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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 31st March, 2009 and 31st 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 |
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Solution
|
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 |
|
|
|
|
|
|
|
Notes
Match expenses are Rs 30,000 out of which Rs 29,000 are met through match fund and remaining expenses of Rs 1,000 are debited to Income and Expenditure Account.
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