
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Solution
In the books of …. Sports Club
Dr.
Income and Expenditure A/c for the year ended 31st March, 2019
Cr.
Expenditure
Amount
(₹)
Income
Amount
(₹)
By Interest on General Fund Investments
80,000
Note: General Fund will be shown on the liabilities side and general fund investments will be shown on the asset side of the balance sheet as on 31st March, 2019.
Working Notes:
1)
Calculation of Sports Fund Balance
Amount
(₹)
Sports Fund as on 1st April 2018
3,50,000
Add: Donations for Sports Fund
1,50,000
Interest on Sports Fund Investment
40,000
Less: Sports Prizes Awarded
1,00,000
Expenses on Sports Fund
40,000
Balance of Sports Fund to be shown on the Liabilities side of the Balance Sheet as at 31st March, 2019
4,00,000
|
In the books of …. Sports Club
|
|||||
| Dr. |
Income and Expenditure A/c for the year ended 31st March, 2019
|
Cr. | |||
|
Expenditure
|
Amount
(₹)
|
Income
|
Amount
(₹)
|
||
|
|
By Interest on General Fund Investments |
80,000
|
|||
Note: General Fund will be shown on the liabilities side and general fund investments will be shown on the asset side of the balance sheet as on 31st March, 2019.
Working Notes:
1)
|
Calculation of Sports Fund Balance
|
Amount
(₹)
|
| Sports Fund as on 1st April 2018 |
3,50,000
|
| Add: Donations for Sports Fund |
1,50,000
|
| Interest on Sports Fund Investment |
40,000
|
| Less: Sports Prizes Awarded |
1,00,000
|
| Expenses on Sports Fund |
40,000
|
| Balance of Sports Fund to be shown on the Liabilities side of the Balance Sheet as at 31st March, 2019 |
4,00,000
|
|
|
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