Question

From the following information of a club show the amounts of match expenses and match fund in the appropriate Financial Statements of the club for the year ended on 31st March, 2018:

Details	₹
Match expenses paid during the year ended 31st March, 2018 Match Fund as on 31st March, 2017 Donation for Match Fund (Received during the year ended 31st March, 2018) proceeds from the sale of match tickets (Received during the year ended 31st March, 2018)	1,02,000 24,000 40,000 15,000

Answer 1

Balance Sheet
Liabilities		Amount (Rs)	Assets	Amount (Rs)
Match Fund	24,000
Add: Donation for Match Fund	40,000
Add: Proceed from Sale of Tickets	15,000
Less: Match Expenses (Note)	(79,000)	NIL

Income and Expenditure Account
Dr.					Cr.
Expenditure		Amount (Rs)	Income	Amount (Rs)
Match Expenses (Note)		23,000

Note: The total Match expenses amounts to Rs 1,02,000 whereas the total amount available in the Match Fund is only Rs 79,000 (i.e. Rs 24,000 + Rs 40,000 +Rs 15,000). This implies that expenses of Rs 79,000 is met through the Fund while the remaining expenses of Rs 23,000 (i.e. Rs 1,02,000 – Rs 79,000) are debited to the Income and Expenditure Account.