Chapter 1 Financial Statements of Not-for-profit Organisation – TS Grewal 2021
Question 56
Receipts and Payments Account of Shankar Sports Club is given below for the year ended 31st March, 2021:
Prepare Income and Expenditure Account and Balance Sheet with the help of following information:
(i) Subscription outstanding on 31st March, 2020 is ₹1,200 and ₹2,300 on 31st March, 2021;
(ii) Opening Stock of postage stamps is ₹300 and closing stock is ₹200;
(iii) Rent ₹1,500 related to the year ended 31st March, 2020 and ₹1,500 is still unpaid;
(iv) On 1st April, 2020, the club owned furniture ₹15,000, Furniture valued at ₹22,500 on 31st March, 2021.
The Club has a loan of ₹20,000 (@ 10% p.a.) which was taken, in the year ended 31st March, 2020.
Solution:
Receipts and Payments Account of Shankar Sports Club
