RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March , 2018 |
|||||
Dr. |
|
Cr. |
|||
Receipts |
₹
|
Payments
|
₹
|
||
To Opening Cash |
18,000 | By Building | 4,00,000 | ||
To Donations for Building | 4,50,000 | By Project Expenses(Young Talent Search and Development) | 90,000 | ||
To Donations | 50,000 | ||||
To Government Grant (Young Talent Search and Development) |
1,00,000 | By Match Expenses By Match Furniture |
90,000 1,21,000 |
||
To Life Membership Fees | 40,000 | By 10% Investments | 1,60,000 | ||
To Match Fund | 80,000 | ( Purchased on 1st July,2017) | |||
To Subscriptions | 52,000 | By Salaries | 70,000 | ||
To Locker Rent | 4,000 | By Insurance | 3,500 | ||
To Interest on Investments | 10,000 | By Sundry Expenses | 4,700 | ||
To Sale of Furniture | 1,00,000 | By Closing Cash | 4,800 | ||
(Book value ₹ 80,000) | By Bank (Young Talent | 10,000 | |||
To Entrance Fees | 50,000 | Search and Dev | |||
3,000 | |||||
|
|
|
|||
|
9,54,000 |
|
9,54,000 |
||
|
|
|
|
Books of Delhi Football Club |
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Income and Expenditure Account for the year ended March 31, 2018 |
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Dr. |
|
Cr. |
|||||
Expenditure |
Amount (Rs) |
Income |
Amount (Rs) |
||||
Salaries |
70,000 |
|
Subscriptions (550 members × Rs 100 each) |
55,000 |
|||
Add: Outstanding at the end |
5,000 |
|
Entrance Fees |
50,000 |
|||
Less: Outstanding in the beginning |
(10,000) |
65,000 |
|
|
|||
Insurance |
3,500 |
Donations |
50,000 |
||||
Sundry Expenses |
4,700 |
Locker Rent |
4,000 |
||||
|
|
|
|
||||
Match Expenses |
90,000 |
|
Profit on Sale of Furniture (1,00,000 - 80,000) |
20,000 |
|||
Less: Match Fund |
(80,000) |
10,000 |
Interest on Investment |
10,000 |
|
||
Surplus (Balancing Figure) |
1,07,800 |
Add: Accrued Interest |
2,000 |
12,000 |
|||
|
1,91,000 |
|
1,91,000 |
||||
|
|
|
|
||||
Working Notes:
Calculation of Interest Accrued on Investment
Interest on Investment for 9 Months (1,60,000 × 10% × 9/12) |
12,000 |
Less: Interest Received |
(10,000) |
Accrued Interest on Investment |
2,000 |