Question

From the following information of a club show the amounts of match expenses and match fund in the Financial Statement of the Club for the year ended on 31^st March, 2009 and 31^st March, 2010. 

Details	Amount Rs
Match expenses (Paid during the year 2009-2010)	30,000
Match Fund (as on 31-3-2009)	17,000
Donation for Match Fund (Received during the year 2009 – 2010)	9,000
Proceeds from the sale of match tickets (Received during the year 2009-2010)	3,000

 

Answer 1

Balance Sheet                               as on March 31, 2009
Liabilities	Amount Rs	Assets	Amount Rs
Match Fund	17,000

Balance Sheet                              as on March 31, 2010
Liabilities		Amount Rs	Assets	Amount Rs
Match Fund	17,000
Add: Donation for Match Fund	9,000
	26,000
Add: Proceeds from sale of match tickets	3,000
	29,000
Less: Match Expenses (Note)	29,000	NIL

Income and Expenditure Account                     for the year ended March 31, 2010
Dr.			Cr.
Expenditure	Amount Rs	Income	Amount Rs
To Match Expenses (Note)	1,000