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Question -

Following is the information in respect of certain items of a Sports Club. You are required to show them in the Income and Expenditure Account and the Balance Sheet.

Details

Amount

Rs

Sports Fund as on April 1, 2016

80,000

Sports Fund Investments

80,000

Interest on Sports Fund Investments

8,000

Donations for Sports Fund

30,000

Sports Prizes awarded

16,000

Expenses on Sports Events

7,000

General Fund

2,00,000

General Fund Investments

2,00,000

Interest on General Fund Investments

 20,000



Answer -

Income and Expenditure Account 

as on March 31, 2016

 

Dr.

 

Cr.

 

 Expenditure

Amount

Rs

Income

Amount

Rs

 

 

 

Interest on General Fund Investments

20,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet 

as on March 31, 2016

 

Liabilities

Amount

Rs

Assets

Amount

Rs

 

Sports Fund

80,000

 

Sports Fund Investments

80,000

 

Add: Interest on Sports Fund

 

 

General Fund Investments

2,00,000

 

Investments

8,000 

 

 

 

 

Add: Donation for Sports Fund

30,000

 

 

 

 

 

1,18,000

 

 

 

 

Less: Sports Prizes Awarded

(16,000)

 

 

 

 

Less: Expenses on Sports Events

(7,000)

95,000

 

 

 

 

 

 

 

 

General Fund

 2,00,000

 

 

 

 

 

 

 

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