Question

How will you deal with the following items while preparing for the Bombay Women Cricket Club, its income and Expenditure account for the year ending 31.03.2008 and its balance sheet as on 31.03.2008

$\begin{array}{ccc}\text{Head of Accounts}& \text{(Rs)}& \\ \text{(a) Donation received during the year of the construction of Permanent}& & \\ \text{Pavillion}& 12,25,000& \\ \text{Expenditure incurred up to 31.03.2007 on its construction}& 10,80,000& \\ \text{Total estimated expenditure on construction of Pavillion Being~}& 25,00,000& \\ \text{(b) Tournament Fund}:& & \\ \text{Balance as on 01.04.2006}& 10,700& \\ \text{Subscriptions for tournament received during the year}& 65,800& \\ \text{Expenditure incurred on conduction tournaments during the year}& 72,400& \\ \text{(c) Life membership fee received during the year}& 28,000& \end{array}$

Answer 1

Balance Sheet

$\begin{array}{cccc}\text{Liabilities and Capital}& \text{Amount}& \text{Assets}& \text{Amount}\\ & \text{(Rs)}& & \text{(Rs)}\\ \text{(A) Donation received for}& & & \\ \text{Pavilion}12,25,000& & \text{Pavilion work in progress}& 10,80,000\\ \text{Expenses on Pavilion}(10,80,000)& 1,45,000& & \\ \text{(B) Tournament fund}\overline{10,700}& & & \\ \text{Add: Subscription}& & & \\ \text{received}\underset{–}{65,800}& & & \\ 76,500& & & \\ \text{Less: Tournament Exp.}\underset{–}{(72,400)}& 4,100& & \\ \text{(C)Life Membership Fees}& 28,000& & \end{array}$